- Prescription Products
- OTC Products
Saudi Arabia Pharmaceuticals Market size was valued at USD 7,979.17 million in 2021 and is expected to reach USD 12,646.10 million by 2028, at a CAGR of 6.8% during the forecast period 2022 to 2028. The desire for branded or second-generation pharmaceuticals among key stakeholders such as patients and prescribers is creating a plethora of opportunities for global companies in the country. These brands are typically distributed through partnerships with local pharmaceutical businesses, which enable new entrants into the market to access a larger number of pharmacies around the country. Furthermore, Saudi Arabia is heavily reliant on pharmaceutical imports from diverse geographies, which are mostly dominated by global pharmaceutical behemoths that supply innovative and second-tier brands through local companies. Brand loyalty for multinational firm products can be related to the medication's quality and accessibility, which helps multinational players get a bigger market share. This report studies Middle East and Africa Refrigerants market dynamics elaborately to identify the current market trends and drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, Middle East and Africa Refrigerants market report includes competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed Middle East and Africa Refrigerants market to better equip clients with possible investment opportunities across the Countries (Country Investment Hot-Spots) and market unmet needs (Product Opportunities).
Fastest Growing Market
Saudi Arabia Pharmaceuticals Market DRIVERS : 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. 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.
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.