(PharmaNewsWire.Com, November 29, 2017 ) Saudi Arabia Pharmaceuticals market report gives a comprehensive outlook of Saudi Arabia pharmaceuticals across the value chain with special emphasis on market size analysis of different drugs in various diseases. This report on Saudi Arabia pharmaceuticals market gives historical, current, and future market sizes (US$ Mn) of product types, diseases, and distribution channels in the country. The report studies Saudi Arabia pharmaceuticals market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, Saudi Arabia pharmaceuticals market report covers the regulatory overview, pricing analysis, and reimbursement scenario, healthcare indicators along with newer product introductions, company share analysis, brand share analysis of drug classes, and competition analysis with vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed Saudi Arabia pharmaceuticals market to better equip clients with possible investment opportunities across the regions (Regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the Saudi Arabia pharmaceuticals market report include suppliers, manufacturers, marketers, importers, policymakers engaged in manufacturing and supply of pharmaceuticals.
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 centers, 10 comprehensive care clinics and numerous primary care centers across the country.
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.
About Precision Business Insights
Precision Business Insights is one of the leading market research and business consulting firm, which follow a holistic approach to solve needs of the clients. We adopt and implement proven research methodologies to achieve better results. We help our clients by providing actionable insights and strategies to make better decisions. We provide consulting, syndicated and customised market research services based on our client needs.
Contact to Precision Business Insights, Kemp House, 152 – 160 City Road, London EC1V 2NX Email: sales@precisionbusinessinsights.com
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
