UAE Pharmaceuticals Market to be dominated by Generic Drugs type by 7.62% CAGR through 2028
Rising
incidences of diseases is expected to drive the demand for the UAE
Pharmaceuticals Market in the forecast period, 2024-2028.
According to TechSci Research report, “UAE Pharmaceuticals Market - By
Region, Forecast and Opportunities, 2018-2028”, the UAE Pharmaceuticals
Market at USD 4009.31 million in 2022 and is expected to grow at steady rate of
7.96% during the forecast period, 2018-2028. The rise in incidence of chronic diseases
and government initiatives, recent developments are the primary factors driving
the demand for the UAE Pharmaceuticals Market. In UAE, the government is
providing enormous amount of funds for the development of drugs and therapies
for the treatment of diseases. However, in January 2022, the UAE’s Ministry of
Health and Prevention had taken some educational initiative "STEPS"
(Development and Training for Excellence in Clinical Pharmacy System. Hence,
these factors are expected to propel the growth of UAE Pharmaceuticals market.
However, the advancement in drug manufacturing
and its utilization also enhanced the growth of the market in the forecast
period.
One of the biggest
challenge by the UAE government are the strict regulations on the import and
distribution of pharmaceutical products. All pharmaceutical products must go
through rigorous testing and get approvals from the Ministry of Health and
Prevention (MoHAP) before they can be sold in the UAE. The process of obtaining
approvals can be lengthy and complicated, which can lead to delays in the
launch of new products.
Browse over 21 market data Figures spread through 70 Pages and an in-depth
TOC on "UAE Pharmaceuticals Market.”
The UAE Pharmaceuticals
Market can be segmented by drug type, product type, application, distribution
channel, region, and competition landscape.
Based on drug type, the
market is further bifurcated into generic drugs and branded drugs. The generic drugs segment dominated the market in 2022
with an overall share of 69.76%. This can be ascribed to lesser cost than the
brand name as these drugs do not need to repeat animal and
clinical (human) studies that are required of the brand-name medicines to
demonstrate safety and effectiveness.
Based on product type, the
market is segmented into over-the-counter drugs and prescription drugs. The over-the-counter drugs segment dominated the market
in 2022 with an overall share of 69.74%. This is due to the ease in
availability and cost-effectiveness.
Based on application, the
market is segmented into cardiovascular, oncology, metabolic disorder,
musculoskeletal, anti-infective, and others. The cardiovascular segment is
expected to dominate the market with 28.91% in forecast period due to rise in
heart failure and heart diseases.
Major companies operating
in UAE Pharmaceuticals Market include:
- Pfizer UAE
- Johnson
& Johnson Middle-East
- GlaxoSmithKline
& Neopharma
- Julphar Gulf
Pharmaceutical Ind
- Roche
Pharmaceuticals Middle East FZCO
- Niner
Pharmaceuticals LLC
- Lifepharma
FZE
- Hikma
Pharmaceuticals
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“UAE Pharmaceuticals Market is
expected to witness significant growth during the forecast period on account of
increasing ageing process amongst population. Increase in number chronic and
lifestyle diseases and accelerating demand for medical tourism is expected to
grow the market. Additionally, the government shows growing interest on
healthcare services. The UAE government has made significant investments in
healthcare infrastructure in recent years, including the construction of new
hospitals and clinics.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“UAE
Pharmaceuticals Market By Drug Type (Generic Drugs, Branded Drugs), By Product
Type (Over-The-Counter Drugs, Prescription Drugs), By Application (Cardiovascular,
Oncology, Metabolic Disorder, Musculoskeletal, Anti-infective, and Others), By
Distribution Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By
Region, Competition Forecast & Opportunities, 2028F.”, has evaluated the future growth
potential of UAE Pharmaceuticals Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in UAE Pharmaceuticals Market.
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