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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