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Saudi Arabia Pharmaceutical Drugs Market is Estimated to Witness High Growth Owing to Opportunities in Generic Drug Segment

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Rajkumar cmi
Saudi Arabia Pharmaceutical Drugs Market is Estimated to Witness High Growth Owing to Opportunities in Generic Drug Segment

The Saudi Arabia pharmaceutical drugs market mainly comprises allopathic medicines and generic drugs used in treatment of various chronic and acute diseases. These drugs provide relief from diseases such as cardiovascular diseases, diabetes, inflammatory disorders, cancer and infectious diseases. Growing awareness among people regarding availability of cost-effective generic drugs has boosted the demand for generic medicines in the country.

The global Saudi Arabia Pharmaceutical Drugs Market is estimated to be valued at US$ 528.47 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The high growth potential in the generic drug segment presents a key market opportunity in the Saudi Arabia pharmaceutical drugs market. Around 60-70% of the market is dominated by generic drugs due to their cost-effectiveness as compared to branded drugs. The Saudi Food and Drug Authority (SFDA) has taken initiatives to encourage the use of generic drugs, which has increased their popularity among consumers. Moreover, patent expiry of major blockbuster drugs is expected to open new avenues for generic manufacturers. With growing demand for affordable healthcare and initiatives by the government to promote generics, the segment is estimated to witness high growth over the forecast period. This presents lucrative opportunities for pharmaceutical players to strengthen their foothold in the market by expanding their generic drug portfolio.

Porter's Analysis

Threat of new entrants: The Saudi Arabia pharmaceutical drugs market size has moderate threat of new entrants due to stringent regulations and requirement of high R&D investment and infrastructure to enter the market. However growing population and demand provides opportunities.

Bargaining power of buyers: The bargaining power of buyers is high due to presence of universal health coverage and availability of substitutes. Buyers can negotiate on price easing pressures on margins.

Bargaining power of suppliers: Suppliers have moderate power due to availability of generic drugs and role of regulatory bodies in ensuring quality standards limiting exploitation.

Threat of new substitutes: Threat of substitutes is moderate to high due to presence of alternative treatment options and generic equivalents posing pricing pressures.

Competitive rivalry: The competitive rivalry is high due to presence of local and multi-national players with established brands and network. Players compete on pricing, quality and innovation.

SWOT Analysis

Strength: Growing healthcare expenditure, favorable demographic profile, initiatives to increase healthcare access.

Weakness: High dependency on imports, lack of innovation, price controls.

Opportunity: Untapped rural markets, favorable FDI policies, digital health market potential.

Threats: Economic downturn, stringent regulations delaying product launches.

Key Takeaways

The Saudi Arabia pharmaceutical drugs market is expected to witness high growth driven by rising income levels and lifestyle diseases. The global Saudi Arabia Pharmaceutical Drugs Market is estimated to be valued at US$ 528.47 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.

The Western region dominates currently owing to concentration of healthcare infrastructure and population. The Western region is projected to maintain its leading position during the forecast period supported by growth in the cities of Jeddah and Makkah. Online pharmacies are emerging as an opportunity to tap the young population. The growing non-communicable diseases, health insurance penetration and initiatives to strengthen primary care are factors that will aid growth in the Saudi Arabia pharmaceutical drugs market during the period of 2023 to 2030.

Key players operating in the Saudi Arabia pharmaceutical drugs market are AbbVie,Mylan Pharmaceuticals,Gedeon Richter,HRA Pharma,Cipla Ltd,Aurobindo Pharma Ltd,Dr. Reddy's Laboratories Ltd,Sun Pharmaceutical Industries Ltd, Torrent Pharmaceuticals Ltd,Mankind Pharma Ltd.

Get more insights on this topic: https://www.trendingwebwire.com/saudi-arabia-pharmaceutical-drugs-market-size-and-opportunity-analysis/

 

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