Saudi Arabia Pharmaceutical Market - 2023-2030

Saudi Arabia Pharmaceutical Market - 2023-2030

Saudi Arabia Pharmaceutical Market reached US$ XX million in 2022 and is expected to reach US$ XX million by 2030, growing at a CAGR of XX% during the forecast period 2023-2030.

Pharmaceuticals range from developing, manufacturing, and marketing drugs. They range from large multinational corporations to small, specialized biotech startups. Pharmaceuticals are often referred to as various substances that are used in the diagnosis, prevention and treatment of many diseases.

The increasing incidence of diseases and the increasing establishment of many small and large companies in the region is expected to drive market growth in the region.

Market Dynamics: Drivers & Restraints

Increasing prevalence of chronic disease

The increasing prevalence of chronic disease burden in the country is expected to drive the market growth of the region. Chronic diseases such as diabetes, cardiovascular diseases and cancer are more prevalent in the country which can increase the demand for pharmaceuticals. The increasing geriatric population, changing lifestyle and genetic predisposition.

For instance, according to the Journal of Saudi Heart Association, in the Saudi population, the estimated prevalence of cardiovascular disease (CVD) is approximately 5.5%. More than 50% of CVD mortality was estimated to be caused by the main modifiable risk factors, namely hypertension, diabetes mellitus, hyperlipidemia, obesity, and smoking.

Restraint

Underdeveloped pharmaceutical infrastructure

The small pharmaceutical infrastructure of the small pharmaceutical units when compared to the Saudi Arabia companies is expected to hinder the market growth. Though the local pharmaceutical industry is growing, it will remain small and it lacks the technological advancements and economies of scale to compete with established international players.

Segment Analysis

The Saudi Arabia pharmaceutical market is segmented based on drug type, product type, application and distribution channel.

Generic Drugs segment accounted for 56.7% of the market share

The generic drugs segment is expected to hold the dominant position in the market share due to the rising incidence of chronic diseases, and also increasing production of the drugs which have several applications is expected to drive the segment growth. In Saudi Arabia, generic drug prescribing has become a common practice.

Generic drugs are significantly cheaper than their branded counterparts and are cheaper than them, which increases the demand also the efficiency and effectiveness of the generic drugs over other health conditions are expected. It is expected that the generic drugs contain the same components as the branded drugs and is expected to have the same therapeutic effect.

COVID-19 Impact Analysis

COVID-19 has impacted the market growth positively. The increase in the need and also the increase in the demand for drugs against COVID-19 has increased the demand for pharmaceutical companies. However, the disruption in the supply chains has affected the market growth slightly.

Market Segmentation

By Drug Type
• Generic Drugs
• Branded Drugs

By Product Type
• Prescription Drugs
• Over-the-counter (OTC) Drugs

By Application
• Cardiovascular
• Musculoskeletal
• Oncology
• Metabolic Disorder
• Central Nervous System
• Gastrointestinal
• Others

By Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies
• Others

Competitive Landscape

The leading companies with a significant market share include Riyadh Pharma, Alsafwa Pharma, Tabuk Pharmaceuticals, AJA Pharma, Spectropharma, Dammam Pharma, SITCO Pharma, AVALON Pharma, Jubail Pharma and AcedrA BioPharmaceuticals among others

Why Purchase the Report?
• To visualize the Saudi Arabia pharmaceutical market segmentation based on drug type, product type, application, and distribution channel, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of the pharmaceutical market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Saudi Arabia pharmaceutical market report would provide approximately 47 tables, 48 figures, and 176 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies