Mon, Nov 18, 2024 | Jumada al-Awwal 16, 1446 | DXB ktweather icon0°C

UAE pharmacy market expected to hit $6.54 billion by 2029

Australia’s largest discount pharmacy opens first UAE store

Published: Mon 18 Nov 2024, 3:30 PM

Updated: Mon 18 Nov 2024, 5:30 PM

Top Stories

Chemist Warehouse store in Al Ghurair Centre

Chemist Warehouse store in Al Ghurair Centre

The UAE pharmacy market is steadily expanding, driven by a robust healthcare sector and increasing consumer demand. According to Statista, the UAE pharma market is projected to reach a revenue of approximately $5.27 billion by end 2024, with per capita revenue expected to generate close to $550.

The UAE’s pharmacy and healthcare retail market is projected to grow steadily, with revenue expected, as highlighted in the above Statista report, to increase at a compound annual growth rate (CAGR), of approximately 4.41 per cent between 2024-2029, resulting in a market volume of $6.54 billion by 2029. This steady growth trajectory reflects factors such as the UAE’s expanding population, increasing health awareness, and the government’s focus on making the UAE a top global destination for healthcare and wellness.

This growth is driven by rising health conscious and substantial government investments in healthcare infrastructure, positioning the UAE as a resilient pharmaceutical market, experts say.

Pharmacies play a vital role in this landscape, offering a range of health and wellness products that extend beyond prescriptions to meet diverse consumer needs. “As Chemist Warehouse enters this market, we aim to fulfil the growing demand for accessible, high-quality healthcare products, aligning with the UAE’s healthcare vision. Our commitment to affordability and variety in wellness and healthcare products – real brands at real savings – aligns with evolving consumer expectations for greater transparency, value, and quality, supporting customer needs and the broader goals of the UAE’s healthcare sector,” said Priyash Paray, CEO, Chemist Warehouse, UAE.

For Australia’s largest discount pharmacy, which recently opened its first UAE store at Al Ghurair Centre in Dubai, this growth outlook represents a significant opportunity, Paray said. “Our proven model offers affordable, high-quality health and wellness products, including unique ones not widely available in the region. Our value-focused approach, along with expansion plans across key locations and our upcoming e-commerce platform, will aim to contribute meaningfully to this growth and meet the UAE’s rising demand for accessible healthcare products,” he added.

Navigating an insurance-driven market like the UAE with established players requires a differentiated approach, Paray said. “We will focus on affordability and accessibility, product diversity, and customer experience. By offering a broad range of high-quality health and wellness products at competitive prices, we provide value for both insured and non-insured consumers. Additionally, our focus on strategic partnerships allows us to bring exclusive products to the UAE, setting us apart in a competitive market. We aim to create a seamless and efficient in-store experience that resonates with diverse customer demographics, complementing UAE’s emphasis on innovation and customer-centered retail,” he added.

The UAE’s healthcare retail sector offers significant growth potential, driven by increasing demand for accessible healthcare. “Government initiatives, like DHA’s commitment to transforming Dubai’s healthcare landscape by 2030, highlight the importance of expanding healthcare access and building a world-class, patient-centric healthcare system. This aligns well with Chemist Warehouse’s mission,” Paray said.

We see opportunities for rapid expansion across the UAE and beyond. “Our next location in Bur Juman is set to open soon, with five additional stores by the end of 2025, reaching seven total locations, and more expected in the following three years. Based on our experience in other markets, our model of accessible, competitively priced healthcare resonates strongly with consumers, and we are confident in its relevance to UAE customers and look forward to contributing meaningfully to the retail landscape,” Paray said.



Next Story