The Saudi Arabia OTC Drugs Market was estimated as 799.53 million in 2022, growing at a CAGR of 9.2% between 2022 to 2027.
The term ‘’Over the counter’’ mentions pharmaceuticals, which are bought across the counter without any need of a physician's prescription. OTC drugs are used to treat and prevent minor disorders. As a growing aging population, there is an increasing push to be able to license OTC medicines for the use of treatment of chronic conditions.
Saudi Arabia OTC Drugs market is expected to maintain a strong growth drive due to the rapidly growing population and a strong inflow of migrants into the country. Saudi Arabia OTC Drugs market is dominated by branded drugs of various international market leaders. These drugs are wholesaled under a second brand name in association with local companies and distributors.
The Saudi Arabia OTC Drugs market is driven by factors such as the increasing prevalence of seasonal diseases, increasing awareness of self-medication and the proper use of medications, and strong brand reliability for multinational drugs in Saudi Arabia are factors expected to drive demand for the OTC Drugs market over the forecast period. Moreover, increasing disposable income, healthcare spending, growing healthcare infrastructure, and growing assault of health insurance companies in Saudi Arabia are increasing the growth of the OTC Drugs market in Saudi Arabia.
However, deficient in research capabilities and lack of specific product availability in old-fashioned distribution channels, and growing competition from other retail channels, which leads to an insignificant decline in the overall value share of distribution channels, are the major factor inhibiting the growth of the OTC drugs market in Saudi Arabia.
The Saudi Arabia OTC drugs market has been segmented by formulation type - tablets, liquids, ointments, sprays others. By product type – the market has been segmented into cough and cold flu drugs, analgesics, dermatologic, gastrointestinal drugs, antiseptics, anti-allergy drugs, smoking cessation aids, vitamins and minerals, ophthalmics, sleep aids, weight loss/diet drugs, and others (Ear Drops & Diuretics). The distribution channels market has been segmented into pharmacies/drug stores, supermarkets/hypermarkets, convenience stores, and others (online drug stores).
Some of the key players dominating the OTC Drugs market in Saudi Arabia are GlaxoSmithKline Pharmaceuticals Ltd, Gulf Pharmaceutical Industries, Tabuk Pharmaceutical Manufacturing Co, Jamjoom Pharmaceuticals Co. Ltd., and Reckitt Benckiser Group plc.
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