Saudi Arabia’s pharmaceutical market expected to grow at a CAGR of 5.5% until 2023
The rapid growth of Saudi Arabia’s pharmaceutical market will be placed under the spotlight at the forthcoming CPhI Middle East and Africa event, as the latest industry data reveals the Kingdom’s pharmaceutical market is expected to be valued at US$ 10.74bn (SAR 40.1bn) by 2023.
The event, sponsored by the Ministry of Health and Prevention (MoHaP), returns to the Abu Dhabi National Exhibition Centre (ADNEC) from 16-18 September and will explore the rapid reform of the country’s healthcare system at both regulatory and service provision levels, in line with Saudi Arabia’s Vision 2030 and the National Transformation Programme.
According to the latest IQVIA Market Prognosis – Saudi Arabia report, the kingdom’s pharmaceutical market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.5% until 2023.
“Saudi Arabia is one of the largest pharmaceutical markets in the Middle East, and its expansion over recent years can be attributed to a growing population, with major government investment in new hospitals and clinics,” remarked Cara Turner, Brand Director – Pharma, UBM EMEA, the organisers of the event.
According to UN figures, Saudi’s population stands at an estimated 34 million, 32% of which are under 14 years and is growing at around 2% annually. Life expectancy has increased from 69 years in 1990 to over 75 years today.
“To address these issues, in 2019 alone, the Saudi government introduced a 17% increase (US$ 45.86bn) in funds allocated for spending on health and social development – with approximately US$ 12.72bn earmarked for spending on healthcare projects,” added Turner.
