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Saudi Arabia Pharmaceuticals Market Will Hit at A CAGR of 10.3% and To Garner US$ 13,391.2 Million by 2027, Says Coherent Market Insights (CMI)

March 16th, 2020 Coherent Market Insights Releases

Saudi Arabia pharmaceuticals is driven by various major factors such as population growth, investment in halal pharmaceuticals, decrease in fertility rates, and increase in life expectancy. The market is witnessing increasing investment by major market players and several local and international companies are collaborating with local generic manufacturers. Such factors are expected to facilitate robust, stable, organic growth in Saudi Arabia pharmaceuticals market over the forecast period.

Get Sample R&D PDF of Pharmaceuticals Market: https://www.coherentmarketinsights.com/insight/request-sample/3557

Statistics:

Saudi Arabia pharmaceuticals market is estimated to account for US$ 13,391.2 Mn in terms of value by the end of 2027.

Saudi Arabia Pharmaceuticals Market: Drivers

Increasing investment in halal pharmaceuticals is expected to boost growth of Saudi Arabia pharmaceuticals market. For instance, in July 2018, Saudi Arabia’s Food and Drugs Authority (SFDA) announced plans to launch the world’s largest center for halal food and products that include meat, poultry, other food items, cosmetics, medicines, and medical devices.

Saudi Arabia Pharmaceuticals Market: Opportunities

Compulsory health insurance for expatriates is expected to offer lucrative growth opportunities to players in the market. The Council of Cooperative Health Insurance (CCHI) oversees the private health insurance market. Health insurance is made compulsory for expatriates residing in Saudi Arabia and they represent majority in healthcare polices holding in the health insurance market. Moreover, increasing number of expatriates and mandatory insurance is expected to aid in growth of Saudi Arabia pharmaceuticals market.

Saudi Arabia Pharmaceuticals Market: Restraints

Low investment in R&D activities is expected to hamper growth of the market. For instance, Saudi Arabia was ranked 61st in the Global Innovation Index in 2018, recording a drop of 6 positions from 2017.

Browse Press Release: https://www.coherentmarketinsights.com/press-release/saudi-arabia-pharmaceuticals-market-2879

Key Takeaways:

The Prescription Products segment in Saudi Arabia pharmaceuticals market was valued at US$ 4,636.6 Mn in 2019 and is expected to reach US$ 10,188.6 Mn by 2027 at a CAGR of 10.3% during the forecast period. Increasing incidence and prevalence of acute and chronic diseases is expected to assist the growth of the segment during the forecasted period.

The Diabetes segment held dominant position in Saudi Arabia pharmaceuticals market in 2019, accounting for 25.3% share in terms of value. Increasing prevalence of diabetes in emerging economies is anticipated to propel the growth of the segment during the forecasted period.

Market Trends

The market is influenced by the Nitaqat system that is focused on increasing employment of Saudi nationals in the private sector.

The market is witnessing withdrawal of generic drugs. For instance, in February 2018, the Saudi Food and Drug Authority (SFDA) announced the withdrawal of two locally approved clopidogrel generic products (Pedovex and Cardlet), owing to failure in demonstrating bioequivalence to the reference product (Plavix).

Purchase a copy of Saudi Arabia Pharmaceuticals Market Report: https://www.coherentmarketinsights.com/insight/buy-now/3557

Saudi Arabia Pharmaceuticals Market: Competitive Landscape

Major players operating in Saudi Arabia pharmaceuticals market include, SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc., Pfizer Inc., Novartis AG, and Sanofi.

Saudi Arabia Pharmaceuticals Market: Key Developments

October 2019: Eurofarma, a Brazil-based pharmaceutical company, signed a memorandum of agreement with Saudi Industrial Clusters, for investing in Saudi Arabia

August 2019: Julphar recalled a single batch of Laxocodyl suppository (10mg) due to a labeling error on the blister pack

Get your Customized Research Report: https://www.coherentmarketinsights.com/insight/request-customization/3557

Segmentation

Scope of the report

  • Pharmaceutical Market, By Product Type:
    • Prescription Products
      • Branded or Patented Drugs
      • Generic Drugs
    • OTC
  • Pharmaceutical Market, By Indication
    • Cardiovascular Diseases
    • Diabetes
    • Cancer
    • Obesity
    • Infectious Diseases
    • Others
  • Pharmaceutical Market, By Distribution Channel
    • Hospital Pharmacies
    • Retail Pharmacies
    • Online Pharmacies
  • Company Profiles
    • SPIMACO *
      • Company Overview
      • Product Portfolio
      • Key Highlights
      • Financial Overview
      • Strategies
    • Tabuk Pharmaceuticals Manufacturing Co.
    • Julphar
    • Jamjoom Pharma
    • GlaxoSmithKline plc.
    • Pfizer Inc.
    • Novartis AG
    • Sanofi

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:
sales@coherentmarketinsights.com

U.S. Office:
Name: Mr. Shah
Coherent Market Insights 1001 4th Ave,
# 3200 Seattle, WA 98154, U.S.
US : +1-206-701-6702
UK : +44-020-8133-4027
JAPAN : +050-5539-1737

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