Mays Ibrahim (ABU DHABI)
The e-pharmacy market in the UAE is forecast to witness a robust compound annual growth rate (CAGR) of approximately 15.2% during the period from 2024 to 2030, according to a report by MarkNtel Advisors, a consulting, data analytics, and market research firm.
The report attributes this significant growth to several key factors, including rising internet penetration, busy lifestyles, and the growing popularity of online shopping. With consumers increasingly opting for the convenience of purchasing medications and healthcare products online, the e-pharmacy market in the UAE is poised for exponential expansion.
Moreover, the report noted that the integration of information technology into the healthcare industry, fueled by digitalisation and a tech-savvy populace, has further propelled the growth of e-pharmacy platforms across the country.
“The implementation of electronic health records (EHRs), telemedicine platforms, and mobile health applications has also enhanced patient access to medical records, remote consultations, and health monitoring tools,” it added, citing as an example the launch of an updated version of Al Hosn app, the national digital healthcare platform in the UAE, by health authorities in 2023.
Government Initiatives The widespread internet and smartphone penetration witnessed in the UAE, coupled with strategic government initiatives presents the e-pharmacy market with significant opportunities for further expansion, according to the report.
“The UAE government is placing a significant emphasis on catalysing the digital health revolution in the country, driven by the government’s commitment to innovation and technological advancement,” it stated.
Highlighted government initiatives that aim “to digitalise and upgrade the healthcare sector” include the UAE Vision 2021, the Dubai Health Strategy 2021, and the Emirates Health Services (EHS) Innovation Strategy (2023-2026).
The report noted that regulatory frameworks, including the Telemedicine Regulation issued by the Dubai Health Authority (DHA), are also expected to pave the way for the adoption of telehealth services, bolstering the growth trajectory of the industry.
Market Trends The report identified the escalating adoption of artificial intelligence (AI) technology in the healthcare sector as a prominent trend, with AI-powered algorithms increasingly leveraged to streamline various aspects of e-pharmacy operations, such as medication management, inventory optimisation, and customer service.
“These AI-driven solutions enhance the accuracy of medication recommendations, predict consumer preferences, and optimise supply chain logistics”. The integration of AI in e-pharmacy platforms enhances efficiency and scalability, while improving healthcare outcomes and patient satisfaction, making it a significant trend in the UAE e-pharmacy market, as stated in the report.