Rising internet penetration is driving the growth of Saudi Arabia E-Pharmacy Market, in the forecast period, 2022-2026.
The COVID-19 pandemic multiplied the number of online portal users for the pharmaceutical demand and thereby is expected to aid to the growth of the Saudi Arabia e-pharmacy market in the upcoming five years. Moreover, rapidly increasing number of geriatric populations who are living separately from the next of kins is supporting the growth of the online shopping of medicines. The population often struggles with frequent store visits and thus online retail of drugs and pharmaceutical products is a boon for them, thus driving the growth of the market in the subsequent five years.
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The Saudi Arabia e-pharmacy market is segmented by product type, therapy area, operating platform, regional distribution, and competitional landscape. Based on therapy area, the market is further segmented into vitamins, cold & flu, dermatology, weight loss, and others. Vitamins are expected to assert the dominance over the market in the next five years on the account of consumers demand for the same. Vitamins are easier to purchase from the online portals since they do not require a prescription. The consumers who are health conscious are rapidly increasing and thus the market segment is expected to dominate the segment in the next five years.
Cold & flu medicines are expected to register the fastest growing CAGR on the ground of surge in demand looking at the recent pandemic situation. Patients suffering from the infection due to COVID-019 virus spread were showing the symptoms of cold and high fever, the medicines were in high demand and purchase for the same multiplied rapidly. The same factor is expected to be responsible for the growth in the market in the upcoming five years. Weight loss drugs are expected to show significant growth due to the rapidly increasing number of patients suffering from obesity. The lifestyle, and busy schedules of the population has rendered them to suffer from bad eating habits and thus obesity, thereby driving the growth of the market segment in the subsequent future five years until 2026.
Based on product type, the market is further bifurcated into prescription medicines or over-the-counter medicines. Over the counter medicine is anticipated to hold the larger share of the market revenue and assert its dominance over the segment on the account of feasibility of buying the drugs through online portals. Prescription drugs are more difficult to buy online. The consumers have to provide legitimate prescription from a registered practitioners and only then the required medicines are delivered once the online bill payment is conducted. Thus, the mentioned factors are expected to aid the growth of the Saudi Arabia e-pharmacy market in the next five years.
A partial list of market player in the Saudi Arabia e-pharmacy market includes Saydl, Al-Dawaa Medical Services Co., Nahdi Medical Company, Care Pharmacy, Vezeeta ePharmacy, among others. These market players hold larger shares of the market than the new market players. With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced services would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide services that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Saudi Arabia is rapidly growing with the faster internet services and penetration of the market with increased and advanced models of smartphones. The factor has multiplied the number of users in online shopping sector, and it is aiding to the growth of the market. With the pandemic lockdown situation, the sales of offline products including pharmaceutical drugs and medicines multiplied through online portals. Moreover, with efficient delivery services and secured online payment the market is expected to show robust growth in the near future. New market players may invest in providing more efficient services as well as the faster delivery services,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia E-Pharmacy Market By Product Type (Prescription Medicines v/s Over-The-Counter Medicines) By Therapy Area (Vitamins, Cold & Flu, Dermatology, Weight Loss, Others) By Operating Platform (Apps v/s Websites) By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi Arabia e-pharmacy 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 Saudi Arabia e-pharmacy market.
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