The MEA consumer healthcare market is expected to grow at a formidable rate during the forecast period.
The MEA consumer healthcare market is driven by the growing geriatric population and its disease susceptibility. In addition, increased awareness among the population of lifestyle-related diseases is expected to drive the market in the coming years. In addition, the growing popularity of preventive medicine is expected to drive the growth of the market. Furthermore, new product launches by major players considering the needs and demands of the customers are expected to drive the market growth till 2027.
Countries in the region, such as Israel, the United Arab Emirates, and Saudi Arabia, are investing billions of dollars in healthcare technologies, such as IoT, for applications in all sectors and want to implement solutions smart and improved to lead the region in advanced technologies by 2030, thereby stimulating market growth. Due to the aging population and long-term chronic diseases, increasing demand for remote patient monitoring solutions is the major factor impacting the market growth. In addition, there is constant pressure on hospital administrators to reduce costs while improving the standard of patient care. In this environment, people are turning to OTC drugs, thereby improving the patient experience.
Other factors such as rising healthcare costs, high demand for self-medication, growing young population who are more susceptible to accidents, shift from prescription to over-the-counter products and deteriorating mental health, increase in disposable income and the approval of preventive medicine and well-being, growing demand for branded products, coupled with the rapid and growing use of online sources, over-the-counter generics and private labels will have a positive impact on market growth.
The presence of fake pharmaceuticals and strict local government regulations for the health sector is predicted to restrain market growth in the MEA region.
Impact of COVID-19 on the MEA consumer healthcare market:
With the COVID-19 outbreak, the current increase in the workload of most healthcare systems worldwide, healthcare providers are turning to telemedicine to care for more outpatients during the crisis. This has led government agencies to contact the local pharmaceuticals. With an active search for solutions to take advantage of the use of the existing healthcare sector, incentives are expected to expand to make them more affordable in the near future, which will aid the MEA consumer healthcare market.
This research report on the Middle East and African consumer healthcare market has been segmented and sub-segmented into the following categories.
By Distribution Network:
Geographically, Considering the Middle East and Africa market scenario, the UAE region is considered the largest consumer healthcare market in the Middle East and Africa. Moreover, the Saudi Arabian market is also growing and is the second-largest consumer healthcare market. On the other hand, the Egyptian market is expected to grow steadily in the Middle East and consumer healthcare during the forecast period.
Technological advancements and government initiatives to improve the healthcare industry are driving the growth of the consumer healthcare market in the Middle East and Africa. As a result, the Middle East and Africa healthcare market was approximately $ 28 billion in 2016 and is expected to reach $ 8.8 billion in 2023 at a CAGR of 4.5%.
South Africa held the largest share of the Middle East and Africa market in 2019, due to the government's focus on improving public health infrastructure, with a focus on telehealth services, increasing reliance on the Internet for self-diagnosis, and choice of health care provider and treatment provider, increasing the attention of people to focus on lifestyle to promote good health.
The Israeli government has announced that it is investing more than $ 285 million, representing its digital health strategy, to launch a personalized digital database to store information on up to 9.5 million citizens of the country.
KEY MARKET PLAYERS:
Companies playing a prominent role in the MEA consumer healthcare market profiled in this report are Johnson & Johnson, Boehringer Ingelheim GmbH, GlaxoSmithKline plc, Amway, Bayer AG, Pfizer Inc., Abbott Laboratories, Sanofi, BASF SE, DSM, American Health, Herbalife, The Himalaya Drug Company, Kellogg, Takeda Pharmaceuticals, and Teva Pharmaceuticals.