July 24, 2024
Saudi Arabia Pharmaceutical Drugs Market

Pharmaceutical Drugs is the largest segment driving the growth of Saudi Arabia Pharmaceutical Drugs Market

The global Saudi Arabia Pharmaceutical Drugs Market is estimated to be valued at US$ 528.47 Bn  in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Saudi Arabia pharmaceutical drugs market comprises medicines used to treat various medical conditions. These drugs are produced using innovative technologies that improve their efficacy and safety profiles.

Market key trends:
One of the key trends in the Saudi Arabia pharmaceutical drugs market is the rising demand for biologics. Biologics such as monoclonal antibodies, recombinant proteins, and stem cell & gene therapies have demonstrated high efficacy in the treatment of various chronic and life-threatening diseases. Conditions like cancer, rheumatoid arthritis, and neurological disorders are effectively managed with biologics. Additionally, the presence of a large patient pool suffering from lifestyle diseases will further propel the demand for biologics in Saudi Arabia during the forecast period.

SWOT Analysis

Strength: The Saudi Arabian pharmaceutical drugs market is fueled by rising healthcare expenditure by the government. Growing aging population and rising cases of chronic diseases are increasing the demand for pharmaceutical drugs in the country.

Weakness: High dependency on imports for Active Pharmaceutical Ingredients (APIs) and other raw materials used in manufacturing of drugs makes the industry vulnerable to supply chain disruptions.

Opportunity: Government initiatives like ‘Saudi Vision 2030’ aims to localize pharmaceutical manufacturing and reduce dependence on imports, presenting new investment opportunities. Growing health awareness among people isanother growth driver.

Threats: Stringent regulatory norms and price controls imposed by authorities may reduce profit margins of drug makers. Emergence of alternative treatment options also threatens the growth of conventional pharmaceuticals.

Key Takeaways

The global Saudi Arabia Pharmaceutical Drugs Market Demand is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing healthcare expenditure and rising prevalence of chronic diseases in the country. The market size for 2023 is US$ 528.47 Bn.

Regional analysis

The western region dominates the Saudi pharmaceutical drugs market with around 35% share, led by the presence of major hospitals and healthcare facilities in cities like Jeddah and Makkah. The central region is another high growth market, supported by population increase and improving access to healthcare in provinces like Riyadh and Qassim.

Key players operating in the Saudi Arabia Pharmaceutical Drugs are SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc, Pfizer Inc., Novartis AG, and Sanofi. These manufacturers are focused on expanding their generic and biosimilar drugs portfolio through collaborations and in-licensing agreements to strengthen market presence.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it