The pharmaceutical drugs industry involves the discovery, development, production, and marketing of medications which are licensed for use as medications. The Saudi pharmaceutical drugs market offers a wide range of pharmaceutical products including prescription and over-the-counter medicines for various therapeutic applications such as cardiovascular, oncology, neurology, diabetes, obesity, infectious diseases and others.

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 Dynamics:
The Saudi Arabia Pharmaceutical Drugs Market is witnessing high growth owing to increasing healthcare expenditure by the Saudi government. As per the Saudi Arabia 2030 Vision plan, healthcare expenditure is expected to increase to 8% of GDP by 2030 from current levels of around 2.8% of GDP. This increasing focus on healthcare is propelling the demand for pharmaceutical drugs in the country. Another key driver fueling the Saudi Arabia Pharmaceutical Drugs Market growth is rising geriatric population which is more vulnerable to chronic diseases. As per the UN population data, Saudi Arabia's population aged over 65 years is projected to increase from 1.5 million in 2023 to around 4 million by 2050. This growing geriatric demographic will generate higher demand for drugs to treat age-related health issues.

SWOT Analysis

Strength: The pharmaceutical drugs market in Saudi Arabia has strong growth potential due to rising healthcare expenditures and a growing elderly population in the country. Favorable government initiatives to develop the local pharmaceutical industry will attract more investments. Furthermore, medical tourism is boosting the healthcare sector.

Weakness: Limited local production capabilities and dependence on imports make the market vulnerable to price fluctuations of active pharmaceutical ingredients and finished products. Healthcare infrastructure remains underdeveloped outside major cities. High costs of R&D also restrict market growth.

Opportunity: Untapped rural areas offer scope for market expansion through healthcare reforms and insurance schemes. Growing non-communicable diseases and lifestyle changes increase the demand for specialized drugs. FDI caps raised to 100% in 2020 encourage global players to set up manufacturing bases.

Threats: Price controls and strict drug registration policies challenge profit margins. Substitution of allopathic medicines with alternative treatments affects sales. Patent expiries of blockbuster drugs raise competition. Dependence on oil revenues makes the market unstable amid global economic slowdowns.

Key Takeaways

The global Saudi Arabia pharmaceutical drugs market size is expected to witness high growth. It was valued at US$ 528.47 Bn in 2024 and is projected to reach US$ 730.06 Bn by 2030, registering a CAGR of 7.4% during the forecast period.

The Western region holds the major share in the Saudi Arabia pharmaceutical drugs market currently. It is the most developed region with advanced healthcare facilities concentrated in key cities. However, the Central region is poised to be the fastest growing market, expanding at a CAGR of over 8% during the forecast period on account of initiatives to strengthen primary care in remote areas.

Key players related content comprises

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. HRA Pharma leads the generics market while AbbVie dominates the specialty drugs segment. Mylan, Sun Pharma and Dr Reddy's are other significant foreign players enhancing local production.

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