Due to the nation’s rapidly increasing population and significant influx of expatriates, the Saudi Arabian Pharmaceutical Market is expected to expand at a rapid rate over the period of projection. Pharmaceuticals supplied under a second brand name in association with regional businesses and distributors and manufactured by a number of international corporations dominate the Saudi pharmaceutical market. The rise in non-communicable diseases and improved healthcare infrastructure are both contributing to Saudi Arabia’s explosive growth in pharmaceutical demand.
Saudi Arabia imports over 80% of its pharmaceuticals from various other countries, and numerous multinational businesses dominate the local market. Increased lifestyle diseases and strong brand loyalty for foreign medicines in Saudi Arabia are likely to support pharmaceutical demand throughout the anticipated time period. The rise of the Saudi pharmaceutical business is also being fueled by the Kingdom’s rising per capita income, improving healthcare infrastructure, and growing penetration of health insurance companies. The pharmaceuticals market in Saudi Arabia is dominated by MNCs, who account for the lion’s share of the market.
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A great opportunity is expected to be created by the worldwide Saudi Arabia pharmaceutical market, which is predicted to grow at an astounding 9.6% CAGR from 2022 to 2032. By the end of 2022, the market is projected to have a valuation of US$ 5,209.5 million.
Due to growing health consciousness and higher healthcare spending, the Saudi Arabian pharmaceutical market is expected to experience exceptional growth in the years to come. Market growth is also anticipated to be fueled by macroeconomic factors like rising health insurance company penetration and healthcare reforms like allowing 100% FDI in the pharmaceuticals sector. Other noteworthy trends in the market are the nation’s expanding exodus and the rapidly rising number of religious tourists. The largest market in the GCC, Saudi Arabia is renowned for providing exceptional investment opportunities thanks to the country’s mandatory insurance for expatriates. The pharmaceutical market in Saudi Arabia has expanded due to the aforementioned considerations.
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.
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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.
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
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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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