Other Pharmaceuticals - Saudi Arabia

Saudi Arabia

Highlights

The Other Pharmaceuticals market in Saudi Arabia is estimated to achieve a revenue of US$2.34bn in 2024.
It is anticipated that this revenue will experience a compound annual growth rate (CAGR 2024-2029) of 3.46%, leading to a market volume of US$2.78bn by 2029.
When comparing globally, United States is expected to generate the highest revenue, amounting to US$260.50bn in 2024.
The Saudi Arabian market for other pharmaceuticals is experiencing a surge in demand due to the growing prevalence of chronic diseases in the country.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other Pharmaceuticals market in Saudi Arabia is experiencing significant growth due to a combination of customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Saudi Arabia has a growing population and an increasing demand for healthcare services, which is driving the growth of the Other Pharmaceuticals market. Customers in Saudi Arabia prefer to purchase high-quality pharmaceutical products that are effective and affordable. They also prefer to purchase products from trusted brands and suppliers. As a result, pharmaceutical companies are investing in research and development to create new and innovative products that meet the needs of customers in Saudi Arabia.

Trends in the market: The Other Pharmaceuticals market in Saudi Arabia is experiencing several trends that are driving growth. One trend is the increasing prevalence of chronic diseases such as diabetes, cardiovascular disease, and cancer. This is driving demand for pharmaceutical products that can help manage these conditions. Another trend is the increasing use of digital technologies to improve healthcare services. This is creating opportunities for pharmaceutical companies to develop new products that integrate digital technologies, such as mobile health apps and wearable devices.

Local special circumstances: Saudi Arabia has a unique set of circumstances that are driving growth in the Other Pharmaceuticals market. The government has made significant investments in healthcare infrastructure and services, which is creating opportunities for pharmaceutical companies to expand their operations in the country. Additionally, the government has implemented policies to encourage foreign investment in the healthcare sector, which is attracting international pharmaceutical companies to the country.

Underlying macroeconomic factors: Several underlying macroeconomic factors are driving growth in the Other Pharmaceuticals market in Saudi Arabia. These include a growing population, increasing urbanization, and rising incomes. As the population grows and becomes more urbanized, demand for healthcare services and pharmaceutical products is expected to increase. Rising incomes are also driving demand for high-quality healthcare services and pharmaceutical products.Overall, the Other Pharmaceuticals market in Saudi Arabia is experiencing significant growth due to a combination of customer preferences, local special circumstances, and underlying macroeconomic factors. As the market continues to grow, pharmaceutical companies will need to continue investing in research and development to create new and innovative products that meet the needs of customers in Saudi Arabia.

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.