Saudi Arabia Pharmaceutical Market: A Prescription for 9.6% CAGR Growth Through 2032 | FMI
Due to the country’s fast increasing population and huge inflow of expats, it is predicted that the Saudi Arabia Pharmaceutical Market will expand significantly over the course of the projection period. The bulk of medications marketed in Saudi Arabia are produced by a number of foreign firms, who work with regional shops and distributors to market their products under a different brand name. Both the rise in non-communicable diseases and Saudi Arabia’s superior healthcare system are to blame for the country’s significant surge in pharmaceutical consumption.
The local market is dominated by multiple multinational businesses, and more than 80% of Saudi Arabia’s drugs are imported from various other countries. Due to the prevalence of lifestyle disorders and Saudi Arabia’s high level of brand loyalty to foreign medicines, it is estimated that the demand for pharmaceuticals would continue to grow over the anticipated time period. The development of the Saudi pharmaceutical business is mostly due to the development of the country’s healthcare infrastructure, rising per capita income, and expanding use of health insurance companies. The Saudi Arabian pharmaceutical market is mostly under the influence of MNCs.
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The global pharmaceutical market in Saudi Arabia is predicted to be worth US$ 13,000 Million by the end of 2032 to grow at an incredible 9.6% CAGR from 2022 to 2032, which will present a significant opportunity. The market is anticipated to be worth US$ 5,209.5 million by the end of 2022.
The Saudi Arabian pharmaceutical market is anticipated to increase significantly in the next years as a result of rising healthcare spending and growing health consciousness. Macroeconomic reasons like increasing health insurance company penetration and healthcare reforms like allowing 100% FDI in the pharmaceuticals sector are also projected to fuel market expansion. The nation’s growing emigration and the sharply rising number of religious travellers are other notable market trends. Saudi Arabia, the largest market in the GCC, is famous for offering outstanding investment prospects due to the nation’s requirement that expatriates carry insurance. The aforementioned factors have led to an expansion of the pharmaceutical market in Saudi Arabia.
- 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.
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:
- Tabuk Pharmaceuticals Manufacturing Co.
- Jamjoom Pharma
- GlaxoSmithKline plc
- Pfizer Inc.
- Novartis AG
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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
- 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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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