UAE generic drugs market is projected to witness a CAGR of 7.72% during the forecast period 2024–2031, growing from USD 3 billion in 2023 to USD 5.43 billion in 2031. The growth of the market is supported by the rising cases of chronic diseases, the expansion of the geriatric population, and growing awareness about the benefits of generic drugs among the general population.
The country is witnessing increasing demand for generic drugs due to improvements in healthcare services and the implementation of visionary plans and investments by the government to strengthen the growth of the healthcare sector.
The rising emphasis on technological advancements, population health, and the growth of Middle Eastern pharmaceutical distributors also supports the UAE generic drugs market growth. The government is also making efforts to reduce the cost of healthcare in the UAE by promoting the adoption of generic drugs. Furthermore, the rising prevalence of chronic diseases and disorders is also propelling the demand for generic drugs in the UAE. According to estimates from the International Diabetes Federation (IDF), the prevalence of diabetes in the adult population of the country is 12.3%. For treating such conditions that are lifelong and require frequent medications, patients often prefer generic versions due to their economic nature.
Expansion of the Geriatric Population
The rapid growth of the geriatric population is boosting the UAE generic drugs market growth. According to estimates from the United Nations Population Fund, the number of individuals aged sixty and above is projected to increase from approximately 311,000 to 2 million between 2020–2050. This increase is propelling the requirement for generic drugs as the older population is more susceptible to various diseases and disorders, and the availability of generic drugs offers them access to effective and safe therapeutic solutions, which are also cost-efficient. The older population also has a different set of healthcare requirements and often require assistance and homecare and self-management services. In such situations the availability of economically viable therapeutics releases them of additional financial burdens.
Click Here: https://www.marketsandata.com/industry-reports/uae-generic-drugs-market
Growing Awareness Boosts Market Expansion
The rising awareness about the quality and safety of generic drugs in the country is propelling the expansion of the market. The government has taken various measures to educate the population about the production process of generics in order to eliminate any notion about the ineffectiveness of those drugs due to their cost-efficient nature. Generic drugs cost less than their brand-name counterparts as they are not required to repeat the studies and clinical trials to showcase their effectiveness and safety. However, they do adhere to the same quality standards as those of branded drugs. They undergo the same quality testing processes as the others and have the same active pharmaceutical ingredient (API) present as the non-generic drug. As the awareness and understanding of the production process of generics increases in the country, so does their demand, which in turn provides lucrative growth opportunities to the market.
Cardiovascular Segment Holds Significant Market Share
The rising cases of cardiovascular diseases in the country are boosting the segment’s expansion. Cardiovascular diseases are one of the most common non-communicable diseases across the globe. As per the estimates of the World Health Organization (WHO), they account for approximately 40% of all the deaths related to non-communicable diseases in the country. These diseases involve blood vessels and the heart and include coronary heart disease, cerebrovascular disease, congenital heart disease, pulmonary embolism, deep vein thrombosis, rheumatic heart disease, and peripheral arterial disease. The rising cases of cardiovascular diseases can be attributed to a lack of physical activity and an unhealthy diet, among others. The growing adoption of inactive lifestyles and increasing consumption of fast food are thus propelling the cases of cardiovascular diseases in the country, which in turn is boosting the demand for generic drugs.
Retail Pharmacies Hold a Major Share of the Market
The growth of the retail pharmacy chains in the country is increasing the accessibility of generic drugs. In July 2024, Life Healthcare Group announced the launch of their four hundredth outlet in the country. The largest pharmacy chain in the UAE is known for providing a comprehensive range of pharmaceuticals, vitamins, minerals, supplements, lifestyle, wellness, and beauty products. Over the past 27 years, the group has been dedicated to increasing the affordability and accessibility of therapeutics and healthcare solutions in the country. Additionally, the growth of the segment can also be attributed to the convenience and personalized touch offered by retail pharmacies. Furthermore, the retail pharmacies in the country are also actively investing in the adoption of new technologies and solutions to become more patient-centric. In November 2023, Burjeel Pharmacy announced the transformation of their pharmacies and made customers experience the focal point of their stores. They are focusing on improving customer experience by ensuring hassle-free and easy access shopping experience.
Future Market Scenario (2024–2031F)
As per the UAE generic drugs market analysis, the growth of the market is expected to be supported by increasing initiatives by the government to promote healthcare sustainability and affordability. The reliance on generic drugs is also expected to increase due to the increasing prevalence of chronic diseases in the country.
In the country’s economic diversification plans, healthcare and life sciences are expected to play a significant role. The Abu Dhabi Economic Vision 2030 aims to develop a skilled and productive workforce and develop a resilient structure that has the potential to support the expected economic growth. The increasing emphasis on minimizing reliance on imported pharmaceuticals and improving the healthcare infrastructure is also expected to boost the demand for generic drugs in the UAE market.
Report Scope
“UAE Generic Drugs Market Assessment, Opportunities and Forecast, 2017–2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of UAE generic drugs market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
Contact
Mr. Vivek Gupta
5741 Cleveland street,
Suite 120, VA beach, VA, USA 23462
Tel: +1 (757) 343–3258
Email: info@marketsandata.com
Website: https://www.marketsandata.com