Saudi Arabia pharmacy retail market is anticipated to register growth with an impressive CAGR in the forecast period, 2023-2027, on the account of growing demand for the pharmaceutical products and therapeutic products in response to the growing instances of diseases among the population.
Growing pharmaceutical industry and thus increasing construction of the related infrastructure like pharma clinics, pharmacies, etc. is also driving the growth of the Saudi Arabia pharmacy retail market in the upcoming five years.
Expanding Pharmaceutical Industry Promises Market Growth
Growing demands for the pharmaceutical products and therapeutic products along with the growing instances of the chronic diseases is anticipated to drive the growth of the Saudi Arabia pharmacy retail market in the upcoming five years. Online pharmaceutical shopping has increased sales in the recent years due to growing inclination of the consumer over e-commerce sector. Furthermore, growing investment in the sector plays a major role in supporting the growth of the Saudi Arabia pharmacy retail market in the next five years.
Value of the Saudi Arabia pharmaceutical industry was USD8.3 billion in the year 2019. Growing sales of patent drugs, generics, and other therapeutics is driving the industrial growth. The demand for the easier access and in-home delivery services is aiding the demand for the localized pharmacies and online pharmacies growth in the recent years.
Growing on these factors the market for the pharmacy retail is also anticipated due to government based investment strategies. Vision 2030 has played a vital role in supporting the industrial and economic growth in the country. The scheme encourages expansion of manufacturing agreements thus promoting the local manufacturers in the country and reducing the cost of imports substantially.
Internet Usage Drives Market Growth In Future
Growing dependability over the internet is a major factor responsible for the expansion of the e-commerce sector. The population with the easy access to smartphones, and internet find it much feasible to order their pharma needs online and get it deliver at the convenience of the homes. In the year 2021, there were over 31.9 million internet users in the country.
Further increase in the number is experienced due to growing penetration of the smartphone and internet communication services in the country. With expanding e-commerce sector, and growing demands for the services like immediate supply of pharmaceutical and therapeutics, lightning fast deliveries, in-home deliveries, cost reduction schemes with the premium subscription to the mobile based applications etc. the Saudi Arabia pharmacy retail is anticipated to further grow in the next five years.
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Market Segmentation
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. By product type, the market is further segmented into prescribed drugs, over-the-counter products, non-pharmaceutical products, and medical equipment.
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. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Western Region, Eastern Region, Northern & Central Region, and Southern Region.
Company Profile
Nahdi Medical Co., Al Dawaa Pharmacy, Tadawi Group, Al Rehab, Atlas International
