Saudi Arabia Pharmaceuticals Market
Saudi Arabia Pharmaceuticals Market: By Product Type (Prescription Products and OTC Products), By Diseases Type (Diabetes, Cardiovascular Diseases, Cancer, Neurological Disorders, Obesity, Infectious Diseases, and Others), By Distribution Channel (Hospital Pharmacies and Retail Pharmacies) - Market Estimation, Dynamics, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023
The Saudi Arabia Pharmaceuticals market estimated to be valued US$ 5,748 Mn in 2017 and poised to grow at CAGR 6.7%. The market for Saudi Arabia Pharmaceuticals projected to reach US$ 8,465 Mn by 2023.
Rise in Preference for Branded Medications in Saudi Arabia
The preference for branded drugs or second brands among key stakeholders such as patients and prescribers are creating the ample opportunities for multinational players in the country. These brands generally sold through the alliance with local pharmaceutical companies which help the new players in the market to reach wider pharmacies across the country. Moreover, Saudi Arabia largely dependent upon imports for pharmaceuticals from various geographies and mainly dominated by the multinational pharmaceutical giants who offer innovative and second brands through local players. Brand loyalty for multinational company products can be attributed to the quality and accessibility of the medication which helps in garnering larger market share by multinational players.
Increasing burden of Chronic Ailments
Rising prevalence of various chronic diseases such as diabetes, ischemic heart disease, stroke, obesity, hypertension, cancer among Saudi nationals is creating market demand pharmaceuticals in the country. Drug treating chronic ailments are expected to provide lucrative market opportunities for the players in the country. Moreover, these chronic diseases are a major cause of death in Saudi Arabia. According to World Health Organization (WHO) - Noncommunicable Diseases (NCD) Country Profiles, 2014 data, NCDs are estimated to account 78% of total deaths and among NCDs cardiovascular diseases accounted for 46% of total deaths.
Growing Healthcare Infrastructure and Rising Penetration of Healthcare Insurance
Growing local government’s commitment to providing quality healthcare to Saudis and non-Saudis and mandatory health insurance for expatriates working in private sector expected to boost Saudi Arabia pharmaceuticals market over the forecast period. Moreover, healthcare reforms like 100% FDI in Pharma sector expected to create ample growth opportunities for multinational players in the country. Moreover, in 2015, Government of Saudi Arabia allocated around US$ 43 Bn for healthcare sector to build three new hospitals, three blood banks, 11 medical centres, 10 comprehensive care clinics and numerous primary care centres across the country.
Competition Assessment
Key players profiled in the Saudi Arabia pharmaceuticals market include:
GlaxoSmithKline Plc. (UK)
Jamjoom Pharma (Saudi Arabia)
Juphar (UAE)
Novartis AG (Switzerland)
Pfizer Inc. (US)
Riyadh Pharma (Saudi Arabia)
Sanofi (France)
SPIMACO (Saudi Arabia)
Tabuk Pharmaceuticals Manufacturing Co. (Saudi Arabia)
Market players are focusing on launching differentiated products by entering into strategic alliances and joint ventures with local players to garner larger revenue in Saudi Arabia pharmaceuticals market.For instance, in 2014, Boehringer Ingelheim entered into a local production agreement with Cigalah and Tabuk to increase a number of available treatment options in the Saudi Arabian market
Key Findings of the Report:
Saudi Arabia pharmaceuticals market expanding at 6.7% CAGR over 2017 to 2023 to reach market value of US$ 8,465 Mn by 2023
Based on product type prescription products accounted for larger market revenue share in 2016
Hospital pharmacies are prime distribution channel for pharmaceuticals Saudi Arabia
Players focusing on expanding product portfolio to garner growing market opportunitiesWeitere Infos zu dieser Pressemeldung:
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