Saudi Arabia generic drugs market is projected to witness a CAGR of 7.18% during the forecast period 2024-2031, growing from USD 4.38 billion in 2023 to USD 7.62 billion in 2031. The growth of the market is supported by the rising cases of chronic diseases, increasing government initiatives, and rising investments by the key market players towards collaborations to support the introduction of various biosimilars in the country.
Implementing various measures to facilitate the availability of generic alternatives in the country after the expiration of patents fosters affordability and competition in Saudi Arabia. The country’s healthcare system aims to provide effective therapeutic solutions to patients while ensuring cost efficiency by encouraging the adoption of generic drugs, thus providing lucrative growth opportunities to the market. The growing efforts of the government to boost awareness about the different benefits associated with generic drugs are also providing lucrative growth opportunities to the market. They contain the same active ingredient, route of administration, strength, and dosage form as their brand name counterparts and offer cost efficiency to the patient.
Additionally, the growing prevalence of various chronic diseases and infectious diseases, and genetic disorders in different regions across Saudi Arabia is propelling the requirement for effective and safe medications in the country, thus bolstering the market’s demand. According to the estimates of the International Diabetes Federation (IDF), approximately 5.6 million individuals will be living with diabetes in Saudi Arabia by 2030.
Government Initiatives Support Market Expansion
The growing popularity of generic drugs in Saudi Arabia can be attributed to the introduction of supportive government initiatives and policies to boost the affordability and accessibility of healthcare services in the country. The dedicated efforts of the country to support the growth of the pharmaceutical sector, in combination with their efforts to increase public awareness, are propelling the demand for generic drugs. Additionally, the introduction of initiatives such as the Healthcare Sector Transformation Program supports the development of an enhanced system that prioritizes disease prevention, innovation, and financial sustainability while enhancing patient access to healthcare services, supporting market growth.
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Rising Prevalence of Chronic Diseases Boosts Market Demand
The rising cases of cardiovascular diseases in the country are propelling the market demand. According to a report published in February 2023 by the Ministry of Health of Saudi Arabia, cardiovascular diseases are the leading cause of deaths that occur because of non-communicable diseases in Saudi Arabia. Furthermore, the Journal of the Saudi Heart Association 2023 also estimates that the current prevalence of cardiovascular diseases is expected to be significantly higher due to the growth of the risk factors associated with cardiovascular diseases in the country, including hypertension, obesity, dyslipidemia, and diabetes mellitus. The adoption of a sedentary lifestyle by the Saudi Arabian population due to the growing influence of video games and social media and the environment of the country that limits outdoor activities is also propelling the cases of cardiovascular diseases in the country and supporting the market’s expansion.
Biosimilars Account for Major Market Share
The rising efforts by key market players to increase the availability of various generics in the country are boosting Saudi Arabia’s generic drugs market size and supporting the growth of the segment. In November 2023, Lupin Ltd., one of the leading transnational pharmaceutical companies across the globe, announced a partnership with Amman Pharmaceuticals Industries for exclusive commercialization and marketing of Ranibizumab in the Middle East region, including select territories of Lebanon, Saudi Arabia, UAE, Iraq, and Jordan, among other GCC countries. Ranibizumab inhibits and binds vascular endothelial growth factor A and is indicated for treating patients with macular edema following retinal vein occlusion, myopic choroidal neovascularization, diabetic retinopathy, diabetic macular edema, and neovascular (wet) age-related macular degeneration. Such efforts and collaborations are expected to provide lucrative growth opportunities for the market in the coming years.
Future Market Scenario (2024-2031F)
As per the Saudi Arabia generic drugs market analysis, the increasing cases of chronic diseases and rising efforts of the government to transform the healthcare sector and boost awareness about the quality and effectiveness of generic drugs among the population are expected to support the growth of the market. According to the estimates of the International IDF, approximately 7.5 million individuals will be living with diabetes in Saudi Arabia by 2045. Strategic collaborations by the key players of the market to boost the availability of biosimilars in the country are also expected to provide lucrative growth opportunities to the market in the coming years. Initiatives such as Vision 2030, which aims to improve the quality of life of the residents of the country by supporting global integration, boosting opportunities for growth and investment, and enhancing the efficiency of the government, are expected to support the market’s expansion in Saudi Arabia.
Report Scope
“Saudi Arabia Generic Drugs Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of Saudi Arabia generic drugs market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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