CHICAGO, UNITED STATES, August 8, 2023/EINPresswire.com/ — Saudi Arabia generic pharmaceutical products market value was US$ 3,222.83 million in 2022 and is projected to attain a valuation of US$ 5,315.78 million by 2031, growing at a CAGR of 5.85% during the forecast period from 2023 to 2031.
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The need for generic pharmaceutical products has grown over the last few years in Saudi Arabia. According to the analysis of Astute Analytica, Saudi Arabia sold around 566.02 kg of generic pharmaceutical products in 2022 and is likely to sell around 966.5 kg of products by 2031. The demand for generic pharmaceutical products is rising due to the government’s focus on lowering healthcare costs, enhancing access to high-quality healthcare, and the rising prevalence of chronic diseases like diabetes, cardiovascular problems, and respiratory illnesses.
In order to promote domestic production and lessen reliance on imported pharmaceuticals, the Saudi Arabian government has been putting several plans into action. For instance, the Kingdom outlined a strategy for the development of the life sciences sector in its “Vision 2030.” Initiatives under Vision 2030 are also intended to increase local pharmaceutical output from 20% to 40% of the needs of the home market. Several pharmaceutical companies have already taken note of this, including Merck Sharp & Dohme, Sanofi, and Julphar Pharmaceuticals. Although many international corporations in Saudi Arabia focus primarily on producing branded goods, these companies are likely to strengthen their generic medicine production and collaborations with regional generic drug producers.
The long-term goal of Saudi Arabia to generate 40% of all pharmaceuticals domestically is ambitious but achievable with sufficient funding. This may not be possible due to the rising commoditization of generic medications and competition from China and India, as these firms will continue to have a significant competitive advantage without receiving preferential treatment or entering the market for pharmaceuticals that are challenging to produce.
The rising prevalence of many chronic diseases like cancer, diabetes, cardiovascular diseases, renal disorders, and gastrointestinal disorder in the nation is likely to drive market growth during the forecast period. For instance, according to the results of the Saudi Health Interview Survey, obesity, hypertension, and diabetes are major issues in Saudi society. For instance, 28.7% of people are obese.
Antibacterial Drugs Type to Capture About 40% of the Market Revenue Share
In 2022, the antibacterial segment held the highest portion 38.62% in the market, demonstrating their importance in the region. This market is anticipated to continue dominating throughout the forecast period and develop at a CAGR of 6.27%.
Like many other nations, Saudi Arabia deals with a substantial burden of infectious diseases, particularly bacterial infections. The need for generic antibacterial medications is due to the growing occurrence of bacterial infections and the want for affordable treatment choices. Patients and healthcare professionals favor these drugs as they deliver comparable efficacy to their branded rivals at a lower cost.
Cardiovascular Disease Mainly Use Generic Pharmaceuticals Products
The cardiovascular diseases segment has tremendous potential in the Saudi Arabia generic pharmaceutical goods market. It is likely to capture more than 16.37% of market revenue and will grow at a CAGR of 6.44% from 2023 to 2031.
In Saudi Arabia, the prevalence of cardiovascular disorders such as hypertension, coronary artery disease, and heart failure is increasing. CVDs are the major cause of death in Saudi Arabia, accounting for a significant proportion of deaths, according to data from the Saudi Ministry of Health. According to reports, CVDs account for nearly 40% of all deaths in the country. These figures demonstrate the huge burden that cardiovascular illnesses place on the population. As a result, there is an increased demand for low-cost generic pharmaceutical solutions to treat these illnesses.
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Saudi Arabia Generic Pharmaceutical Products Market is Highly Consolidate With Top 5 Players Holding Over 47.7% of Revenue Share
The Saudi Arabia generic pharmaceutical products market is highly competitive, with the cumulative market share of the five major players close to 47.7%. The market is dominated by key players such as Jamjoom Pharma, Pfizer, Hikma Pharmaceuticals PLC, Fresenius SE & Co. KGaA, and Novartis, which have a significant presence in the market. Pfizer and Jamjoom Pharma are the leading players in the market, generating about 13.6% and 11.7% market revenue share.
Leading Players
โข Advanced Pharmaceutical Factory
โข AstraZeneca
โข Fresenius SE & Co. KGaA
โข Hikma Pharmaceuticals PLC
โข Jamjoom Pharma
โข Novartis AG
โข Pfizer Inc.
โข SAJA Pharmaceuticals
โข Tabuk Pharmaceuticals
โข Other Prominent Players
Segmentation Outline
The Saudi Arabia generic pharmaceutical products market segmentation focuses on Type, Application, Route Administration, End-Users, and Distribution Channel.
By Type
โข Antibacterial
โข Antiviral
โข Anti-hypertensive
โข Anti-inflammatory
โข Others
By Application
โข Central Nervous System Disorders
โข Respiratory Diseases
โข Hormones & Related Diseases
โข Gastrointestinal Diseases
โข Cardiovascular Diseases
โข Infectious Diseases
โข Cancer
โข Diabetes
โข Others
By Route Administration
โข Oral
โข Injectable
โข Inhalable
โข Others
By End Users
โข Hospitals
โข Homecare
โข Specialty Clinics
โข Others
By Distribution Channel
โข Online Pharmacies
โข Retail Pharmacies
โข Hospital Pharmacies
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