Saudi Arabia Pharmaceutical Market Impacted by COVID-19, Market to Remain Dormant in Near Term, Projects FMI 2022 -2026

 By the end of 2016, the Saudi Arabian pharmaceutical industry is anticipated to be worth US$ 5,209.5 Mn and is anticipated to grow at a CAGR of 9.0%. (2016–2026). The large increase in lifestyle-related illnesses and the improvements in healthcare infrastructure are predicted to have an impact on Saudi Arabia’s need for medications. The Saudi Arabian pharmaceutical market is expected to generate US$ 5,209.5 Mn in revenue in 2016, representing a 6.0% year-over-year increase over 2015. The Saudi Arabian pharmaceutical market will expand in 2016 as a result of the rising demand for branded drug goods.

Because health insurance firms are becoming more prevalent and non-communicable diseases are becoming more prevalent, Saudi Arabia’s need for pharmaceuticals is anticipated to expand significantly. Additionally, it is anticipated that Saudi Arabia’s remarkable gain in per capita income will increase demand for branded pharmaceuticals. Saudi Arabia’s strategic decision to permit 100% FDI in the pharmaceuticals industry is another important factor boosting the country’s pharmaceutical business. However, it is anticipated that the market’s growth in 2016 and beyond will be constrained by the pharmaceutical industry’s lack of significant indigenous research capability and the slow registration of drug and treatment patents.

According to the product category, the Saudi Arabian pharmaceutical market is anticipated to see an increase in branded prescription-type drug items. By the end of 2016, it is predicted that the market value of branded medications will be US$ 2,760.8 Mn. The persistent promotion of generic drug adoption by healthcare insurance providers is expected to contribute to the demand for generic medications growing steadily.

Pharmaceuticals used to treat cardiovascular disorders will continue to expand rapidly in 2016, according to the conditions they are used to treat. Due to the prevalence of circulatory illnesses in Saudi Arabia, the demand for cardiovascular drugs will keep growing. Additionally, diabetes is anticipated to become a fast expanding disease based on the rising frequency of problems associated to blood sugar levels.

Retail pharmacies will continue to hold an 80% market share relative to hospital pharmacies in Saudi Arabia’s pharmaceutical sector, which is similarly divided based on the distribution route. The availability of a wide variety of pharmaceuticals and medicinal items as a result of Saudi Arabia’s westernised modernization of retail pharmacies has resulted in significant growth in the retail pharmacy sub-segment in 2016 and moving forward.

It is anticipated that Saudi Arabia’s expanding resource potential will significantly improve the production environment for pharmaceutical companies. Creating agreements with well-established local businesses is anticipated to be a crucial strategy for global pharmaceutical leaders in order to increase the market’s growth. Novartis AG, SPIMACO, Pfizer Inc., Glaxosmithkline plc, Jamjoom Pharma, and Tabuk Pharmaceutical Manufacturing Co. are a few of the major participants in the Saudi Arabian pharmaceutical industry.

Long-term Outlook:

The Saudi Arabia pharmaceutical market is expected to expand at a CAGR of 9.0% over the forecast period 2016–2026. In terms of market value, the pharmaceutical market in Saudi Arabia is estimated to be worth US$ 12,281.4 Mn by the end of forecast period.

Key Segments Covered

Product Type:

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

Disease Type:

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

Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies

Information Source:
https://www.futuremarketinsights.com/reports/saudi-arabia-pharmaceutical-market