Saudi Arabia Pharmaceutical Drugs Market, By Drug Type (Generic Drugs and Branded Drugs), By Product Type (Prescription Drugs and Over-the-counter (OTC) Drugs), By Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) is estimated to be valued at US$ 12.60 Billion in 2023 and is expected to exhibit a CAGR of 7.6% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing marketing approvals of drugs in Saudi Arabia will drive the Saudi Arabia pharmaceutical drugs market growth. For instance, in August 2023, Venus Remedies, an India-based research-driven pharmaceutical company, received marketing approval from Saudi Arabia for its product, Enoxaparin in pre-filled syringes. A company statement informed that Venus Remedies has an annual capacity of producing more than five Billion units of Enoxaparin, a widely used anticoagulant that prevents blood clots at its robotic line.
Saudi Arabia Pharmaceutical Drugs Market - Impact of Coronavirus (COVID-19) Pandemic
Increased demand for specific medications, including those used in the treatment of COVID-19, led to shortages and stockouts of essential drugs in Saudi Arabia. This put strain on healthcare providers and potentially affected patient care.
Clinical trials and regulatory approvals for non-COVID-19 drugs have been delayed, leading to postponed access to potentially beneficial treatments for patients suffering from other medical conditions.
The economic impact of the pandemic, including reduced incomes and financial instability, may have led to decreased purchasing power for some individuals. This could have resulted in lower sales for pharmaceutical companies.
Pharmaceutical companies operating in Saudi Arabia have redirected their research and development efforts towards COVID-19-related treatments and vaccines, potentially reducing investments in other areas of drug development.
Saudi Arabia Pharmaceutical Drugs Market : Key Developments
In March 2022, Acino, a leading provider of high-quality pharmaceutical products and services, announced its expansion into the Kingdom of Saudi Arabia by establishing a legal entity and office in Jeddah. This move is part of the company’s growth strategy in the Middle East and Africa region in pursuit of its mission to deliver access to high-quality medicines for the benefit of patients. The announcement was made during an event that took place at the office of the Ministry of Investment of Saudi Arabia (MISA).
In August 2022, Kite, a Gilead Company, announced that it is expanding its business with the launch of operations in Brazil, Singapore, and Saudi Arabia. Kite had submitted regulatory applications for its CAR T-cell therapy products in all three countries.
Browse 24 Market Data Tables and 18 Figures spread through 180 Pages and in-depth TOC on “Saudi Arabia Pharmaceutical Drugs Market”- Forecast to 2030, Saudi Arabia Pharmaceutical Drugs Market , By Drug Class (Generic Drugs and Branded Drugs ), By Product Type (Prescription Drugs and Over-the-counter (OTC) Drugs), By Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies),
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/saudi-arabia-pharmaceuticals-market-3557
Key Takeaways of the Saudi Arabia Pharmaceutical Drugs Market:
- The Saudi Arabia pharmaceutical drugs market is expected to exhibit a CAGR of 7.6% during the forecast period. The increasing prevalence of chronic diseases will increase the demand for pharmaceutical drugs for the treatment thus, driving the market growth over the forecast period.
- On the basis of application, the metabolic disorder segment is expected to hold a dominant position in the Saudi Arabia pharmaceutical drugs market during the forecast period, and this is attributed to the increasing prevalence of diabetes. For instance, according to data published in June 2022, the proportion of Diabetes Mellitus (DM) was 8.5% among the Saudi Arabia population (≥ 15 years) and was higher in male (10.3%) than in female (9.9%). The prevalence of DM among the age group ≥ 60 years was the highest (49.2%), followed by the age group 45-64 years (38.9%) while the lowest prevalence was found among the younger group < 40 years (15.3%).
- Among distribution channel, hospital pharmacies is expected to hold a dominant position in the Saudi Arabia pharmaceutical drugs market during the forecast period, owing to increasing government initiatives. For instance, according to data published by The International Trade Administration, Under Vision 2030, the Saudi Arabia government planned to invest over US$ 65 billion to develop the country’s healthcare infrastructure. In addition, it aims to increase private sector contribution from 40 percent to 65 percent by 2030, targeting the privatization of 290 hospitals and 2,300 primary health centers.
- The major players operating in the Saudi Arabia pharmaceutical drugs market are Pfizer Inc., Sanofi S. A., Daewoong Pharmaceutical Co., GlaxoSmithKline Plc., AstraZeneca Plc, Baxter International Inc., Astellas Pharma, Life Care Group of Pharmacies, Tadawi Pharmacies, Planet Pharmacies (Zahrat Al Rawdah), Al-Safwwa Pharmacy, Al Nahdi Medical, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Tabuk Pharmaceuticals, Hikma Pharmaceuticals PLC, Jamjoom Pharmaceuticals Co., Julphar, Biocon Limited, and BeiGene
