Oral solid drug delivery is the most commonly used and cost-effective method for drug administration. It encompasses capsules and tablets that offer benefits like ease of ingestion and accurate dosing. Moreover, the injectable drugs market is gaining traction in the country owing to advantages like rapid onset of action.
The Saudi Arabia Pharmaceutical Drugs Market is estimated to be valued at US$ 528.47 Billion 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 key trends:
The advancements in drug delivery systems used for oral and injectable formulations are expected to drive the Saudi Arabia pharmaceutical drugs market. Novel drug delivery systems help in enhancing bioavailability, releasing drugs at a predetermined rate, and improving patient compliance. For instance, controlled-release formulations release drugs at a predetermined rate, based on the time programmed into the delivery system. This helps in maintaining steady plasma levels of drugs and reduces dosing frequency. Similarly, targeted drug delivery ensures drugs are delivered directly to the target site in the body for better therapeutic effect and reduced toxicity. The technologies like liposomes, transdermal drug delivery, and implants are gaining traction in Saudi Arabia. The controlled and targeted delivery of drugs helps pharmaceutical companies to gain market share in the country.
Segment Analysis
The Saudi Arabia Pharmaceutical Drugs Market Size is segmented by drug type into prescription drugs and OTC drugs. The prescription drugs segment dominates the market due to rising incidences of chronic diseases such as cancer, diabetes, respiratory diseases etc. in the country. The growing geriatric population prone to various health issues has further increased the demand for prescription medicines in Saudi Arabia.
Key Takeaways
The Saudi Arabia pharmaceutical drugs market is expected to witness high growth during the forecast period of 2023 to 2030. The Saudi Arabia Pharmaceutical Drugs Market is estimated to be valued at US$ 528.47 Billion in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.
Regional analysis related content comprises: The Western region accounts for the largest share in the Saudi Arabia pharmaceutical drugs market currently. The high population density, presence of major healthcare facilities and rising healthcare spending have boosted the growth of the pharmaceutical industry in this region. However, the Central region is poised to witness the fastest growth during the forecast period owing to rapid urbanization and increasing healthcare infrastructure development activities by the government.
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. AbbVie holds a major share in the market currently attributed to its wide product portfolio and strong brand presence in the country.
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