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Saudi Arabia Pharmaceutical Market

Increasing Foreign Investment and the Subsequent Presence of Major Multinational Companies to enhance prospects for Saudi Arabia Pharmaceutical Market

Saudi Arabia Pharmaceutical Market by Product Type, Disease Type, Distribution Channel & Region - Forecast 2022 – 2032

Saudi Arabia Pharmaceutical Market Snapshot (2022-2032)

[105 Pages Report] The Saudi Arabia pharmaceutical market is predicted to be worth US$ 5,209.5 Million by the end of 2022 and is likely to grow at a CAGR of 9.6% over the forecast period (2022–2032). Saudi Arabia's pharmaceutical industry is predicted to continue high development momentum due to the country's fast rising population and large intake of expatriates. The Saudi pharmaceutical business is dominated by branded pharmaceuticals produced by numerous global corporations and sold under a second brand name in collaboration with local firms and distributors.

Saudi Arabia imports 80% of its medications from other nations, and the country's market is dominated by many global corporations. Increasing lifestyle illnesses and high brand loyalty for multinational medications in Saudi Arabia are likely to boost pharmaceutical demand throughout the predicted period. Furthermore, rising per capita income, expanding healthcare infrastructure, and increased penetration of health insurance firms in the Kingdom are fueling development in the Saudi pharmaceuticals industry.

Pharmaceutical demand is now growing rapidly in Saudi Arabia, owing mostly to an increase in the frequency of non-communicable illnesses and better healthcare infrastructure. MNCs dominate the pharmaceuticals market in Saudi Arabia, accounting for the lion's share of the market. Rising health consciousness and higher healthcare spending are projected to boost market expansion in the near future. Macroeconomic reasons such as increased health insurance company penetration and healthcare reforms such as permitting 100% FDI in the pharmaceuticals industry are also expected to fuel market expansion.

Other significant development factors are the fast expanding number of religious visitors and the growing number of expats in the nation. Saudi Arabia, being the largest market in the GCC area, offers superior investment options for investors, which are bolstered by mandated insurance for expats in the nation. However, a lack of indigenous research skills and patent registration delays are likely to stymie overall growth in the Saudi Arabia pharmaceutical industry throughout the projection period.

Data Points

Key Statistics

Saudi Arabia Pharmaceutical Market Value 2022

US$ 5,209.5 Million

Saudi Arabia Pharmaceutical Market Projected Value (2032)

US$ 13,000 Million

Saudi Arabia Pharmaceutical Market CAGR (2022-2032)

9%

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Which Drivers underpin Saudi Arabia Pharmaceutical Industry Expansion?

Rapid improvements in Saudi Arabia's healthcare sector by the government and global corporations to drive the Market

Saudi Arabia's government and multinational corporations are working to improve the healthcare sector, which is likely to boost the growth of the Saudi Arabia pharmaceutical market throughout the forecast period. The Saudi Arabian General Investment Authority (SAGIA) and the British pharmaceutical company GlaxoSmithKline inked a manufacturing localization agreement in July 2019, (GSK). This is projected to help the latter treble its production capacity by 2022, producing a variety of Saudi-related employment.

The leading businesses participating in the Saudi Arabia pharmaceutical market are focusing on tactics such as drug development collaborations and partnerships, R&D activities, and regional expansions, which are projected to enhance the Saudi Arabia pharmaceutical market growth.

The rising prevalence of diabetes and cancer in both male and female Arab populations is predicted to boost the Saudi Arabia pharmaceutical pharmaceuticals market throughout the forecast period. According to the World Health Organization (WHO), Saudi Arabia has the second highest diabetes prevalence rate in the Middle East region and the seventh highest diabetes prevalence rate in the world. It is believed that around 7 million individuals are diabetic, with an additional 3 million having pre-diabetes.

Which Factors are limiting the Growth of Saudi Arabia Pharmaceutical Market?

Reliance on Imports to Impede Market Growth

The Saudi Arabia pharmaceutical industry is likely to slow in the near future due to increased drug recalls and withdrawals by the Saudi Ministry of Health (MOH). For example, Julphar (a Saudi Arabia-based pharmaceutical business) recalled a single batch of Laxocodyl suppository (10mg) in August 2019 owing to a labeling error on the blister pack. Laxocodyl is used to relieve constipation in adults, but the label of batch 0093's blister pack falsely indicated that the medicine is for children. In complete collaboration with the UAE Ministry of Health and Prevention, the business issued an urgent recall notice and worked with its distributors to guarantee that all boxes in the designated batch were returned.

Furthermore, the Saudi Arabia pharmaceutical market's reliance on imports is projected to stifle expansion. Saudi Arabia relies heavily on pharmaceutical imports to meet its needs. For example, according to the International Trade Administration's (ITA) latest data on exports in October 2019, Saudi Arabia accounted for 59.4% of Gulf pharmaceutical purchases. Over the projected period, the aforementioned factors are likely to hinder the growth of the Saudi Arabia pharmaceutical pharmaceuticals market.

Sabyasachi Ghosh
Principal Consultant
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Category-wise Insights

Which Disease Type is Gaining Traction in the Saudi Arabia Pharmaceutical Market?

The Cardiovascular Disease Segment is anticipated to Gain Traction

The market has been classified into cardiovascular diseases, diabetes, cancer, obesity, infectious diseases, and other diseases. The cardiovascular disease sector is predicted to expand the most throughout the projection period, followed by the diabetes segment. Because of increased comorbidities such as cardiovascular disease and diabetes, the obesity segment is predicted to rise significantly.

Which is the Most Popular Product Type in the Saudi Arabia Pharmaceutical Market?

Branded Drugs is likely to remain the Most Popular Product Type

The market has been divided into prescription and over-the-counter (OTC) products based on product type. The prescription product segment is further divided into branded drugs and generic drugs. When compared to other segments, the branded drugs product type sub-segment is predicted to expand the most throughout the projection period.

During the projection period, the generic drugs sub-segment is predicted to develop steadily. This is mostly due to the advent of health insurance firms, which is predicted to result in cheaper treatment costs by pushing healthcare practitioners to prescribe generic drugs.

By Distribution Channel, which Saudi Arabia Pharmaceutical Category dominates the Market?

The Retail Pharmacies Segment to Drive the Saudi Arabia Pharmaceutical Market

The market has been divided into two segments based on distribution channel: hospital pharmacies and retail pharmacies. Currently, retail pharmacies have the biggest revenue share in the Saudi Arabia pharmaceutical sector, followed by hospital pharmacies. Increased modernization and westernisation of retail pharmacies, as well as the availability of a wide range of products, are driving retail pharmacy growth in the Saudi Arabia pharmaceutical sector.

The Start-Up Ecosystem: How key Players are opening Frontiers for Future Growth?

Start-ups and their innovations are driving some of the most recent advances in the Saudi Arabia Pharmaceutical sector. Saudi Arabia has transformed into one of the world's top rising economies in terms of entrepreneurship and business.

Hundreds of start-up firms have been created there in recent years, with many of them experiencing tremendous success. Few of them are mentioned below:

  • Nala is a digital health firm that aims to make healthcare more accessible. Nala is passionate about cannabis treatment and Health + Recovery. Mother Nature's therapeutic herb is cannabis and hemp! There are over 100 cannabinoids, each having unique medicinal properties for the mind, body, and soul.
  • Tamer Group is a healthcare, beauty care, luxury products, and consumer goods firm that is responding to the community's expanding demand.
  • NoorDx is a laboratory that provides sophisticated genetic diagnostic testing with the goal of providing precision medical capabilities to the Middle East.
  • Elag is a cutting-edge electronic medical service that makes all operations, treatment services, and reservations easier for patients.
  • Dallah Albaraka is a multi-sector organisation that offers housing, healthcare, food, merchandise, and financial services.
  • Al Hammadi owns and runs hospitals and medical institutions, including the Al Hammadi Hospital.
  • iRehab is an online consultant and 3D visual physical therapy resource for parents and those coping with motor delay children.
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Who are the Leading Players in the Saudi Arabia Pharmaceutical Market?

SPIMACO, Tabuk Pharmaceuticals Manufacturing Co., Julphar, Jamjoom Pharma, GlaxoSmithKline plc, Pfizer Inc., Novartis AG, and Sanofi are some of the prominent companies in the Saudi Arabia pharmaceutical industry included in this study.

Recent Developments:

  • In June 2022, Gulf Pharmaceutical Industries PJSC Julphar and Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd, a wholly-owned subsidiary of Huadong Medicine Co., Ltd, announced a strategic collaboration in which Julphar will develop, manufacture, and commercialise Liraglutide (including both indications of diabetes and obesity) in 17 Middle East and North Africa (MENA) countries such as the UAE, Saudi Arabia, Egypt, Kuwait, Oman, Bahrain, and others.
  • In December 2021, Tabuk Pharmaceutical Manufacturing Company, a leading Saudi pharmaceutical company, and Jiangsu Hansoh Pharmaceutical Group Co., Ltd., a leading Chinese innovation-driven pharmaceutical company, have announced an agreement to commercialise several oncology and specialty products in Saudi Arabia and other Middle Eastern markets. Tabuk Pharmaceuticals will have exclusive rights to hold the marketing authorisation for these pharmaceuticals and will be responsible for registering, importing, and promoting medications in Saudi Arabia and Middle Eastern nations under the conditions of this agreement.

Report Scope

Report Attribute

Details

Growth Rate

CAGR of 9.6% from 2022-2032

Market Value in 2022

US$ 5,209.5 Million

Market Value in 2032

US$ 13,000 Million

Base Year for Estimation

2021

Historical Data

2017-2021

Forecast Period

2022-2032

Quantitative Units

Revenue in US$ Million and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Product Type
  • Disease Type
  • Distribution Channel

Key Companies Profiled

  • SPIMACO
  • Tabuk Pharmaceuticals Manufacturing Co.
  • Julphar
  • Jamjoom Pharma
  • GlaxoSmithKline plc
  • Pfizer Inc.
  • Novartis AG
  • Sanofi

Customization & Pricing

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Key Segments Covered in the Saudi Arabia Pharmaceutical Industry Analysis

Saudi Arabia Pharmaceutical Market by Product Type:

  • Prescription Products
    • Branded Drugs
    • Generic Drugs
  • Over The Counter (OTC) Products

Saudi Arabia Pharmaceutical Market by Disease Type:

  • Cardiovascular Diseases
  • Diabetes
  • Cancer
  • Obesity
  • Infectious Diseases
  • Other Diseases

Saudi Arabia Pharmaceutical Market by Distribution Channel:

  • Hospital Pharmacies
  • Retail Pharmacies

Frequently Asked Questions

By 2022-end, sales of Saudi Arabia Pharmaceutical closed at a value of US$ 4713.4 Million

From 2017 to 2021, Saudi Arabia Pharmaceutical demand expanded at a CAGR of 7%

From 2022 to 2032, the Saudi Arabia Pharmaceutical market is expected to flourish at a CAGR of 9%

By product type, the branded drugs segment is expected to dominate the market in 2022.

Table of Content

1. Research Methodology

2. Assumptions & Acronyms

3. Executive Summary

4. Saudi Arabia Pharmaceutical Market Overview

    4.1. Definition

    4.2. GCC Pharmaceutical Market Overview

    4.3. Value Chain Analysis

    4.4. Trade Associations and Trade Fairs

    4.5. PESTLE Analysis

    4.6. Saudi Arabia Pharmaceuticals Market Overview, 2022-2032

5. Saudi Arabia Pharmaceutical Market-Healthcare Indicators

    5.1. Macroeconomic Indicators

        5.1.1. Saudi Arabia GDP (US$ Bn) and GDP Growth (%)

        5.1.2. GDP Growth (%) Comparison

        5.1.3. Healthcare Expenditure (% of GDP), Saudi Arabia

        5.1.4. Healthcare Expenditure (% of GDP) Comparison, 2022

        5.1.5. Healthcare Expenditure Per Capita (Current US$), 2022

        5.1.6. Saudi Arabia Healthcare Budget (US$ Mn) and Y-o-Y Growth (%)

        5.1.7. Health Expenditure, (% of GDP) Public Vs. Private Sector

        5.1.8. FDI in Saudi Arabia

    5.2. Demographic Indicators

        5.2.1. Saudi Arabia Population (Mn) and Growth Rate (%)

        5.2.2. Saudi Arabia Age Map, 2022

    5.3. Healthcare Infrastructure Indicators

        5.3.1. Number of Hospitals in Saudi Arabia

        5.3.2. Number of Hospital Beds

        5.3.3. Number of Healthcare Professionals in Saudi Arabia

        5.3.4. Saudi Arabia and International Comparative Analysis / 1,000 Persons, 2021 (or Nearest Year)

6. Market Dynamics

    6.1. Macroeconomic Factors

    6.2. Demand Side Drivers

    6.3. Supply Side Drivers

    6.4. Market Opportunity

    6.5. Restraints

    6.6. Trends

    6.7. Saudi Arabia Drug Regulatory Impact Analysis

    6.8. Intellectual Property Rights for Medicines in KSA

    6.9. Pricing Scenario in KSA

    6.10. Export-Import of Drugs in KSA

7. Saudi Arabia Pharmaceuticals Market, By Product Type

    7.1. Market Forecast, By Product

        7.1.1. Prescription Products

            7.1.1.1. Absolute $ Opportunity

            7.1.1.2. Market Value Forecast

        7.1.2. Branded Drugs

            7.1.2.1. Absolute $ Opportunity

            7.1.2.2. Market Value Forecast

        7.1.3. Generic Drugs

            7.1.3.1. Absolute $ Opportunity

            7.1.3.2. Market Value Forecast

        7.1.4. OTC Products

            7.1.4.1. Absolute $ Opportunity

            7.1.4.2. Market Value Forecast

    7.2. Market Share & Basis Point (BPS) Analysis, By Product

    7.3. Y-o-Y Growth Comparison, By Product

    7.4. Market Attractiveness Analysis, By Product

8. Saudi Arabia Pharmaceuticals Market, By Disease Type

    8.1. Market Forecast, By Disease

        8.1.1. Cardiovascular Diseases

            8.1.1.1. Absolute $ Opportunity

            8.1.1.2. Market Value Forecast

        8.1.2. Diabetes

            8.1.2.1. Absolute $ Opportunity

            8.1.2.2. Market Value Forecast

        8.1.3. Cancer

            8.1.3.1. Absolute $ Opportunity

            8.1.3.2. Market Value Forecast

        8.1.4. Obesity

            8.1.4.1. Absolute $ Opportunity

            8.1.4.2. Market Value Forecast

        8.1.5. Infectious Diseases

            8.1.5.1. Absolute $ Opportunity

            8.1.5.2. Market Value Forecast

        8.1.6. Other Diseases

            8.1.6.1. Absolute $ Opportunity

            8.1.6.2. Market Value Forecast

    8.2. Market Share & Basis Point (BPS) Analysis, By Disease

    8.3. Y-o-Y Growth Comparison, By Disease

    8.4. Market Attractiveness Analysis, By Disease

9. Saudi Arabia Pharmaceuticals Market, By Distribution Channel

    9.1. Market Forecast, By Distribution Channel

        9.1.1. Hospital Pharmacies

            9.1.1.1. Absolute $ Opportunity

            9.1.1.2. Market Value Forecast

        9.1.2. Retail Pharmacies

            9.1.2.1. Absolute $ Opportunity

            9.1.2.2. Market Value Forecast

    9.2. Market Share & Basis Point (BPS) Analysis, By Distribution Channel

    9.3. Y-o-Y Growth Comparison, By Distribution Channel

    9.4. Market Attractiveness Analysis, By Distribution Channel

10. Competition Landscape

    10.1. Competition Dashboard

    10.2. Company Profiles (Details – Overview, SWOT Analysis, Strategy, Recent Developments)

    10.3. Market Players

        10.3.1. SPIMACO

        10.3.2. Tabuk Pharmaceuticals Manufacturing Co.

        10.3.3. Julphar

        10.3.4. Jamjoom Pharma

        10.3.5. GlaxoSmithKline plc.

        10.3.6. Pfizer Inc.

        10.3.7. Novartis AG

        10.3.8. Sanofi

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List of Tables

Table 01: Saudi Arabia Pharmaceuticals Market Value Forecast, By Product Type, 2022-2032 (US$ Mn)

Table 02: Saudi Arabia Pharmaceuticals Market Value Forecast, By Product Type, 2022-2032 (US$ Mn)

Table 03: Saudi Arabia Pharmaceuticals Market Value Forecast, By Distribution Channel, 2022-2032 (US$ Mn)

Sabyasachi Ghosh
Principal Consultant
LinkedIn
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List of Charts

Figure 01: GCC Pharmaceutical Market Snapshot (2021)

Figure 02: Saudi Arabia Pharmaceuticals Market Value (US$ Mn), 2017-2032

Figure: 03 Saudi Arabia GDP (US$ Bn) and GDP Growth (%)

Figure: 04 GDP Growth (%) Comparison

Figure: 05 Healthcare Expenditure (% of GDP), Saudi Arabia

Figure: 06 Healthcare expenditure (% of GDP) Comparison, 2021

Figure: 07 Healthcare Expenditure Per Capita (Current US$), 2021

Figure: 08 Saudi Arabia Healthcare Budget (US$ Mn) and Y-o-Y Growth (%)

Figure: 09 Health Expenditure, (% of GDP) Public Vs. Private Sector

Figure: 10 Saudi Arabia Population (Mn) and Growth Rate (%)

Figure: 11 Saudi Arabia Age Map, 2021

Figure: 12 Number of Hospitals in Saudi Arabia

Figure: 13 Number of Hospital Beds

Figure: 14 Number of Healthcare Professionals in Saudi Arabia

Figure: 15 Saudi Arabia and International Comparative Analysis / 1,000 Persons, 2013 (or Nearest Year)

Figure 16: Saudi Arabia Pharmaceuticals Market (Mn) & Y-o-Y Growth (%) By Prescription Product Segment, 2017-2032

Figure 17: Saudi Arabia Pharmaceuticals Market Absolute $ Opportunity, by Prescription Product Segment, 2017-2032 (US$ Mn)

Figure 18: Saudi Arabia Pharmaceuticals Market Value (US$ Mn) and Y-o-Y Growth (%), by Branded Drugs Sub-segment, 2017-2032

Figure 19: Saudi Arabia Pharmaceuticals Market Absolute $ Opportunity, by Branded Drugs Sub-segment, 2017-2032 (US$ Mn)

Figure 20: Saudi Arabia Pharmaceuticals Market Value (US$ Mn) and Y-o-Y Growth (%), by Generic Drugs Sub-segment, 2017-2032

Figure 21: Saudi Arabia Pharmaceutical Absolute $ Opportunity, by Generic Drugs Sub-segment, 2017-2032 (US$ Mn)

Figure 22: Saudi Arabia Pharmaceuticals Market Value (US$ Mn) and Y-o-Y Growth (%), by OTC Products Segment, 2017-2032

Figure 23: Saudi Arabia Pharmaceutical Absolute $ Opportunity, by OTC Products Segment, 2017-2032 (US$ Mn)

Figure 24: Saudi Arabia Pharmaceuticals Market Share Analysis, by Product Type (%), 2022 & 2032

Figure 25: Saudi Arabia Pharmaceuticals Market Y-o-Y Growth (%), by Product Type, 2022-2032

Figure 26: Saudi Arabia Pharmaceuticals Market Attractiveness Index, by Product Type, 2022-2032

Figure 27: Saudi Arabia Pharmaceuticals Market (Mn) & Y-o-Y Growth (%) By Cardiovascular Diseases Segment, 2017-2032

Figure 28: Saudi Arabia Pharmaceuticals Market Absolute $ Opportunity, by Cardiovascular Diseases Segment, 2017-2032 (US$ Mn)

Figure 29: Saudi Arabia Pharmaceuticals Market Value (US$ Mn) and Y-o-Y Growth (%), by Diabetes Segment, 2017-2032

Figure 30: Saudi Arabia Pharmaceuticals Market Absolute $ Opportunity, by Diabetes Segment, 2017-2032 (US$ Mn)

Figure 31: Saudi Arabia Pharmaceuticals Market Value (US$ Mn) and Y-o-Y Growth (%), by Cancer Segment, 2017-2032

Figure 32: Saudi Arabia Pharmaceutical Absolute $ Opportunity, by Cancer Segment, 2017-2032 (US$ Mn)

Figure 33: Saudi Arabia Pharmaceuticals Market Value (US$ Mn) and Y-o-Y Growth (%), by Obesity Segment, 2017-2032

Figure 34: Saudi Arabia Pharmaceutical Absolute $ Opportunity, by Obesity Segment, 2017-2032 (US$ Mn)

Figure 35: Saudi Arabia Pharmaceuticals Market Value (US$ Mn) and Y-o-Y Growth (%), by Infectious Disease Segment, 2017-2032

Figure 36: Saudi Arabia Pharmaceutical Absolute $ Opportunity, by Infectious Disease Segment, 2017-2032 (US$ Mn)

Figure 37: Saudi Arabia Pharmaceuticals Market Value (US$ Mn) and Y-o-Y Growth (%), by Other Diseases Segment, 2017-2032

Figure 38: Saudi Arabia Pharmaceutical Absolute $ Opportunity, by Other Diseases Segment, 2017-2032 (US$ Mn)

Figure 39: Saudi Arabia Pharmaceuticals Market Share Analysis, by Disease Type (%), 2022 & 2032

Figure 40: Saudi Arabia Pharmaceuticals Market Y-o-Y Growth (%), by Disease Type, 2017-2032

Figure 42: Saudi Arabia Pharmaceuticals Market (Mn) & Y-o-Y Growth (%) By Hospital Pharmacies Segment, 2017-2032

Figure 43: Saudi Arabia Pharmaceuticals Market Absolute $ Opportunity, by Hospital Pharmacies Segment, 2017-2032 (US$ Mn)

Figure 44: Saudi Arabia Pharmaceuticals Market Value (US$ Mn) and Y-o-Y Growth (%), by Retail Pharmacies Segment, 2017-2032

Figure 45: Saudi Arabia Pharmaceuticals Market Absolute $ Opportunity, by Retail Pharmacies Segment, 2017-2032 (US$ Mn)

Figure 46: Saudi Arabia Pharmaceuticals Market Share Analysis, by Distribution Channel (%), 2022 & 2032

Figure 47: Saudi Arabia Pharmaceuticals Market Y-o-Y Growth (%), by Distribution Channel, 2022-2032

Figure 48: Saudi Arabia Pharmaceuticals Market Attractiveness Index, by Distribution Channel, 2022-2032

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Saudi Arabia Pharmaceutical Market