Anticipated Growth of the Saudi Arabian Pharmaceutical Market is predicted to grow at an astounding 9.6% CAGR by 2032: Population Rise and Expatriate Influence

Over the course of the projection period, it is anticipated that the Saudi Arabian Pharmaceutical Market would grow substantially due to the country's rapidly rising population and significant intake of expatriates. The majority of drugs sold in Saudi Arabia are made by several foreign companies and distributed under a second brand name in collaboration with local retailers and distributors. The sharp increase in pharmaceutical demand in Saudi Arabia can be attributed to both the rise in non-communicable diseases and the country's better healthcare system.

Over 80% of Saudi Arabia's medications are imported from several foreign nations, and numerous global corporations dominate the local market. The demand for pharmaceuticals is predicted to be supported over the anticipated time period in Saudi Arabia due to rising lifestyle diseases and high brand loyalty for international medications. The improvement in the Kingdom's healthcare infrastructure, rising per capita income, and expanding use of health insurance firms are all contributing factors to the growth of the Saudi pharmaceutical industry. MNCs control the lion's share of the Saudi Arabian medicines market, which is dominated by them.

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The global pharmaceutical market in Saudi Arabia is predicted to be worth US$ 13,000 Million by the end of 2032 to grow at an incredible 9.6% CAGR from 2022 to 2032, which will present a significant opportunity. The market is anticipated to be worth US$ 5,209.5 million by the end of 2022.

The Saudi Arabian pharmaceutical market is anticipated to increase significantly in the next years as a result of rising healthcare spending and growing health consciousness. Macroeconomic reasons like increasing health insurance company penetration and healthcare reforms like allowing 100% FDI in the pharmaceuticals sector are also projected to fuel market expansion. The nation's growing emigration and the sharply rising number of religious travellers are other notable market trends. Saudi Arabia, the largest market in the GCC, is famous for offering outstanding investment prospects due to the nation's requirement that expatriates carry insurance. The aforementioned factors have led to an expansion of the pharmaceutical market in Saudi Arabia.

Key Takeaways:

• Saudi Arabia's government and other multinational organizations are meticulously working towards improving their healthcare sector which is one of the key drivers to boost the growth of the Saudi Arabia pharmaceutical market throughout the forecast period. The Saudi Arabian General Investment Authority (SAGIA) and the British pharmaceutical company GlaxoSmithKline inked a manufacturing localization agreement in July 2019, (GSK). This is projected to help the latter accelerate its production capacity by 2022, producing a variety of Saudi-related employment.
• The dominant businesses actively participating in the Saudi Arabia pharmaceutical market are focusing on effective business tactics such as drug development collaborations and partnerships, R&D activities, and regional expansions, which are projected to enhance the Saudi Arabia pharmaceutical market growth.
• Owing to the rising prevalence of diabetes and cancer in both males and females among the Arab population is predicted to bolster the Saudi Arabia pharmaceuticals market throughout the forecast period. As per the projections of the World Health Organization (WHO), Saudi Arabia comprises the second-largest diabetes prevalence rate in the Middle East region and the seventh-highest diabetes prevalence rate in the world. It is analyzed that around 7 million individuals are diabetic, with an additional 3 million having pre-diabetes.

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Competitive Landscape:

Dominant market players are focusing on innovations that are driving the most recent advances in Saudi Arabia's pharmaceutical sector. The country has managed to become one of the world's top-rising economies on the basis of entrepreneurship and business.

More Insights into the Saudi Arabia Pharmaceutical Market

The Saudi Arabia pharmaceutical 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.

Key Companies Profiled:

• SPIMACO
• Tabuk Pharmaceuticals Manufacturing Co.
• Julphar
• Jamjoom Pharma
• GlaxoSmithKline plc
• Pfizer Inc.
• Novartis AG
• Sanofi

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Key Segments Covered in the Saudi Arabia Pharmaceutical Industry Analysis

Saudi Arabia Pharmaceutical Market by Product Type:

• Prescription Products
o Branded Drugs
o Generic Drugs
• Over The Counter (OTC) Products

Saudi Arabia Pharmaceutical Market by Disease Type:

• Cardiovascular Diseases
• Diabetes
• Cancer
• Obesity
• Infectious Diseases
• Other Diseases

Saudi Arabia Pharmaceutical Market by Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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This release was published on openPR.