Saudi Arabia Pharmaceutical Drugs Market to Surpass US$ 16,663.1 Million by 2027, Says Coherent Market Insights (CMI)
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 of the Saudi Arabia Pharmaceutical Drugs Market:
Key trends in the market include increasing partnership strategies, product launches and approvals, and others.
The major pharmaceutical manufacturers in Saudi Arabia are focused on developing and launching pharmaceutical drugs with improved therapeutic effects and different dosage forms for ease of administration and patient convenience, which is expected to gain significant traction in the Saudi Arabia pharmaceutical drugs market. For instance, in June 2020, the Saudi Arabia Ministry of Health approved dexamethasone to treat coronavirus patients in the country. The approval was given after a study conducted by UK researchers found that the generic steroid drug substantially cuts the death rate among the critically ill COVID-19 patients.
Rapid reforms in the healthcare sector in Saudi Arabia by the government and multinational companies is expected to propel growth of the Saudi Arabia pharmaceutical drugs market. In March 2020, the Ministry of Health (MOH) of Saudi Arabia signed a memorandum of understanding with Sanofi, Saudi Arabia, to start localizing and transferring insulin industry technology in the Kingdom of Saudi Arabia and the possibility of its external export to the 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 geographic presence in Saudi Arabia, which is expected to increase the growth of the Saudi Arabia pharmaceutical drugs market. For instance, in February 2020, Grifols, a Spain-based pharmaceutical company and the Public Investment Fund of Saudi Arabia announced a deal to build a network of plasma collection centers and other facilities for the production of plasma medicines in Saudi Arabia.
Key Market Takeaways:
Increasing prevalence of dementia is expected to drive the growth of the Saudi Arabia pharmaceutical drugs market over the forecast period. For instance, according to the article of Journal of Behavioral Neurology published in October 2019, the prevalence studies demonstrated that dementia is indeed a prevalent condition in Arab countries, ranging between 1.1% and 2.3% among age groups of 50 years and older, as well as between 13.5% and 18.5% among age groups of 80 years and above.
Key players operating in the Saudi Arabia pharmaceutical drugs market include Pfizer Inc., Sanofi S. A., 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.