04 Nov Saudi Arabia Pharmaceuticals Market
“The Saudi Arabia Pharmaceuticals Market poised to reach US$ 8,465 Mn by 2023 with CAGR of 6.7% over 2017-2023 owing to rising prevalence of diabetes and cardiovascular diseases”
Precision Business Insights (PBI) in its report titled “Saudi Arabia Pharmaceuticals Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2012-2016 and Forecast 2017-2023” assesses the market performance over six years forecast period over 2017-2023. The report analyses the market value forecast, historical market size analysis, and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The Saudi Arabia pharmaceuticals market estimated to be valued at US$ 5,748 Mn in 2017 and projected to reach US$ 8,465 Mn by 2023 owing to strong brand loyalty for multinational brands, growing healthcare infrastructure, and mandatory healthcare insurance for expatriates. Moreover, recent healthcare reforms like 100% FDI in Pharma sector and conducive business environment for investing in manufacturing facilities are expected to drive market revenue growth of Saudi Arabia pharmaceuticals market. However, slower economic growth in recent times and lack of drug manufacturing capabilities are hampering the growth of Saudi Arabia pharmaceuticals market.
Saudi Arabia Pharmaceuticals market segmented on the basis of product type, diseases type, and distribution channel
Drugs for Cardiovascular Diseases and Diabetes Expected to Register Higher Growth Rate
Based on disease type Saudi Arabia pharmaceuticals market segmented into diabetes, cardiovascular diseases, cancer, neurological disorders, obesity, infectious diseases, and others. Diabetes accounted for larger revenue share in 2016 and projected to grow over the forecast period. However, cardiovascular and obesity projected exhibit higher growth rates over the forecast period owing to rising prevalence of co morbidities like hypertension and ischemia among Saudis.
Hospital Pharmacies Accounted for Larger Revenue Share
PBI’s Saudi Arabia pharmaceuticals market report analyses the distribution channels such as Hospital Pharmacies and Retail Pharmacies. According to distribution channels analysis, hospital pharmacies accounted for larger revenue share through 2012-2016 and the same trend is projected to follow over 2017-2023.
New Product Launches and Strategic Alliances are the Key Strategies Adopted by Market Players
Saudi Arabia pharmaceuticals market further reveals that the key players increasingly adopting new product launches and strategic alliances strategies to improve product offerings and market presence in the country. For instance in 2014, Boehringer Ingelheim entered into a local production agreement with Cigalah and Tabuk to increase the amount of available treatment options in the Saudi Arabian market.
Key player’s profiles in the report are GlaxoSmithKline plc. (UK), Jamjoom Pharma (Saudi Arabia), Julphar (UAE), Novartis AG (Switzerland), Pfizer Inc. (US), Riyadh Pharma (Saudi Arabia), Sanofi (France), SPIMACO (Saudi Arabia), and Tabuk Pharmaceuticals Manufacturing Co. (Saudi Arabia)
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