openPR Logo
Press release

Saudi Arabia Pharmaceutical Market May Set Epic Growth Story | Sanofi S.A., AstraZeneca, GlaxoSmithKline Plc, Life Care group of Pharmacies

02-16-2023 12:37 PM CET | Health & Medicine

Press release from: Report Ocean

Saudi Arabia Pharmaceutical Market May Set Epic Growth Story |

Saudi Arabia pharmaceutical market's growth can be attributed to rapid reforms in the healthcare sector of Saudi Arabia, increasing strategic agreements among the market players, and breakthrough drug launches

A recent study by the strategic consulting and market research firm; Report Ocean revealed that the Saudi Arabia pharmaceutical Market was worth USD 10,849 million in 2021 and is anticipated to reach USD 19,764 million by 2028, exhibiting a CAGR of 9.3% during the forecast period. The market growth is supported by favorable government policy of localizing the pharmaceutical industry and rapid reforms in the healthcare sector driving the growth rate of the regional pharmaceutical industry Cut-throat competition between major players encourages them to launch improvised and better drugs also aids the growth of the market.

Download Free Sample of This Strategic Report: https://reportocean.com/industry-verticals/sample-request?report_id=MR433

Favorable Government Policy of Localizing Pharmaceutical Industry coupled with Rapid Reforms in Healthcare Sector to Drive Market Growth

Saudi Arabias Vision 2030 to promote the localization of technology of pharmaceutical industries is in line with numerous collaborations taking place within the region to augment the local manufacturing capabilities. Key players are launching new and improved drugs, which can spike the market's growth over the forecast period. For instance, in September 2019, Celltrion Inc., a South Korean pharmaceutical company, launched its breast and gastric cancer biosimilar drug 'Herzuma' in Iraq. The drug was also launched in Jordan, Israel, the United Arab Emirates, Saudi Arabia, and Morocco. These factors contribute to accelerating the growth rate of Saudi Arabia pharmaceutical market.

Complicated Domestic Regulatory Systems and Lack of R&D Impeding Growth of Saudi Arabia Pharmaceutical Market

The highly complicated nature of the domestic regulatory system restricts the entry of multinational companies and drug makers from developing countries to enter the regional market, pricing biased in favor of the local industry and the tight government control on prices resulting in the lowest drug prices in the region. Furthermore, despite the government's financial support for R&D activities, most research projects concerning pharmaceutical development are scattered without any substantial outcomes. Thus, the regional drugs market is compelled to turn towards imports for its pharmaceutical requirements. The factor mentioned above is anticipated to hamper Saudi Arabia's pharmaceuticals market's during the forecast period.

High Preference of Local Population for Branded Drugs Propels Market Growth During Forecast Period

Both doctors and patients prefer branded drugs due to higher trust and strong brand loyalty. As a result, they are expected to exhibit the highest growth over the forecast period. Generic drugs are also expected to witness steady growth during the forecast period. The growth is attributed to the rising awareness about generic drugs, lower prices, and the emergence of numerous health insurance companies, thus lowering the cost of treatment by encouraging healthcare providers to prescribe generic drugs.

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR433

Online Pharmacy Segment Under Distribution Channels to Grow with Highest CAGR during the Forecast Period.

On the basis of distribution channels, the Saudi Arabia pharmaceutical market is segmented into hospital, retail, and online pharmacies. Amidst the segmentations, although the hospital pharmacies accounted for the largest market share in 2021, the online pharmacies segment is estimated to witness the highest growth during the forecast period as a result of increasing penetration of smartphones, escalating proliferation of the internet, and rise of multiple e-commerce platforms across the region. There has been a rise in the number of online pharmacies; many retail pharmacies are also launching their websites and making their products available online across the country. The COVID-19 pandemic further augmented the number of online portal users and is expected to supplement the growth of the Saudi Arabia e-pharmacy market in the upcoming five years. An increasing number of geriatric populations living separately from the family is promoting the growth of the online shopping of medicines.

Impact of COVID-19 on the Saudi Arabia Pharmaceutical Market

The disastrous COVID-19 pandemic affected the Saudi Arabia pharmaceutical company as COVID-19 delayed the clinical trials to prevent close contact between people, thus causing a delay in the launch of new drugs and vaccines. It also affected the global value supply chains. Besides, it is expected to bolster the growth rate of Saudi Arabia pharmaceutical market due to an increase in investment, funding, and development of effective drugs to tackle COVID- 10. For instance, CEPI is partnering with Curevac, Inovio Pharmaceuticals, Moderna, Novavax, The University of Hong Kong, The University of Oxford, The University of Queensland, and a consortium led by Institute Pasteur on the development of COVID-19 vaccine programs.

Competitive Landscape

The Saudi Arabia Pharmaceutical Market is fragmented, with numerous players serving the market. The key players dominating the Saudi Arabia pharmaceutical market are Pfizer Inc., Sanofi S.A., AstraZeneca, GlaxoSmithKline Plc, Life Care group of Pharmacies, Baxter International Inc., Planet Pharmacies (Zahrat Al Rawdah), Tadawi Pharmacies, Al Nahdi medical, Al-Safwwa Pharmacy, Tabuk Pharmaceuticals, Hikma Pharmaceuticals PLC, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Jamjoom Pharmaceuticals Co., Jhulphar and other prominent players.

Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR433

Market Segment:
By Drug Type (Branded Drugs And Generic Drugs)
By Product Type (Prescription Drugs And Otc (Over-The-Counter) Drugs)
By Application (Cardiovascular, Anti-Infective, Musculoskeletal, Oncology, Metabolic Disorder, Central Nervous System, Gastrointestinal, Respiratory, Dermatology, Ophthalmology, Hematology, And Others (Nutraceutical, Dental And Veterinarian))
By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, And Online Pharmacy)

The market players maintain their dominance by signing strategic agreements with multinational pharmaceutical companies launching new and improved products for the customers. The key marketing strategies adopted by the industry players are collaborations, partnerships, and acquisition to expand their customer reach.

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Key Reasons to Buy this Report:

Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
This allows you to expect market adjustments to continue to be in advance of your competitors
You will be in a position to replica information from the Excel spreadsheet straight into your advertising plans, commercial enterprise presentations, or different strategic documents
The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
Provision of market cost (USD Billion) records for every phase and sub-segment
Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
The cutting-edge as nicely as the future market outlook of the enterprise regarding current traits which contain boom possibilities and drivers as properly as challenges and restraints of each rising as nicely as developed regions
Includes in-depth evaluation of the market from quite a number views via Porter's 5 forces analysis
Provides perception into the market via Value Chain
Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help

Request full Report : https://reportocean.com/industry-verticals/sample-request?report_id=MR433

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.

Get in Touch with Us:
Report Ocean:
Email: sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
Tel:+1 888 212 3539 (US - TOLL FREE)
Website: https://www.reportocean.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Saudi Arabia Pharmaceutical Market May Set Epic Growth Story | Sanofi S.A., AstraZeneca, GlaxoSmithKline Plc, Life Care group of Pharmacies here

News-ID: 2933579 • Views:

More Releases from Report Ocean

Japan Internet Advertising Market CAGR of 24.9%, Behind the Scenes Techniques for Deep Understanding of Consumer Behavior
Japan Internet Advertising Market CAGR of 24.9%, Behind the Scenes Techniques fo …
The Japan Internet Advertising Market has demonstrated remarkable growth, reaching a valuation of USD 29.49 Billion in 2021. With the digital landscape continually evolving, it is forecasted to soar to an impressive USD 112.04 Billion by 2027. This surge represents an anticipated compound annual growth rate (CAGR) of 24.9% over the projected period, highlighting the dynamic and rapidly expanding nature of the digital advertising sector in Japan. Internet Advertising are set
Location Analytics Market Through the Looking Glass Techniques for a Profound Understanding of Consumer Behavior
Location Analytics Market Through the Looking Glass Techniques for a Profound Un …
This comprehensive market research report offers an in-depth analysis of the global location analytics market from 2019 to 2026. Valued at USD 10,813.6 million in 2019, the market is forecasted to surge to USD 29,878.5 million by 2026, demonstrating a robust Compound Annual Growth Rate (CAGR) of 15.6% throughout the projection period. This report delves into the key drivers, restraints, opportunities, and challenges that are shaping the market, providing stakeholders
Affiliate Marketing Platform Market Eyes Wide Open Maximizing the Value of Observational Research in Consumer Behavior
Affiliate Marketing Platform Market Eyes Wide Open Maximizing the Value of Obser …
The Global Affiliate Marketing Platform Market, valued at USD 19,217.4 million in 2021, is projected to witness significant growth over the next decade, reaching an estimated value of USD 36,902.1 million by 2030. This report provides an in-depth analysis of the market dynamics, growth drivers, challenges, and opportunities that will influence the affiliate marketing landscape over the forecast period of 2021-2030. With a Compound Annual Growth Rate (CAGR) of 7.7%,
Global Clear Brine Fluids Market Growth Forecast and Trends (2022-2030)
Global Clear Brine Fluids Market Growth Forecast and Trends (2022-2030)
The global clear brine fluids market was valued at US$ 0.95 billion in 2021. It is anticipated to experience growth, reaching a valuation of US$ 1.39 billion by 2030. This growth trajectory translates to a compound annual growth rate (CAGR) of 3.1% during the forecast period from 2022 to 2030. Clear brine fluids, crucial in the oil and gas industry for drilling and completion processes, are poised for increased demand,

All 5 Releases


More Releases for Saudi

Saudi Wakala Offers Efficient and Reliable Saudi Visa Stamping Services
Saudi Wakala, a renowned agency specializing in Saudi visa stamping services, is proud to announce its commitment to providing swift and reliable visa processing for travelers to Saudi Arabia. Located in New Delhi, Saudi Wakala has established itself as a trusted partner for individuals and businesses requiring efficient visa stamping services. Efficient Visa Processing Understanding the complexities and time-sensitivity associated with visa stamping, Saudi Wakala offers a streamlined process managed by an
saudi construction company,TOP saudi arabia construction companies list,civil co …
Abdul Ali Al-Ajmi Company Advanced Support Company Al Ashbelya Engineering Al-Dour Engineering Contracting Est. https://www.gdwatches.cn/ Free engineering construction consultation Email:nolan@wholsale9.com Alfanar Arabian Tile Co. Ltd. (ARTIC) Assad Said for Contracting Co Ltd Automated Buildings Company Bazy Trading and Contracting Bin Dayel Contracting Cercon City Cement Company Dar Al Majd EG & G Middle East East Consulting Engineering Center El Seif Engineering Contracting Company El Seif Engineering Contracting Company Engineering Development Co for Contracting FCC Company https://www.gdwatches.cn/ Free engineering construction consultation Email:nolan@wholsale9.com Jones Engineering Group Masar Consulting Engineer Meinhardt Arabia Mohammed M. Al Rashid Co. (MARCO) Qureshi Telecom Contracting &
Saudi Arabia Agriculture Market, Saudi Arabia Agriculture Industry, Saudi Arabia …
Saudi Arabia Agriculture is focussed on the spread of dates, dairy farm merchandise, eggs, fish, poultry, vegetables, and flowers to markets round the creation because it has attained its own potency within the production of such merchandise. The private sector additionally plays a role within the nation's agriculture, because the government offers long-term interest-free loans and inexpensive water, fuel, electricity, and duty-free imports of raw materials and machinery. Over the past
Saudi Arabia Pharmaceutical Market | pharmaceutical companies in saudi arabia, p …
In order to study the various trends and patterns prevailing in the concerned market, Market Research Reports Search Engine (MRRSE) has included a new report titled “Saudi Arabia Pharmaceutical Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. The report examines Saudi Arabia pharmaceutical market for the period 2016–2026. The primary
Saudi Arabia Airport Privatization Sector Saudi Arabia Airport Sales Report 2022
For Report Sample Contact: neeraj@kuickresearch.com or +91-11-47067990 Report Table of Contents Saudi Arabia Aviation Industry Overview Privatization in Saudi Arabia Saudi Arabia Civil Aviation Regulatory Authority 3.1 General Authority of Civil Aviation (GACA) 3.2 International Air Transport Association Saudi
Saudi Arabia Mutual Fund Sector Saudi Arabia Mutual Fund Sales Report 2022
For Report Sample Contact: neeraj@kuickresearch.com or +91-11-47067990 Report Table of Contents 1. Saudi Arabia Financial Sector Overview 2. Saudi Arabia Stock Market and Exchange Overview 3. Saudi Arabia Mutual Fund Market Overview 4. Saudi Arabia Mutual Fund Program and Managers 4.1 Fund Managers and Companies 4.2 Types of Mutual Funds 5. Saudi Arabia Mutual Fund Asset Allocation 5.1 Market Overview 5.2 Mutual Fund Market Indicators