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 post 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 increasing partnership strategies, product launches and approvals, etc.
Leading pharmaceutical manufacturers in Saudi Arabia are focused on developing and launching pharmaceutical drugs with improved therapeutic effects and different dosage forms to facilitate administration and patient convenience, which is expected to gain traction in the market for pharmaceutical drugs in Saudi Arabia. For example, in June 2020, Saudi Arabia’s 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 dramatically reduced the death rate among critically ill COVID-19 patients.
The rapid reforms of the healthcare sector in Saudi Arabia by the government and multinational companies 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 leading 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 pharmaceutical drugs market in Saudi Arabia. For example, in February 2020, Grifols, a Spain-based pharmaceutical company and the Saudi Arabia Public Investment Fund announced an agreement to build a network of plasma collection centers and other facilities for the production of drugs. plasma-based in Saudi Arabia.
Key points of the market:
The increasing prevalence of dementia is expected to drive the growth of pharmaceutical drugs 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 shown that dementia is indeed a widespread disease in Arab countries, varying between 1.1% and 2.3% among age groups of 50 years and over, thus between 13.5% and 18.5% among the age groups of 80 years and over.
The major players operating in the pharmaceutical drugs market in Saudi Arabia include 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 Pharmacy, 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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