New Delhi, June 05, 2024 (GLOBE NEWSWIRE) -- According to the latest Astute Analytica Study, the Saudi Arabia generic pharmaceutical products market is anticipated to grow at a CAGR of 5.85% and attain a valuation of US$ 5,624.78 million by 2032 from US$ 3,372.
37 million in 2023, at a CAGR of 5.85% during the forecast period 2024 to 2032. Request a Free Sample Copy @ The pharmaceutical market in Saudi Arabia is experiencing significant growth, with revenue projections reaching approximately US$5.
56 billion by 2024 and a robust CAGR of 5.20% expected through 2034. This growth is driven by an increasing demand for pharmaceuticals, influenced by a growing population and substantial government investment in healthcare infrastructure.
Consumer preferences in Saudi Arabia lean heavily towards branded drugs, primarily due to perceptions of higher quality and effectiveness compared to generic alternatives. However, there is also a notable demand for over-the-counter (OTC) drugs, especially for treating common ailments such as headaches and colds. The COVID-19 pandemic has disrupted global pharmaceutical supply chains, impacting the availability of both raw materials and finished products in the Saudi market.
Generic drugs expected to hold a dominant position over branded drugs in Saudi Arabia generic pharmaceutical products market. It includes both prescription and OTC drugs, catering to various applications such as treating non-communicable diseases like diabetes, cardiovascular dis.
