Oman’s pharmaceutical sector to see moderate growth through 2029

The country is limited by its market size.

Oman’s pharmaceutical sector is expected to grow moderately from $76m in 2024 to $90m by 2029, at a compound annual growth rate of 3.6%, according to BMI.

The report revealed that despite the country’s comprehensive public healthcare coverage, its moderate expansion is attributed to its constrained market size.

As of 2023, public pharmaceutical expenditure accounted for just under 10% of total public healthcare expenditure. This marks a decline from its peak in 2021, aligning with pre-pandemic levels.

Moreover, the sector remains underdeveloped with limited research and development expertise and manufacturing capabilities.

“As such, the market will continue to heavily rely on imported medicines in the near to medium term,” the report said.