Dublin, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The "UAE Pharmaceutical Market, By Drug Type (Generic Drugs v/s Branded Drugs), By Product Type (Prescription Drugs v/s Over-The-Counter Drugs), By Application, By Distribution Channel, By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
UAE pharmaceutical market is anticipated to register growth with an impressive CAGR in the forecast period, 2023-2027, on the account of expanding healthcare industry and investment in the industry.
Surging demands from the growing population of the country for efficient pharmaceutical products are further driving the growth of the UAE pharmaceutical market in the upcoming five years.
Government Initiatives Drive Market Growth
United Arab Emirates' government is actively focused on advancing the pharmaceutical industry. Initiatives like the Dubai Industrial Strategy 2030 and the Abu Dhabi vision 2030 is focused toward developing the pharmaceutical industry due to its future growth prospects, export potential and mid-term to long-term economic impact.
Till recent past, the country pharmaceutical demands were highly met through imported drugs and pharmaceutical products. Going forward, the country is actively functioning to decrease the import of pharmaceutical and manufacture their own products through increasing investments in pharmaceutical and therapeutic products' research and development.
In the year 2018, country imported pharmaceutical products worth over USD14.9 billion from the countries like Germany, USA, France and Switzerland. To increase their self-production of pharmaceutical products the country is initiating bonds with multinational market players.
With favorable schemes and plans for the distribution channels and funding strategic location and sophisticated logistics infrastructure is also anticipated to further strengthen the growth of the UAE pharmaceutical market in the future five years.
India - UAE Bilateral Trade Supports Pharmaceutical Industry
India stands 3rd in terms of pharmaceutical products volume production and 14th in terms of value of the industry across the world. With the historic partnership, the countries are trying to establish a conjugated pharmaceutical industry that would benefit the industry in both countries.
Moreover, with the recent pandemic effect the import-export channels have suffered drastically in recent years. Therefore, UAE is trying to establish more permanent solution to the surging demands for the pharmaceutical products in the country.
Growing Instances Of Diseases Upsurges Drug Demands
Increasing number of chronic diseases, infectious diseases, and lifestyle diseases are major factor influencing the growth of the pharmaceutical market in the country. Chronic diseases like cardiovascular diseases, cancer, neurological disorders, etc. are driving the market growth. 4,807 new cancer cases were observed in the country among both male and female population in the country.
Infectious diseases due to higher tourism, and environmental factor, and the recent viral infection due to COVID-19 facilitated the demand for pharmaceutical products. Disrupted import channels, have pushed the pharmaceutical companies in the country to manufacture drugs and medicines in the country and government also supported the notion with higher investment in the sector.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in UAE pharmaceutical market.
- Julphar Gulf Pharmaceutical Industries
- Bayer Consumer Health
- Lifepharma FZE
- Niner Pharmaceuticals LLC
- GlaxoSmithKline & Neopharma
- Pfizer UAE
- Johnson & Johnson Middle East FZ-LLC
Report Scope:
UAE Pharmaceutical Market, By Drug Type:
- Generic Drugs
- Branded Drugs
UAE Pharmaceutical Market, By Product Type:
- Prescription Drugs
- Over-The-Counter Drugs
UAE Pharmaceutical Market, By Application:
- Cardiovascular
- Musculoskeletal
- Oncology
- Anti-infective
- Metabolic Disorder
- Others
UAE Pharmaceutical Market, By Distribution Channel:
- Retail Pharmacy
- Hospital Pharmacy
- E-Pharmacy
UAE Pharmaceutical Market, By Region:
- Dubai Region
- Sharjah Region
- Abu Dhabi Region
- Rest of UAE
For more information about this report visit https://www.researchandmarkets.com/r/pguab1
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