Saudi Arabia Pharmacy Retail Market to Grow with Impressive CAGR through 2027F
Saudi Arabia Pharmacy Retail Market
is anticipated to grow with rising geriatric population, in the forecast
period, 2023-2027F.
According to TechSci Research report on, “Saudi
Arabia Pharmacy
Retail Market - By Region, Competition
Forecast & Opportunities, 2027”,
Saudi Arabia pharmacy retail market might register an impressive CAGR during
the forecast period, 2023-2027, to establish growth due to factors like increasing
instances of chronic diseases and surging demands from the geriatric
population.
The government aids toward provision of proper
allotment of public funds and resources so that new market players may enter
the market with convenience is also actively responsible for the growth of the
Saudi Arabia pharmacy retail market in the upcoming five years.
Higher living standards of the population is
stimulating the aggregate consumption of pharmaceutical products and further
substantiating the growth of the Saudi Arabia pharmacy retails market in the next
five years. Additionally, rising population of the country along with the rapid
urbanization is driving the growth of the Saudi Arabia pharmacy retail market
in the next five years.
Moreover, higher economic growth of the country and
the increased disposable income of the population, that is readily investing it
in the healthcare advancement and demanding better healthcare services is also
influencing the growth of the Saudi Arabia pharmacy retail market in the future
five years.
Consumption behavior of the middle-class and
upper-class patients who are actively inclined toward purchasing drugs from
private pharmacies that are not connected with public service delivery, or
health insurance system is impacting the growth of the Saudi Arabia pharmacy
retails market in future.
Increasing investment in the advancement of the
healthcare infrastructure, rising foreign direct investment along with the
government schemes like Vision 2030, are also substantiating the growth of the
Saudi Arabia pharmacy retail market in the forecast period.
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The Saudi Arabia pharmacy retail market is
segmented by market structure, product type, therapeutic area, drug type,
pharmacy location, competitional landscape, and regional distribution.
Based on market structure, the market is
differentiated into organized and unorganized. Organized market is anticipated
to hold the largest revenue shares of the market and dominate the market
segment in the upcoming five years on the ground of growing sales of the
pharmaceutical products through online channels. Physical retail stores for the
pharmaceuticals are also inclined toward the online availability of their
products to boost sales thus influencing the growth of the Saudi Arabia
pharmacy retail market in the upcoming five years.
By product type, the market is further segmented
into prescribed drugs, over-the-counter products, non-pharmaceutical products,
and medical equipment. Over the counter drugs is anticipated to hold the
largest revenue shares of the market and dominate the market segment in the
upcoming five years owing to the increasing number of patients suffering from
chronic diseases.
Rising geriatric population and their consistent
demand for the regular medication also influences the growth of the Saudi
Arabia pharmacy retail market in the next five years. Prescribed drugs may also
register significant growth in the future five years due to increasing demand
for the drugs. Rising disposable income and increased investment in the
pharmaceutical industry is further aiding the growth of the Saudi Arabia pharmacy
retail market in the forecast years, through 2027.
Based on therapeutic area, the market is fragmented
into cardiovascular, anti-diabetic, pain relief/analgesics,
vitamins/minerals/nutrients, anti-infective, and others. By drug type, the
market is distinguished between generic and patented. Based on pharmacy
location, the market is bifurcated between street/mall based and hospital
based.
A partial list of major market players of the Saudi
Arabia Pharmacy Retail Market includes:
·
Nahdi Medical Co.
·
Al Dawaa Pharmacy
·
Tadawi Group
·
Al Rehab
·
Atlas International
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“Healthcare industry in
the Kingdom of Saudi Arabia is expanding rapidly. With the government scheme
like Vision 2030, the industry is experiencing expansion with the industrial
growth. Supply of the pharmaceuticals and therapeutics are highly satisfied
through the import of the products. The government is actively focused in
localizing the pharmaceutical sector to enhance the local market growth and
decrease the expenses over imports. The local manufacturers are advised to form
collaborations with the international companies to support the future growth of
the local pharmaceutical market. Organized market structure may lead the market
in current year, but online pharmacy retail market is expanding rapidly. With
growing inclination toward e-commerce sector and rising trend of online
shopping and delivery services influence the market growth in the recent years.
New market players may focus on forming store channels and collaborations with
the global players would support the financial support for the same thus
building their brand in the future five years,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Saudi Arabia
Pharmacy Retail Market By Market Structure (Organized v/s Unorganized), By
Product Type (Prescribed Drugs, Over-the-Counter Products, Non-Pharmaceutical
Products, Medical Equipment), By Therapeutic Area (Cardiovascular,
Anti-Diabetic, Pain Relief/Analgesics, Vitamins/Minerals/Nutrients,
Anti-Infective, Others), By Drug Type (Generic v/s Patented), By Pharmacy
Location (Street/Mall Based v/s Hospital Based), By Region, Competition
Forecast & Opportunities, 2027” has evaluated the future growth potential of Saudi
Arabia pharmacy retail market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Saudi Arabia pharmacy
retail market.
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