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 prescription and OTC drugs to treat various diseases. Prescription drugs require a prescription from a medical professional to purchase whereas OTC drugs can be purchased without a prescription. The pharmaceutical drugs market is dominated by chronic diseases and increasing healthcare expenditure.
Market key trends:
Digitization of healthcare through mobile apps is one of the key trends in the Saudi Arabia pharmaceutical drugs market. Many pharmaceutical companies are developing mobile applications and platforms to digitize healthcare services. These apps help physicians to electronically prescribe and manage patients' medical records. They also enable home delivery of medicines and online consultation with doctors. This has provided increased access and convenience to patients while saving costs for pharmaceutical companies. For instance, Nahdi Medical Company, the largest pharmacy chain in the Middle East, has launched digital healthcare platforms and apps for online booking of lab tests and doctor appointments.
Segment Analysis
The Saudi Arabia pharmaceutical drugs market is segmented based on drug type, distribution channel, and region. Based on drug type, the market is categorized into branded drugs and generic drugs. The generic drugs segment dominated the market in 2022 with a share of over 60%, owing to the low cost of generic medicines compared to branded drugs. Further, the higher prevalence of chronic diseases requiring long term medication favors the growth of this segment.
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 prevalence of chronic diseases such as cancer, cardiovascular disease, and diabetes.
Regional analysis
Regionally, Western region accounted for the largest market share in 2022 owing to the presence of majority of healthcare facilities and hospitals in the Western region. The Eastern region is expected to grow at the highest CAGR during the forecast period due to increasing initiatives being undertaken by public and private organizations developing healthcare infrastructure in this region.
Key players
Key players operating in the Saudi Arabia pharmaceutical drugs market are SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc, Pfizer Inc., Novartis AG, and Sanofi. GlaxoSmithKline plc holds the leading position in the market owing to its diverse product portfolio and strong distribution network across the country. Novartis AG follows GlaxoSmithKline in terms of market share.
For more insights, Read-
English
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek