Expansion and constant modernization of healthcare sector is expected to drive the demand for Saudi Arabia pharmaceutical market in the forecast period.
The rise in prevalence of chronic diseases such as heart stroke, diabetes, obesity, hypertension, among others is paving the way for the pharmaceuticals market growth as these diseases cause the majority of deaths in Saudi Arabia. The growing control of the government over the prices of the drugs thereby boosting the growth of the pharmaceutical market. Saudi Arabia consists of well-developed healthcare infrastructure and the presence of some of the best hospitals equipped with advanced equipment and technology is fostering the growth of the pharmaceutical market.
An increase in awareness about the benefits of personalized medicine among the consumers and adoption of emerging technologies such as artificial intelligence, big data analytics, machine learning is generating a large amount of data and are providing insights to make smart decisions are contributing to the growth of the pharmaceutical growth. The rise of geriatric population in Saudi Arabia usually suffers from a low immunity system and is more prone to getting affected by several diseases that require drugs and pharmaceutical products for effective treatment.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities of Saudi Arabia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus.
Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing which created lucrative opportunities for the growth of the pharmaceuticals market. The demand for vitamins tablet and immunity boosters saw a surge to increase the immunity of consumers as preventive healthcare influenced the growth of the pharmaceuticals market. Also, the drugs required for the treatment of coronavirus contributed to the growth of the pharmaceutical market during this period.
However, the long delay in the registration process of drug and filing medicine patents may pose a challenge in the Saudi Arabia Pharmaceutical market growth.
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Saudi Arabia pharmaceutical market is segmented into drug type, product type, application, distribution channel, regional distribution, and company. Based on drug type, the market can be bifurcated into generic drugs and branded drugs. The branded drugs segment is expected to witness significant growth in the forecast period due to the rise in the affordability of the patients and their high effectiveness against diseases.
Based on distribution channel, the market can be divided into retail pharmacy, hospital pharmacy, and E-pharmacy. The retail pharmacy segment is expected to account for a major market share in the forecast period, 2022-2026. The easy availability of drugs and medical products at the retail stores and the growing westernization of retail pharmaceutical stores is driving the growth of this segment.
Novartis Saudi Arabia, Pfizer Saudi Limited, Glenmark Pharmaceuticals Saudi Arabia, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Tabuk Pharmaceuticals Manufacturing Co., Jamjoom Pharmaceuticals Co, Julphar Pharmaceuticals, GlaxoSmithKline Saudi Arabia Limited, Baxter Company Limited (BCL), Saudi Arabia, AstraZeneca Saudi Arabia, among others are some of the leading players operating in Saudi Arabia pharmaceutical market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“Leading authorities of Saudi Arabia are encouraging the domestic manufacturing and production of pharmaceutical products by offering lucrative incentives to both domestic and multinational companies. The facilities offered by the government are free property leases, government subsidies, and interest-free loans. Also, the rise in demand for e-commerce channels providing prompt delivery services and easy payment options with a wide variety of options. High penetration of internet services coupled with the growing income capacity of consumers is expected to propel the growth of the pharmaceuticals market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Pharmaceutical Market By Drug Type (Generic Drugs v/s Branded Drugs) By Product Type (Prescription Drugs v/s Over-The-Counter Drugs) By Application (Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Others) By Distribution Channel (Retail Pharmacy, Hospital Pharmacy, E-Pharmacy), By Region, Company Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi Arabia pharmaceutical market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia pharmaceutical market.
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