Saudi Arabia e-pharmacy market is projected to show a robust growth with an impressive CAGR in the forecast years, 2023-2027. The market growth attributes to the growing demand of emergency pharmaceuticals and drugs for the various diseases. Moreover, rapidly increasing online shopping sections further aid the growth of the Saudi Arabia e-pharmacy market in the next five years. Also, the recent pandemic situation became a major reason behind consumer inclination toward e-pharmacy.
The rapidly increasing cases of the coronavirus infection due to COVID-19 turned the consumers to buy their medicines and monitoring devices from the online platforms and getting it delivered at home. Efficient and smooth delivery services, along with the convenience of online payment mode, aided the market's growth and is expected to further substantiate the Saudi Arabia e-pharmacy market growth in the consecutive five years in the future. Furthermore, the rapidly increasing number of smartphone users and increased penetration of internet services also supports the growth of the Saudi Arabia e-pharmacy market in the upcoming five years.
The Saudi Arabia e-pharmacy market is segmented by product type, therapy area, operating platform, regional distribution, and competitional landscape. Based on product type, the market is further bifurcated into prescription 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 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.
Objective of the Study
- To analyze the historical growth of the market size of Saudi Arabia e-pharmacy market from 2017 to 2020.
- To estimate and forecast the market size of Saudi Arabia e-pharmacy market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast Saudi Arabia e-pharmacy market based on product type, therapy area, operating platform, competitional landscape, and regional distribution.
- To identify dominant region or segment in the Saudi Arabia e-pharmacy market.
- To identify drivers and challenges for Saudi Arabia e-pharmacy market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Saudi Arabia e-pharmacy market.
- To identify and analyze the profile of leading players operating in Saudi Arabia e-pharmacy market.
- To identify key sustainable strategies adopted by market players in Saudi Arabia e-pharmacy market.
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Market insights research performed both primary as well as exhaustive secondary research for this study. Initially, Market insights research sourced a list of suppliers, and service providers across the country. Subsequently, Market insights research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market insights research could include the manufactures which could not be identified due to the limitations of secondary research. Market insights research analyzed the suppliers, distribution channels and presence of all major players across the country.
Market insights research calculated the market size of Saudi Arabia
Key Target Audience
- E-pharmacy suppliers, end users, and other stakeholders
- Distributers and suppliers of the products and other stakeholders
- Organizations, forums, and alliances related to e-pharmacy
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
