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Saudi Arabia Pharmaceuticals : Global Industry Report 2017 Potential Growth, Share, Demand And Forecast till 2023- Planet Market Reports

Saudi Arabia Pharmaceuticals Market Report Description:

Saudi Arabia pharmaceuticals market report gives a comprehensive outlook of Saudi Arabia pharmaceuticals across the value chain with special emphasis on market size analysis of different drugs in various diseases. This report on Saudi Arabia pharmaceuticals market gives historical, current, and future market sizes US$ Mn of product types, diseases, and distribution channels in the country. The report studies Saudi Arabia pharmaceuticals market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, Saudi Arabia pharmaceuticals market report covers the regulatory overview, pricing analysis, and reimbursement scenario, healthcare indicators along with newer product introductions, company share analysis, brand share analysis of drug classes, and competition analysis with vividly illustrated competition dashboard to assess the market competition. Moreover, PBI analyzed Saudi Arabia pharmaceuticals market to better equip clients with possible investment opportunities across the regions Regional Investment HotSpots and market unmet needs Product Opportunities. Key stakeholders of the Saudi Arabia pharmaceuticals market report include suppliers, manufacturers, marketers, importers, policy makers engaged in manufacturing and supply of pharmaceuticals.

Saudi Arabia Pharmaceuticals Market:

The Saudi Arabia Pharmaceuticals market estimated to be valued US$ 5,748 Mn in 2017 and poised to grow at CAGR 6.7%. Market for Saudi Arabia Pharmaceuticals projected to reach US$ 8,465 Mn by 2023.

Rise in Preference for Branded Medications in Saudi Arabia

The preference for branded drugs or second brands among key stake holders such as patients and prescribers are creating the ample opportunities for multinational players in the country. These brands generally sold through alliance with local pharmaceutical companies which help the new players in the market to reach wider pharmacies across the country. Moreover, Saudi Arabia largely dependent upon imports for pharmaceuticals from various geographies and mainly dominated by the multinational pharmaceutical giants who offer innovative and second brands through local players. Brand loyalty for multinational company products can be attributed to the quality and accessibility of the medication which helps in garnering larger market share by multinational players.
Increasing burden of Chronic Ailments

Rising prevalence of various chronic diseases such as diabetes, ischemic heart disease, stroke, obesity, hypertensions, cancer among Saudi nationals are creating market demand pharmaceuticals in the country. Drug treating chronic ailments are expected to provide lucrative market opportunities for the players in the country. Moreover, these chronic diseases are major cause of death in Saudi Arabia. According to World Health Organization WHO Noncommunicable Diseases NCD Country Profiles, 2014 data, NCDs are estimated to account 78% of total deaths and among NCDs cardiovascular diseases accounted for 46% of total deaths.

Growing Healthcare Infrastructure and Rising Penetration of Healthcare Insurance

Growing local government’s commitment to provide quality healthcare to Saudis and non Saudis and mandatory health insurance for expatriates working in private sector expected to boost Saudi Arabia pharmaceuticals market over the forecast period. Moreover, healthcare reforms like 100% FDI in Pharma sector expected to create ample growth opportunities for multinational players in the country. Moreover, in 2015, Government of Saudi Arabia allocated around US$ 43 Bn for healthcare sector to build three new hospitals, three blood banks, 11 medical centers, 10 comprehensive care clinics and numerous primary care centers across the country.

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Competition Assessment

Key players profiles in the Saudi Arabia pharmaceuticals market include:
• GlaxoSmithKline plc. UK
• Jamjoom Pharma Saudi Arabia
• Juphar UAE
• Novartis AG Switzerland
• Pfizer Inc. US
• Riyadh Pharma Saudi Arabia
• Sanofi France
• SPIMACO Saudi Arabia
• Tabuk Pharmaceuticals Manufacturing Co. Saudi Arabia

Market players are focusing on launching differentiated products by entering into strategic alliances and joint ventures with local players to garner larger revenue in Saudi Arabia pharmaceuticals market. For instance in 2014, Boehringer Ingelheim entered into a local production agreement with Cigalah and Tabuk to increase the amount of available treatment options in the Saudi Arabian market

Key Findings of the Report:

• Saudi Arabia pharmaceuticals market expanding at 6.7% CAGR over 2017 to 2023 to reach market value of US$ 8,465 Mn by 2023
• Based on product type prescription products accounted for larger market revenue share in 2016
• Hospital pharmacies are prime distribution channel for pharmaceuticals Saudi Arabia
• Players focusing on expanding product portfolio to garner growing market opportunities

Key Features of the Report:

• The report provides granular level information about the market size, regional market share, historic market 2012-2016 and forecast 2017-2023
• The report covers indetail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
• The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
• The report tracks recent innovations, key developments and startup’s details that are actively working in the market
• The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
• The report analyses the impact of sociopolitical environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market

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Detailed Segmentation

By Product Type
• Prescription Products
• OTC Products

By Diseases Type
• Diabetes
• Cardiovascular Diseases
• Cancer
• Neurological Disorders
• Obesity
• Infectious Diseases
• Others

By Distribution Channel
• Hospital Pharmacies
• Retail Pharmacies

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News Release: Saudi Arabia Pharmaceuticals : Global Industry Report 2017 Potential Growth, Share, Demand And Forecast till 2023- Planet Market Reports
Submitted on: November 10, 2017 11:10:46 AM
Submitted by: Shreeya
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