The online pharmacy industry in the gulf is still in the early development stages compared to international standards. Regardless of that, it is changing through change and simplifying government regulations, expanding its effectiveness and improving health care. Based on that, the online pharma industry in the middle east will face many changes in the following couple of years, which will provide significant investment opportunities. Online pharmacy websites are expected to increase. Thanks to the increase in foreign investment in this industry.
Population growth in the middle east will be a key growth driver for the online pharmacy sector. The population is foreseen to grow from 37.5 million in 2018 to almost 50 million in 2022. High levels of urbanization and a strong expatriate presence likewise support pharmaceutical sales growth in the region. Population aged 60 years or more is projected to increase from 1.9 million in 2017 to 17.8 million in 2050. The elderly population forms a major slice of the general epharmacy spending in the middle east and will likewise drive growth.
Vision 2030 that was recently launched in Saudi Arabia is an incredible motive to advance online pharmacy as it will authorize health insurance, privatize/corporatize the healthcare in Saudi Arabia and welcomes foreign investors in all parts of the industry including pharma. This accompanied incredible governmental support for foreign investors.
The great concern is that most the pharmacy store in the middle east countries are producing generics, yet the market is open for international global investors. This will definitely create a huge demand for online pharmacy store.
The demand for epharmacy is as of now witnessing robust growth in Saudi Arabia, essentially due to the increasingly advanced and improved healthcare industry. The epharmacy market in Saudi Arabia is essentially dominated by worldwide companies, which represent the largest share in the market. Rising health awareness and expanded healthcare services are factors expected to drive market growth in the near future.
Saudi Arabia, being the largest market in the middle east region, presents better investment opportunities for entrepreneurs, and this is additionally augmented with mandatory licenses and corporatization /privatization of the healthcare sector in the country. However, the absence of indigenous research capabilities, lack of trained Saudi workers, and delays in patent registration are major factors expected to change in the growth of the Saudi Arabia epharmacy market over the forecast period.
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