Saudi Arabia Generic Pharmaceutical Products Market was valued at US$ 3,222.83 million in 2022 and is projected to attain a valuation of US$ 5,315.78 million by 2031 at a CAGR of 5.85% During the Forecast Period 2023 to 2031.
Saudi Arabia generic pharmaceutical products market is witnessing substantial upward growth and plays a crucial role in the healthcare system of Saudi Arabia. The demand for these products is increasing as the government is prioritizing reducing healthcare expenses, improving access to high-quality healthcare, and addressing the rising prevalence of chronic diseases such as diabetes, cardiovascular problems, and respiratory illnesses. Our survey indicates that pharmaceutical companies in Saudi Arabia have the necessary capabilities to produce generic medications in conventional forms like tablets and capsules. These findings highlight the potential of the region in the field of generic pharmaceutical products.
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Due to the growing occurrence of diseases and health conditions among the population of Saudi Arabia (KSA), the country has developed the largest pharmaceutical market in the Arab region. In recent times, there has been a 20% increase in drug spending, accounting for a significant portion of total health expenditures in the KSA. This rise can be due to the higher prevalence of chronic diseases and their associated risk factors and the expensive production costs of therapies such as vaccinations, antibiotics, and cancer treatments. Consequently, this factor is poised to drive further market growth in the region.
The increasing occurrence of various chronic diseases such as cancer, diabetes, cardiovascular diseases, renal disorders, and gastrointestinal disorders in the country is likely to stimulate market growth in the projected period. The findings of the Saudi Health Interview Survey revealed that obesity, hypertension, and diabetes are significant issues within Saudi society. The survey reported rates of 50,600 diabetes cases, 51,000 hypertension cases, 49,000 asthma cases, and 45,000 obesity cases per 100,000 individuals. As the population continues to age and lifestyle factors contribute to the rise of chronic conditions, the demand for affordable and easily accessible medications will only escalate.
Cardiovascular Disease Emerges as a Major Application of Generic Pharmaceutical Products
The cardiovascular diseases segment within the Saudi Arabia generic pharmaceutical products market shows significant potential. It is expected to contribute more than 16.37% of the market’s revenue in the upcoming years and demonstrate a healthy growth rate with a CAGR of 6.44% during the forecast period from 2023 to 2031.
The prevalence of cardiovascular diseases, including hypertension, coronary artery disease, and heart failure, is increasing in Saudi Arabia. According to data from the Saudi Ministry of Health, cardiovascular diseases are the leading cause of mortality in the country, accounting for a significant proportion of deaths. Reports indicate that approximately 40% of deaths in Saudi Arabia are due to cardiovascular diseases. These statistics highlight the substantial burden that cardiovascular diseases impose on the population.
Generic medications for cardiovascular diseases offer cost-effective options without compromising quality or effectiveness. They provide accessible treatment choices for healthcare practitioners and patients to manage and control cardiovascular conditions. The affordability of generic drugs also makes them favorable for long-term treatment regimens, where adherence to therapy is crucial.
Various Government Initiatives to Manufacture Generic Products Locally: Opening Potential Room for Market Players
The Saudi Arabian government has implemented various initiatives to promote local production and reduce reliance on imported pharmaceutical products in the generic pharmaceutical market. This strategy aims to enhance self-sufficiency and create a favorable environment for generic drug manufacturers. By encouraging local production, the government seeks to strengthen the country’s pharmaceutical industry and reduce dependence on foreign suppliers. This not only enhances the availability of generic medications but also contributes to the overall growth and development of the healthcare sector in Saudi Arabia.
Despite having a sizable local pharmaceutical market, Saudi Arabia still heavily relies on international pharmaceutical markets. Approximately 70% of medication products are imported from Europe, China, India, and the USA combined. Only about 30% of the total pharmaceutical market in Saudi Arabia is produced locally, with a small portion being branded drugs. Local pharmaceutical companies contribute to producing only around 16% of domestic medications in the country. However, Saudi Arabia accounts for approximately 59.4% of all pharmaceutical purchases in the Gulf region.
Overreliance on importing international drugs to compensate for drug shortages instead of local production can pose a significant risk to the drug supply chain in the face of fierce global competition. In order to address this, the government is implementing various initiatives, including Vision 2030. This vision, along with its short-term objectives outlined in the National Transformation Program (NTP), aims to significantly increase local production of generic drugs. The goal is to raise local medicine production to a minimum of 40% by 2030.
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Major Players in the Saudi Arabia Generic Pharmaceutical Products Market
- Advanced Pharmaceutical Factory
- Fresenius SE & Co. KGaA
- Hikma Pharmaceuticals PLC
- Jamjoom Pharma
- Novartis AG
- Pfizer Inc.
- SAJA Pharmaceuticals
- Tabuk Pharmaceuticals
- Other Prominent Players
Market Segmentation Overview:
- Central Nervous System Disorders
- Respiratory Diseases
- Hormones & Related Diseases
- Gastrointestinal Diseases
- Cardiovascular Diseases
- Infectious Diseases
By Route Administration
By End Users
- Specialty Clinics
By Distribution Channel
- Online Pharmacies
- Retail Pharmacies
- Hospital Pharmacies
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