Oncology Drugs - Saudi Arabia | Statista Market Forecast

The projected revenue in the Oncology Drugs market in Saudi Arabia is expected to reach US$981.40m in 2024.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 6.42%, leading to a market volume of US$1.34bn by 2029.
When compared globally, United States is expected to generate the highest revenue, amounting to US$103.90bn in 2024.
Saudi Arabia is witnessing a growing demand for innovative oncology drugs to address the rising prevalence of cancer in the country.

Definition:
The Oncology Drugs market covers drugs to treat cancer, including chemotherapy and immunotherapy. These therapies are used for solid tumors and hematologic cancer. The medications in this market are mainly physician-administered drugs.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Bristol-Myers Squibb, Roche, Merck & Co, Novartis, Johnson & Johnson

Treatment for different types of cancer, including skin cancer, leukemia, lymphoma, and multiple myeloma
Chemotherapeutic agents
Immuno-oncology drugs
Oncology orphan drugs

Radiation therapy
Medical devices

The demand for oncology drugs in Saudi Arabia has been steadily increasing in recent years, reflecting a growing need for cancer treatments in the country.

Customer preferences: Saudi Arabia has a high prevalence of cancer, with breast cancer being the most common type among women and lung cancer among men. As a result, there is a strong demand for oncology drugs that can effectively treat these types of cancer. Additionally, there is a preference for drugs that have minimal side effects and are affordable.

Trends in the market: One of the key trends in the Saudi Arabian oncology drugs market is the increasing use of targeted therapies. These drugs are designed to specifically target cancer cells, which can result in more effective treatment and fewer side effects compared to traditional chemotherapy. Another trend is the growing use of immunotherapy, which harnesses the body's immune system to fight cancer cells. This type of treatment has shown promising results in clinical trials and is expected to see increased adoption in the coming years.

Local special circumstances: One of the unique factors in the Saudi Arabian oncology drugs market is the influence of the country's healthcare system. The government provides free healthcare to all citizens, which means that the majority of cancer patients receive treatment through public hospitals. This has led to a focus on cost-effectiveness in drug pricing and a preference for generic drugs over branded ones.

Underlying macroeconomic factors: The Saudi Arabian economy has been impacted by fluctuations in oil prices in recent years, which has had an indirect effect on the healthcare sector. While the government has continued to invest in healthcare infrastructure and services, there has been a push towards cost containment measures in order to manage the budget deficit. This has led to an emphasis on the affordability of oncology drugs and a preference for cost-effective treatments.Overall, the Saudi Arabian oncology drugs market is expected to continue to grow in the coming years, driven by a combination of high cancer prevalence, the adoption of new treatment modalities, and a focus on cost-effectiveness in drug pricing.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cancer is one of the leading causes of death worldwide, with lung cancer alone ranked the sixth leading cause of death in 2021. Cancer, also known as malignant tumors and neoplasms, is the result of interactions between personal genetic factors and external agents causing abnormal transformations of cells into tumors over time. As the global population has increased in age, the incidence of new cancer cases has also risen, contributing to a higher number of deaths each year. In 2022, nearly 10 million deaths were caused by cancer worldwide- a number which is expected to reach over 15 million by 2040.