Retail Pharmacy Segment to Dominate the Saudi Arabia Pharmaceutical Market
Expansion and constant modernization of
healthcare sector is expected to drive the demand for Saudi Arabia pharmaceutical
market in the forecast period.
According to TechSci Research report, “Saudi
Arabia Pharmaceutical Market By Drug Type (Generic Drugs v/s Branded Drugs)
By Product Type (Prescription Drugs v/s Over-The-Counter Drugs) By Application
(Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder,
Others) By Distribution Channel (Retail Pharmacy, Hospital Pharmacy,
E-Pharmacy), By Region, Company Forecast & Opportunities, 2026”, the Saudi Arabia pharmaceutical market is expected to
grow at a steady rate during the forecast period. Ongoing initiatives such as
Saudi Vision 2030 and the National Transformation Program which aims to promote
the growth of the manufacturing industries in the country along with the rise
in the investments for the growth of the local drug industry are expected ed to
encourage the major pharmaceutical manufacturing companies to begin production
in Saudi Arabia. The rise in prevalence of chronic diseases such as heart
stroke, diabetes, obesity, hypertension, among others is paving the way for the
pharmaceuticals market growth as these diseases cause the majority of deaths in
Saudi Arabia. The growing control of the government over the prices of the
drugs thereby boosting the growth of the pharmaceutical market. Saudi Arabia
consists of well-developed healthcare infrastructure and the presence of some
of the best hospitals equipped with advanced equipment and technology is
fostering the growth of the pharmaceutical market. An increase in awareness
about the benefits of personalized medicine among the consumers and adoption of
emerging technologies such as artificial intelligence, big data analytics,
machine learning is generating a large amount of data and are providing
insights to make smart decisions are contributing to the growth of the pharmaceutical
growth. The rise of geriatric population in Saudi Arabia usually suffers from a
low immunity system and is more prone to getting affected by several diseases
that require drugs and pharmaceutical products for effective treatment.
The
COVID-19 outbreak across the world which has been declared as a pandemic by
World Health Organization has affected several countries adversely. Leading
authorities of Saudi Arabia imposed lockdown restrictions and released a set of
precautionary measures to contain the spread of novel coronavirus.
Coronavirus-affected patients started suffering from shortness of breath along
with coughing and sneezing which created lucrative opportunities for the growth
of the pharmaceuticals market. The demand for vitamins tablet and immunity
boosters saw a surge to increase the immunity of consumers as preventive
healthcare influenced the growth of the pharmaceuticals market. Also, the drugs
required for the treatment of coronavirus contributed to the growth of the
pharmaceutical market during this period.
However,
the long delay in the registration process of drug and filing medicine patents
may pose a challenge in the Saudi Arabia Pharmaceutical market growth.
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Saudi Arabia pharmaceutical market is segmented
into drug type, product type, application, distribution channel, regional
distribution, and company. Based on drug type, the market can be bifurcated
into generic drugs and branded drugs. The branded drugs segment is expected to
witness significant growth in the forecast period due to the rise in the
affordability of the patients and their high effectiveness against diseases.
Based on distribution channel, the market can be divided into retail pharmacy,
hospital pharmacy, and E-pharmacy. The retail pharmacy segment is expected to
account for a major market share in the forecast period, 2022-2026. The easy
availability of drugs and medical products at the retail stores and the growing
westernization of retail pharmaceutical stores is driving the growth of this
segment.
Novartis Saudi Arabia, Pfizer Saudi Limited,
Glenmark Pharmaceuticals Saudi Arabia, Saudi Pharmaceutical Industries &
Medical Appliances Corporation (SPIMACO), Tabuk Pharmaceuticals Manufacturing
Co., Jamjoom Pharmaceuticals Co, Julphar Pharmaceuticals, GlaxoSmithKline Saudi
Arabia Limited, Baxter Company Limited (BCL), Saudi Arabia, AstraZeneca Saudi
Arabia, among others are some of the leading players operating in Saudi Arabia pharmaceutical
market. Companies operating in the market are using
strategies such as joint ventures, product launches, mergers, and research collaborations
to boost their share and increase their geographic reach.
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“Leading
authorities of Saudi Arabia are encouraging the domestic manufacturing and
production of pharmaceutical products by offering lucrative incentives to both
domestic and multinational companies. The facilities offered by the government
are free property leases, government subsidies, and interest-free loans. Also,
the rise in demand for e-commerce channels providing prompt delivery services
and easy payment options with a wide variety of options. High penetration of
internet services coupled with the growing income capacity of consumers is
expected to propel the growth of the pharmaceuticals market till 2026” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Saudi
Arabia Pharmaceutical Market By Drug Type (Generic Drugs v/s Branded Drugs) By
Product Type (Prescription Drugs v/s Over-The-Counter Drugs) By Application
(Cardiovascular, Musculoskeletal, Oncology, Anti-infective, Metabolic Disorder,
Others) By Distribution Channel (Retail Pharmacy, Hospital Pharmacy,
E-Pharmacy), By Region, Company Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi
Arabia pharmaceutical market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Saudi Arabia pharmaceutical
market.
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