The Saudi Arabia pharmaceutical drugs market consists of a wide range of prescription and over-the-counter drugs used to treat various acute and chronic diseases. Pharmaceutical drugs offers protection against various diseases and help improve health and quality of life. The increasing incidence of lifestyle diseases such as diabetes and cardiovascular diseases has boosted the demand for pharmaceutical drugs in the country. The government is focusing on improving healthcare facilities and medical services which is expected to drive the growth of the pharmaceutical drugs market.
The 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 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapid adoption of prescription drugs is one of the major trends witnessed in the Saudi Arabia Pharmaceutical Drugs Market Size. As the burden of chronic diseases increases in the country, healthcare professionals are increasingly prescribing medicines for long-term treatment and management of diseases. Moreover, rising health awareness and availability of health insurance is encouraging people to rely more on pharmaceutical drugs for disease prevention and management rather than solely depending on alternative medicines. This growing reliance on prescription pharmaceutical drugs for non-communicable lifestyle diseases is expected to drive the growth of the Saudi Arabia pharmaceutical drugs market over the forecast period.
SWOT Analysis
Strength: Rapidly growing pharmaceutical industry in Saudi Arabia due to increase in healthcare awareness and expenditure by the government.
Weakness: Heavy reliance on imported drugs as local manufacturing is at a nascent stage. Lack of skilled workforce.
Opportunity: Increasing focus on localization of drug manufacturing provides opportunities for foreign investors. Growing geriatric population driving the demand for chronic ailment drugs.
Threats: Price control policies and stringent regulatory framework increase compliance burden. Political and economic instability in the region impacts investments.
Key Takeaways
The Saudi Arabia Pharmaceutical Drugs Market is expected to witness high growth. The 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 7.4% over the forecast period 2023 to 2030.
Regional analysis related content comprises The Middle East region dominates the Saudi Arabia Pharmaceutical Drugs Market and is expected to maintain its leading position during the forecast period as well. Factors such as the rapid growth of the healthcare sector, rising disposable income, growing medical tourism, etc. are primarily driving the market in the region.
Key players related content comprises Key players operating in the Saudi Arabia Pharmaceutical Drugs Market are AbbVie,Mylan Pharmaceuticals,Gedeon Richter,HRA Pharma,Cipla Ltd,Aurobindo Pharma Ltd,Dr. Reddy’s Laboratories Ltd,Sun Pharmaceutical Industries Ltd,Torrent Pharmaceuticals Ltd,Mankind Pharma Ltd. These players are focusing on new product launches, mergers & acquisitions and expansion of manufacturing facilities to strengthen their market position. For instance, AbbVie has invested over SAR 1 billion in Saudi Arabia to expand its manufacturing plant in Dammam, which is expected to double its production capacity by 2025.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
