Saudi Arabia Pharmaceutical Market: Supportive Government Reforms and Rising Diseases Awareness to Fuel Revenue Growth from Branded Pharmaceuticals in Saudi Arabia: Industry Analysis and Opportunity Assessment, 2016-2026
Valley Cottage, NY, November 30, 2017 (Newswire.com) - Saudi Arabia pharmaceutical market expected to maintain strong growth momentum owing to rapidly growing population coupled with strong influx of expatriates into the country. Saudi Arabia pharmaceutical market is dominated by branded drugs of various multinational companies, which are sold under second brand name in alliance with local companies and distributors. Saudi Arabia imports 80% of drugs from various countries, and the market in the country is dominated by several multinational companies. Increasing lifestyle diseases and strong brand loyalty for multinational drugs in Saudi Arabia are factors expected to drive demand for pharmaceuticals over the forecast period. Furthermore, increasing per capita income, growing healthcare infrastructure and increasing penetration of health insurance companies in the country is fuelling growth of the pharmaceuticals market in Saudi Arabia.
Market Value and Forecast
Saudi Arabia pharmaceutical market is estimated to be valued at US$ 5,209.5 Mn by 2016 end and is expected to expand at a CAGR of 9.0% over the forecast period (2016–2026).
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Market Dynamics
Demand for pharmaceuticals is currently witnessing robust growth in Saudi Arabia, mainly due to increasing prevalence of non-communicable diseases and improved healthcare infrastructure. The pharmaceuticals market in Saudi Arabia is mainly dominated by MNCs, which account for largest share in the market. Rising health awareness and increased healthcare expenditure are factors expected to drive market growth in the near future. Macroeconomic factors such as increasing penetration of health insurance companies and healthcare reforms such as allowing 100% FDI in the pharmaceuticals sector is further projected to drive growth of the market. Other prominent growth drivers include rapidly growing number of religious tourists and increasing number of expatriates in the country. Saudi Arabia, being the largest market in GCC region, presents better investment opportunities for investors, and this is further augmented with mandatory insurance for expatriates in the country. However, lack of indigenous research capabilities and delays in patent registration are major factor expected to hamper overall growth of the Saudi Arabia pharmaceutical market over the forecast period.
Market Segmentation by Product
On the basis of product type, the market has been segmented into prescription products and over-the-counter (OTC) products. Prescription products segment is further sub-segmented into branded drugs and generic drugs. Branded drugs product type sub-segment is expected to exhibit highest growth over the forecast period as compared to other segments. Generic drugs sub-segment is expected to exhibit stable growth during the forecast period. This is mainly attributed to emergence of health insurance companies, which is a factor expected to result in lowering cost of treatment by encouraging healthcare providers to prescribe generic drugs.
Market Segmentation by Disease
On the basis of disease, the market has been segmented into cardiovascular diseases, diabetes, cancer, obesity, infectious diseases and other diseases. Cardiovascular disease segment is expected to exhibit highest growth among these segments over the forecast period, followed by the diabetes segment. Obesity segment is expected to exhibit significant growth owing to rising comorbidities such as cardiovascular diseases and diabetes.
Market Segmentation by Distribution Channel
On the basis of distribution channel, the market has been segmented into hospital pharmacies and retail pharmacies. Retail pharmacies segment accounts for highest revenue share in the Saudi Arabia pharmaceutical market currently, followed by the hospital pharmacies segment. Increasing modernized and westernised retail pharmacies and availability of wide variety of products is driving growth of retail pharmacies in the Saudi Arabia pharmaceutical market.
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Key Players
Some key players in the Saudi Arabia pharmaceutical market covered in this report are SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Juphar, Jamjoom Pharma, GlaxoSmithKline plc. Pfizer Inc., Novartis AG and Sanofi. The report also identifies company-specific strategies related to product development, market consolidation initiatives and analysis of their specific strengths, weaknesses, opportunities and threats.
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Source: Future Market Insights
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