The global Saudi Arabia Pharmaceutical Market is anticipated to create a phenomenal opportunity by exhibiting an impressive CAGR of 9.6% over the projection period from 2022 to 2032. The market is expected to hold a valuation worth US$ 5,209.5 Million by the end of 2022.
The growth of Saudi Arabia’s pharmaceutical market is predicted to continue to propel over the estimation period owing to the country’s fast-rising population and large intake of expatriates. The Saudi pharmaceutical business is dominated by branded pharmaceuticals produced by numerous global corporations and sold under a second brand name in collaboration with local firms and distributors. Pharmaceutical demand is rapidly surging in Saudi Arabia attributed to the increase in the frequency of non-communicable illnesses and better healthcare infrastructure.
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Saudi Arabia imports around 80% of its medications from several other nations, and the country’s market is dominated by several global corporations. Surging lifestyle illnesses and high brand loyalty for multinational medications in Saudi Arabia are likely to bolster pharmaceutical demand throughout the predicted period. In addition to that, surging per capita income, expanding healthcare infrastructure, and increased penetration of health insurance firms in the Kingdom are fueling development in the Saudi pharmaceutical industry. In Saudi Arabia, MNCs dominate the pharmaceuticals market resulting in accounting for the lion’s share of the market.
The Saudi Arabia pharmaceutical market is anticipated to witness phenomenal growth due to rising health consciousness and increased healthcare spending is projected to bolster market expansion in the upcoming years. Macroeconomic reasons such as increased health insurance company penetration and healthcare reforms such as permitting 100% FDI in the pharmaceuticals industry are also expected to fuel market expansion. Several other significant developments in the marking include the fast-expanding number of religious visitors and the growing number of ex-pats in the nation. Saudi Arabia is known as the largest market in the GCC area that offers superior investment options for investors, which are driven by mandated insurance for ex-pats in the nation. These aforementioned factors are responsible for growth in the Saudi Arabia pharmaceutical market across the forecast period.
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Key Takeaways
- Saudi Arabia’s government and other multinational organizations are meticulously working towards improving their healthcare sector which is one of the key drivers to boost the growth of the Saudi Arabia pharmaceutical market throughout the forecast period. The Saudi Arabian General Investment Authority (SAGIA) and the British pharmaceutical company GlaxoSmithKline inked a manufacturing localization agreement in July 2019, (GSK). This is projected to help the latter accelerate its production capacity by 2022, producing a variety of Saudi-related employment.
- The dominant businesses actively participating in the Saudi Arabia pharmaceutical market are focusing on effective business tactics such as drug development collaborations and partnerships, R&D activities, and regional expansions, which are projected to enhance the Saudi Arabia pharmaceutical market growth.
- Owing to the rising prevalence of diabetes and cancer in both males and females among the Arab population is predicted to bolster the Saudi Arabia pharmaceuticals market throughout the forecast period. As per the projections of the World Health Organization (WHO), Saudi Arabia comprises the second-largest diabetes prevalence rate in the Middle East region and the seventh-highest diabetes prevalence rate in the world. It is analyzed that around 7 million individuals are diabetic, with an additional 3 million having pre-diabetes.
Competitive Landscape
Dominant market players are focusing on innovations that are driving the most recent advances in Saudi Arabia’s pharmaceutical sector. The country has managed to become one of the world’s top-rising economies on the basis of entrepreneurship and business.
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More Insights into the Saudi Arabia Pharmaceutical Market
The Saudi Arabia pharmaceutical market has been classified into cardiovascular diseases, diabetes, cancer, obesity, infectious diseases, and other diseases. The cardiovascular disease sector is predicted to expand the most throughout the projection period, followed by the diabetes segment. Because of increased comorbidities such as cardiovascular disease and diabetes, the obesity segment is predicted to rise significantly.
Key Companies Profiled
- SPIMACO
- Tabuk Pharmaceuticals Manufacturing Co.
- Julphar
- Jamjoom Pharma
- GlaxoSmithKline plc
- Pfizer Inc.
- Novartis AG
- Sanofi
Key Segments Covered in the Saudi Arabia Pharmaceutical Industry Analysis
Saudi Arabia Pharmaceutical Market by Product Type:
- Prescription Products
- Branded Drugs
- Generic Drugs
- Over The Counter (OTC) Products
Saudi Arabia Pharmaceutical Market by Disease Type:
- Cardiovascular Diseases
- Diabetes
- Cancer
- Obesity
- Infectious Diseases
- Other Diseases
Saudi Arabia Pharmaceutical Market by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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