SEATTLE, April 23, 2021 (GLOBE NEWSWIRE) — According to Coherent Market Insights, the Saudi pharmaceutical drug market is estimated at US DOLLARS$ 10,191.4 million in 2020 and is expected to show a CAGR of 7.3% during the forecast period (2020-2027).
Key trends and analysis of Saudi Arabia Pharmaceutical Drugs Marlet:
Major market trends include increase in partnership strategies, product launches and approvals, etc.
The major pharmaceutical manufacturers in Saudi Arabia are focusing on developing and launching pharmaceutical drugs with enhanced therapeutic effects and different dosage forms for easy administration and patient convenience, which is expected to gain popularity in the drug market. pharmaceutical drugs in Saudi Arabia. For example, in June 2020, the Saudi Ministry of Health approved dexamethasone to treat coronavirus patients in the country. The approval came after a study by British researchers found that the generic steroid drug significantly reduced the death rate in critically ill COVID-19 patients.
Rapid healthcare sector reforms in Saudi Arabia by the government and multinational corporations are expected to propel the growth of the pharmaceutical drug market in Saudi Arabia. In March 2020, the Ministry of Health (MOH) of Saudi Arabia signed a Memorandum of Understanding with Sanofi, Saudi Arabia to begin locating and transferring insulin industry technology to the Kingdom of Saudi Arabia and the possibility of its external export to GCC countries. and the Middle East region.
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Other prominent players in the market are engaged in adopting partnership strategies to expand their geographical presence in Saudi Arabia, which is expected to increase the growth of the pharmaceutical drug market in Saudi Arabia. For example, in February 2020, Grifols, a pharmaceutical company based in Spain and Saudi Arabia’s Public Investment Fund announced an agreement to build a network of plasma collection centers and other facilities for drug production. plasma-based in Saudi Arabia.
Main market takeaways:
The rising prevalence of dementia is expected to drive the growth of the pharmaceutical drug market in Saudi Arabia during the forecast period. For example, according to the Journal of Behavioral Neurology article published in October 2019, prevalence studies have demonstrated that dementia is indeed a widespread disease in Arab countries, ranging between 1.1% and 2.3% among 50+ age groups, as well as between 13.5% and 18.5% among 80+ age groups.
The major players operating in the Saudi Arabia pharmaceutical drugs market are Pfizer Inc., Sanofi SA, GlaxoSmithKline Plc., AstraZeneca Plc, Baxter International Inc., Life Care Group of Pharmacies, Tadawi Pharmacies, Planet Pharmacies (Zahrat Al Rawdah), Al-Safwwa Pharmacie, Al Nahdi Medical, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Tabuk Pharmaceuticals, Hikma Pharmaceuticals PLC, Jamjoom Pharmaceuticals Co. and Julphar.
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Market segmentation :
- Saudi Arabia Pharmaceutical Drugs Market, By Drug Type:
- Generic drugs
- brand name drugs
- Saudi Arabia Pharmaceutical Drugs Market, By Product Type:
- Prescription drugs
- Over-the-counter (OTC) drugs
- Saudi Arabia Pharmaceutical Drugs Market, By Application:
- Metabolic disorder
- Central nervous system
- Others (Nutraceutical, Dental and Veterinary)
- Saudi Arabia Pharmaceutical Drugs Market, By Distribution Channel:
- Hospital pharmacy
- Retail pharmacy
- Online pharmacy
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