Increasing Foreign Investment and the Subsequent Presence of Major Multinational Companies to enhance prospects for Saudi Arabia Pharmaceutical Market.
NEWARK, DE / ACCESSWIRE / July 8, 2024 / The demand for pharmaceuticals in Saudi Arabia is predicted to surge at a 5.20% CAGR through 2034. According to the estimates, the pharmaceutical industry in Saudi Arabia is valued at USD 10,113.1 million in 2024 and is projected to surpass USD 16,789.6 million by 2034.
A systematic approach to addressing unmet medical needs and specialized markets is reflected in the increased focus on rare illnesses. Businesses that fund rare illness research and development get regulatory rewards and enhance the state of healthcare overall. This tendency fits well with a nuanced approach to the industry, which can result in ground-breaking treatments and provide businesses with a competitive advantage in a niche market.
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The pharmaceutical industry is likely to be impacted by Saudi Arabia's goal to become a center for medical tourism. The nation's investments in top-notch healthcare facilities position it as a desirable travel destination for patients from outside. Pharmaceutical firms can profit from the growing need for pharmaceuticals and healthcare services, serving both local and foreign patients looking for high-quality treatment.
Proactive health management and wellness are the focus of a larger trend, supported by initiatives prioritizing preventative healthcare interventions. Pharmaceutical businesses are adjusting their portfolios to reflect changing customer tastes by branching out into wellness goods, health supplements, and preventative drugs. This calculated approach positions businesses as contributors to public health outcomes beyond conventional treatment methods and adapts to the evolving dynamics of the healthcare industry.
"Success in Saudi Arabia's quickly changing pharmaceutical industry depends on skillfully addressing trends, including government initiatives and technical improvements. Customization, legal compliance, and strategic alliances are important for businesses to succeed. To differentiate yourself and spur development, it's necessary to be flexible and unwavering in fulfilling changing healthcare demands." opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Saudi Arabia Pharmaceutical Industry Report:
The industry size expanded at a 9.0% CAGR from 2019 to 2023.
The small molecule segment holds 86% of industry shares in 2024.
The branded drugs segment captured 72% of industry shares in 2024.
Category-wise Insights
Which Disease Type is Gaining Traction in the Saudi Arabia Pharmaceutical Market?
The Cardiovascular Disease Segment is anticipated to Gain Traction
The 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.
Which is the Most Popular Product Type in the Saudi Arabia Pharmaceutical Market?
Branded Drugs are likely to remain the Most Popular Product Type
The market has been divided into prescription and over-the-counter (OTC) products based on product type. The prescription product segment is further divided into branded drugs and generic drugs. When compared to other segments, the branded drugs product type sub-segment is predicted to expand the most throughout the projection period.
During the projection period, the generic drugs sub-segment is predicted to develop steadily. This is mostly due to the advent of health insurance firms, which is predicted to result in cheaper treatment costs by pushing healthcare practitioners to prescribe generic drugs.
By Distribution Channel, which Saudi Arabia Pharmaceutical Category dominates the Market?
The Retail Pharmacies Segment to Drive the Saudi Arabia Pharmaceutical Market
The market has been divided into two segments based on distribution channels: hospital pharmacies and retail pharmacies. Currently, retail pharmacies have the biggest revenue share in the Saudi Arabia pharmaceutical sector, followed by hospital pharmacies. Increased modernization and westernization of retail pharmacies, as well as the availability of a wide range of products, are driving retail pharmacy growth in the Saudi Arabia pharmaceutical sector.
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Competitive Landscape:
Saudi Arabia's pharmaceutical industry is fairly competitive, with foreign firms like Hikma Pharmaceuticals and regional heavyweights like Tabuk Pharmaceuticals and SPIMACO. These businesses compete for market dominance by strongly emphasizing innovation, quality control, and regulatory compliance. A dynamic and competitive environment is being created by the emergence of new competitors that are concentrating on digital health solutions and biopharmaceuticals. Strategic positioning, regulatory flexibility, and technological developments in the pharmaceutical industry are essential for long-term success as the sector expands.
Recent Developments:
In January 2024, Saudi Arabia launched a national biotech strategy to become a global biotech hub within 16 years. The program is part of a bigger effort known as Vision 2030, which aims to position the country as a biotech leader in the Middle East and North Africa by 2030.
In October 2023, the first cancer pharmaceutical plant opened in Sudair City, Saudi Arabia, a key milestone for the pharmaceutical and food sectors. The plant is one of three new enterprises established in the region. Saudi Arabia's Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, inaugurated three new pharmaceutical and food firms for industry and business in Sudair City.
Some of the Key players in Pharmaceuticals in Saudi Arabia:
Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO)
Tabuk Pharmaceuticals
Hikma Pharmaceuticals
Julphar Saudi Arabia
Jamjoom Pharma
Modern Pharmaceutical Company (MPC)
Ameco Pharmaceutical Company
Tadawi
Al Nahdi Medical Company
Sipco (Saudi Industrial Products Company)
A Full Report on the Market: https://www.futuremarketinsights.com/reports/saudi-arabia-pharmaceutical-market
Key Segments
By Prescription Type:
Prescription Drugs
Over-the-Counter Drugs
By Drug Type:
Branded Drugs
Generic Drugs
Branded Generic Drugs
By Drug Class:
Small Molecules
Biologics
Biosimilars
By Indication:
Cardiovascular Diseases
Immunology
Respiratory Diseases
Neurological Diseases
Infectious Diseases
Skin Diseases
Oncology
Metabolic Disorder
Urology
Ophthalmic Diseases
General Health
Others
By Mode of Administration:
Topical
Oral
Injectable
Intra-nasal
Others
By Distribution Channel:
Hospital Pharmacies
Retail Pharmacies
Drug Stores
Online Pharmacies
Authored By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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