Saudi Arabia Pharmaceutical Market is predicated to reach US$ 13,000 Million by 2032 at a CAGR of 9.6%

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.

Request Sample Report@ https://www.futuremarketinsights.com/reports/sample/rep-gb-1733

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.

Ask An Analyst@ https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-1733

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.

Request Customization@ https://www.futuremarketinsights.com/customization-available/rep-gb-1733

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

Use promo code >> FMITODAY to get flat 20% discount

About FMI:

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.

Contact Us:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs

About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these