According to Coherent Market Insights, the Saudi Arabia pharmaceutical drugs market is estimated to be valued at US$ 10,191.4 million in 2020 and is expected to exhibit a CAGR of 7.3% during the forecast period (2020-2027).
Key Trends and Analysis:
The Saudi Arabia pharmaceutical drugs market is expected to witness significant growth, as key players in the Saudi Arabia pharmaceutical drugs market are focused on expansion of drug manufacturing facilities to meet the unmet needs of various patients. For instance, in May 2017, Julphar Saudi Arabia officially opened its new drug manufacturing facility built in King Abdullah Economic City on the west coast of the Red Sea, north of Jeddah.
Launch of branded drugs in the KSA is also expected to drive growth of the Saudi Arabia pharmaceutical drugs market. For instance, in December 2015, SAJA Pharmaceuticals announced that it signed a contract with Novartis AG to launch SAJA, the first anti diabetic drug (Jalra and Jalra M) as a second brand of Novartis AG blockbuster (Galvus and Galvus met) in Saudi Arabia.
Furthermore, increasing prevalence of mental disorders is expected to drive the market growth over the forecast period. For instance, according to the article of Prevalence of mental disorders among patients attending primary health care centers in the capital of Saudi Arabia published in November 2018, the prevalence rate of psychiatric disorders at primary health care (PHC) institutions is estimated to be 30-46% with the prevalence of depression of 20% in Saudi Arabia.
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Key Market Takeaways:
The Saudi Arabia pharmaceutical drugs market is expected to exhibit a CAGR of 7.3% during the forecast period (2020-2027), owing to the increasing approval of drugs. For instance, in June, Glenmark Pharmaceuticals announced that it received the Saudi Food and Drug Authority (SFDA) approval for the antiviral drug Favipiravir with brand name FabiFlu for the treatment of mild to moderate COVID-19 patients in Saudi Arabia. Favipiravir is already being used commercially in the therapeutic management of COVID-19 in Bangladesh and UAE. It is under the approval process in Egypt, Jordan, Russia, Japan and U.S.
Saudi Arabia is expected to witness significant growth due to the rising prevalence of obesity in Saudi Arabia. For instance, according to a report by World Health Organization (WHO) in 2016, Saudi Arabia ranks 13th in the world by the prevalence of obesity (body mass index [BMI] ≥30 kg/m2), which has seen a steady increase over the last four decades: from 10.8% in 1975 to 26.2% in 2000 and 35.4% in 2016. As per the same source, Saudi citizens have a 16.4% probability of dying from a non-communicable disease (ischemic heart disease, cancer, diabetes, and chronic respiratory disease) between age 30 and 70 years.
Key players operating in the Saudi Arabia pharmaceutical drugs market include Pfizer, Inc., Sanofi S. A., GlaxoSmithKline Plc., AstraZeneca Plc, Baxter International Inc., Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO), Tabuk Pharmaceuticals, Hikma Pharmaceuticals PLC, Jamjoom Pharmaceuticals Co., and Julphar Pharmaceuticals.
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- Saudi Arabia Pharmaceutical Drugs Market, By Drug Type:
- Generic Drugs
- Branded 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, dentals and veterian)
- Saudi Arabia Pharmaceutical Drugs Market, By Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Saudi Arabia Pharmaceutical Drugs Market, By Region:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East
- Rest of Middle East
- South Africa
- Central Africa
- North Africa
- North America
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
Senior Client Partner – Business Development
Coherent Market Insights
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