Comprehensive Overview and Future Trends of the Saudi Arabia Pharmaceutical Drugs Market 2024: Key Drivers, Market Dynamics, Growth, Size, Share and Forecast 2031 | AstraZeneca Plc, Baxter International Inc., Astellas Pharma, Life Care Group of Pharmacies

Market Overview:

The Saudi Arabia pharmaceutical drugs market comprises prescription and over-the-counter drugs for various therapeutic applications including cardiovascular, oncology, anti-infective, etc. Drugs are used for prevention, diagnosis, and treatment of diseases. Growing prevalence of chronic diseases is driving the demand for pharmaceutical drugs in the country.

The Saudi Arabia pharmaceutical drugs market 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).

Market Dynamics:

The Saudi Arabia pharmaceutical drugs market is witnessing high growth owing to increasing healthcare spending and prevalence of chronic diseases. According to the World Bank, healthcare spending in Saudi Arabia grew at a CAGR of 8.7% during 2012-2018 reaching SAR 142.3 billion in 2018. This rising investment in the healthcare sector is encouraging adoption of advanced drugs for effective treatment of various diseases. Furthermore, non-communicable diseases such as cancer, diabetes, and cardiovascular disorders are on the rise. For instance, cancer incidence rate increased from 92.4 per 100,000 population in 2020 to estimated 94.7 per 100,000 population in 2024. Growing burden of chronic diseases is propelling the demand for pharmaceutical drugs in Saudi Arabia during the forecast period.

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List of TOP Players in Market Report 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
◘ BeiGene

Market Detailed Segmentation:

By Drug Type: Generic Drugs, Branded Drugs
By Product Type: Prescription Drugs, Over-the-counter (OTC) Drugs
By Application: Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder, Central Nervous System, Gastrointestinal, Respiratory, Hematology, Dermatology, Ophthalmology, OthersTopical application
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

Market Drivers:

Increasing Prevalence of Chronic Diseases:

The rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular diseases, and respiratory diseases in the Kingdom of Saudi Arabia is one of the key drivers of the pharmaceutical drugs market. According to the World Health Organization, non-communicable diseases accounted for around 76% of all deaths in the country in 2020. The growing geriatric population, unhealthy diet, obesity, and sedentary lifestyle have contributed significantly to this rise in chronic conditions, thereby increasing the demand for pharmaceutical drugs to treat and manage such diseases.

Rising Healthcare Expenditure:

The high economic growth of the country in recent years has led to increased household income and disposable income of citizens. This has allowed them to spend more on healthcare, medicines, and adopting a healthier lifestyle. The Saudi government also aims to increase public healthcare spending to over 8% of GDP by 2025 under the Vision 2030 plan. This rise in overall healthcare expenditure is expected to benefit the pharmaceutical drugs market through higher demand.

Market Restrain:

Price Controls on Drugs:

The extensive price control policies of the Saudi Food and Drug Authority (SFDA) act as a major restrain on the pharmaceutical drugs market in the Kingdom. It monitors drug prices very closely and regulates the maximum retail price of medicines based on international reference prices and manufacturing costs. Any increase in drug prices requires prior approval from the SFDA which conducts regular price revisions. This price control makes it difficult for pharmaceutical companies to hike drug prices as per market demand and increase profitability.

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Market Opportunity:

Growing Geriatric Population:

The growing geriatric population, defined as people aged 65 years and above, offers significant opportunities for the pharmaceutical drugs market in Saudi Arabia. According to United Nations Population Fund, the percentage of the population aged 65 and above is projected to increase from 2.4% in 2020 to 4.2% in 2030. Elderly citizens usually require specialized healthcare and are more vulnerable to chronic diseases. This will augment the demand for pharmaceutical drugs designed for geriatric care and age-related conditions. Drug makers can focus on developing more products aligned with the health needs of senior citizens to capitalize on this opportunity.

Saudi Arabia Pharmaceutical Drugs Market Trends:

Rise of Biosimilars:

A key trend gaining momentum in the Saudi pharmaceutical drugs market is the rising adoption of biosimilars. Biosimilars are the biologic drugs developed to be similar to an existing approved biologic drug known as the reference product or originator biologic. They are considered to be as safe and effective as the reference product but are sold at a lower cost. Their growing usage can help in cost savings for both patients and the healthcare system of Saudi Arabia. This trend is driven by the patent expiration of major biologics and increasing acceptance of biosimilars by physicians and patients in the Kingdom. More players are also entering this space to offer low-cost treatment alternatives.

Furthermore, the years considered for the study are as follows:

Historical data - 2016-2022
The base year for estimation - is 2022
Estimated Year - 2024
Forecast period** - 2024 to 2031

This Saudi Arabia Pharmaceutical Drugs Market Research/Analysis Report Contains Answers to your following Questions:

◈What are the current global trends in the Saudi Arabia Pharmaceutical Drugs market, and will the market experience an increase or decrease in demand in the upcoming years?

◈ What is the expected demand for various product types within the Saudi Arabia Pharmaceutical Drugs market, and what are the emerging Market applications and trends?

◈ What are the projections for the global Saudi Arabia Pharmaceutical Drugs Market in terms of capacity, production, production value, cost, profit, market share, supply, consumption, import, and export?

◈ How will strategic developments shape the Market trajectory in the medium to long term?

◈ What factors contribute to the final price of Saudi Arabia Pharmaceutical Drugs, and what are the raw materials used in its manufacturing?

◈ What is the market's growth potential, particularly with the increasing adoption of Saudi Arabia Pharmaceutical Drugs in mining?

◈ What is the current and 2022 value of the global market, and who are the leading companies in this market?

◈ What recent Market trends can be leveraged to create additional revenue streams?

◈ What entry strategies, economic impact mitigation measures, and marketing channels should be considered for the Saudi Arabia Pharmaceutical Drugs Market?

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Summarized Extracts from TOC of Market Study

Chapter 1 Saudi Arabia Pharmaceutical Drugs Introduction and Market Overview

1.1 Objectives of the Study

1.2 Overview of Saudi Arabia Pharmaceutical Drugs

1.3 Scope of The Study

1.3.1 Key Market Segments

1.3.2 Players Covered

1.3.3 COVID-19's impact on the Saudi Arabia Pharmaceutical Drugs industry

1.4 Methodology of The Study

1.5 Research Data Source

Chapter 2 Executive Summary

Chapter 3 Industry Chain Analysis

Chapter 4 Market, by Type

Chapter 5 Market, by Application

Chapter 6 Market Analysis by Regions

Chapter 7 North America Market Analysis by Countries

Chapter 8 Europe Saudi Arabia Pharmaceutical Drugs Market Analysis by Countries

Chapter 9 Asia Pacific Saudi Arabia Pharmaceutical Drugs Market Analysis by Countries

Chapter 10 Middle East and Africa Saudi Arabia Pharmaceutical Drugs Market Analysis by Countries

Chapter 11 South America Saudi Arabia Pharmaceutical Drugs Market Analysis by Countries

Chapter 12 Competitive Landscape

Chapter 13 Industry Outlook

Chapter 14 Market Forecast

Chapter 15 New Project Feasibility Analysis

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