Saudi Arabia Pharmaceutical Market Outlook to 2028 –Rising Preference for Branded Drugs Among Key Stakeholders to Provide Lucrative Growth Aspects
Research Nester published a report titled “Saudi Arabia Pharmaceutical Market: Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the Saudi Arabia pharmaceutical market in terms of market segmentation by product, by diseases, by distribution channel, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
A pharmaceutical industry is an industry consisting of discovery, development, production as well as marketing of pharmaceutical drugs so as to use them as a medication on patients to cure and reduce their symptoms. The Saudi Arabia pharmaceutical market is anticipated to record a significant CAGR throughout the forecast period, i.e. 2020-2028. Based on end user, the market is bifurcated into hospitals, private clinics and others, out of which, the hospital segment is anticipated to hold the leading share in the market in the upcoming years as a result of high number of patients and relatively more demand of vaccines and drugs in this segment.
As the number of chronic diseases such as cancer, diabetes, obesity, stroke and others are rising rapidly in Saudi Arabia, the demand for pharmaceutical industries in the country will rise, which, in turn, is anticipated to ultimately lead to the growth of Saudi Arabia pharmaceutical market in the upcoming years.
Rising Preference for Branded Drugs to Boost Saudi Arabia Pharmaceutical Market
As the demand among prescribers as well as patients is rising for branded drugs, it is creating great opportunities in the country for multinational players. The drugs are sold under different brand names by making alliance with local distributors and hence, reach wider pharmacies all across the country. However, concerns regarding the challenging regulatory environment in Saudi Arabia in order to protect their local authorities and lacking research and development is expected to operate as key restraint to the growth of Saudi Arabia Pharmaceutical market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of Saudi Arabia pharmaceutical market which includes company profiling of Spimaco (TADAWUL: 2070), Tabuk pharmaceutical manufacturing co., Julphar, Jamjoom pharma, GlaxoSmithKline plc. (LON: GSK), Pfizer Inc., Novartis AG (SWX: NOVN) and Sanofi (EPA: SAN).
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Saudi Arabia pharmaceutical market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.