Home > Marketing > Saudi Arabia Pharmaceuticals market | US$ 8,465 Mn by 2023 | CAGR 6.7%

Saudi Arabia Pharmaceuticals market | US$ 8,465 Mn by 2023 | CAGR 6.7%

Added: (Tue Apr 23 2019)

Pressbox (Press Release) - Saudi Arabia Pharmaceuticals market estimated to be valued USD 5,748 Million 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.


A market review on Saudi Arabia pharmaceuticals requirements and consumer demands

• The Saudi Arabia pharmaceuticals market is segmented on the basis of product type, disease type, end users and geography
• The report covers in-detail insights about the competitor’s overview, key findings and their key strategies

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. Key stakeholders of the Saudi Arabia pharmaceuticals market report include suppliers, manufacturers, marketers, importers, policymakers engaged in manufacturing and supply of pharmaceuticals.

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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. 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.
Cardiovascular Diseases, Cancer, Neurological Disorders, Obesity, Infectious Diseases, and Others),

The Saudia Arabia Pharmaceuticals is divided into following categories-
1. Product type
• Prescription medicines
• OTC products
2. Diseases type
• Cardiovascular type
• Diabetes
• Cancer
• Neurological orders
• Obesity
• Others
3. End users
• Hospital pharmacies
• Retail pharmacies
•
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 centres, 10 comprehensive care clinics and numerous primary care centres across the country.

Some of the key players in the Saudi Arabia pharmaceuticals market include 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)

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

Key Questions Answered
• What is the current and future Saudi Arabia pharmaceuticals market outlook worldwide? What trends are affecting the global market?
• What is the competitive landscape and market share of major players in the Saudi Arabia pharmaceuticals globally?
• What are the key, high growth markets that Saudi Arabia pharmaceuticals manufacturers should expand into? Which market segments are growing the fastest?
• What are the unmet needs with the Saudi Arabia pharmaceuticals currently on the market? How will emerging technologies fulfil these unmet needs?
• What is physician perception and market outlook of Saudi Arabia pharmaceuticals?
• What are the challenges and barriers that have hindered widespread adoption of Saudi Arabia pharmaceuticals?
Reasons to buy Saudi Arabia pharmaceuticals market Report:
• Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
• Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
• Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
• Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
• A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
• Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
• Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market


For More Information: https://precisionbusinessinsights.com/market-reports/saudi-arabia-pharmaceuticals-market/

Submitted by:ahil
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