Dublin, Feb. 06, 2025 (GLOBE NEWSWIRE) -- The "Middle East & Africa Pharmaceuticals Market, By Country, Competition, Forecast and Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
The Middle East & Africa Pharmaceuticals Market was valued at USD 30.07 billion in 2024, and is expected to reach USD 42.42 billion by 2030, rising at a CAGR of 6.10%. The Middle East & Africa Pharmaceuticals Market is primarily driven by several factors including the region's growing population, increasing prevalence of chronic diseases, and rising healthcare expenditure.
As the population continues to expand, there is a higher demand for pharmaceutical products to meet healthcare needs. The increasing incidence of chronic diseases such as diabetes, cardiovascular disorders, and cancer necessitates the use of pharmaceutical interventions for management and treatment. Rising healthcare expenditure, coupled with government initiatives to improve healthcare infrastructure and access, further fuels market growth. Technological advancements, expanding healthcare coverage, and a shift towards personalized medicine also contribute to the market's expansion, offering opportunities for pharmaceutical companies to innovate and meet the evolving healthcare demands of the region.
Key Market Drivers
- Prevalence of Chronic Diseases
- Increasing Healthcare Expenditure
- Government Initiatives and Healthcare Reforms
- Technological Advancements and Innovation
Key Market Challenges
- Counterfeit Medicines and Drug Quality Concerns
- Intellectual Property Rights and Patent Protection
Key Market Trends
- Expanding Access to Healthcare Services
- Medical Tourism and Healthcare Investments
Based on Country, Saudi Arabia emerged as the dominating country in the Middle East & Africa Pharmaceuticals market in 2024. However, Saudi Arabia undeniably holds significant influence and prominence within this market due to a combination of factors that contribute to its robust pharmaceutical sector. One key factor contributing to Saudi Arabia's influence is its strong economy, driven primarily by oil exports and government initiatives aimed at diversification. The country's substantial healthcare expenditure reflects its commitment to providing comprehensive healthcare services to its population, which exceeds 30 million people. This investment in healthcare infrastructure and services creates a fertile ground for pharmaceutical companies to thrive, as they cater to the growing healthcare needs of the population.
Saudi Arabia's Vision 2030 initiative, a comprehensive roadmap for economic and social development, places a strong emphasis on enhancing the healthcare sector. As part of this vision, the government has undertaken significant reforms aimed at improving healthcare accessibility, quality, and efficiency. These reforms include investments in healthcare infrastructure, digital health technologies, and pharmaceutical research and development, all of which contribute to Saudi Arabia's prominence in the pharmaceutical market. The country's strategic location in the Middle East also plays a crucial role in its dominance within the pharmaceutical industry. Situated at the crossroads of Europe, Asia, and Africa, Saudi Arabia serves as a strategic hub for pharmaceutical trade, investment, and collaboration. Its proximity to key markets, coupled with a well-developed transportation and logistics infrastructure, makes it an attractive destination for pharmaceutical companies seeking to expand their presence in the region.
Key Players Profiled in MEA's Pharmaceuticals Market
- Julphar (Gulf Pharmaceutical Industries)
- Bayer Middle East FZE
- Niner Pharmaceuticals LLC
- Pfizer Gulf FZ-LLC
- Novo Nordisk Pharma Gulf FZ LLC
- Roche Pharmaceutical Middle East FZCO
- AstraZeneca FZ LLC
- Hikma UAE
- Merck Serono Middle East Fz-Ltd.
- Abbott Laboratories SA
Report Scope
In this report, the Middle East & Africa Pharmaceuticals Market has been segmented into the following categories:
By Drug Type
- Generic Drugs
- Branded Drugs
By Product Type
- Prescription Drugs
- Over-The-Counter Drugs
By Application
- Cardiovascular
- Musculoskeletal
- Oncology
- Anti-infective
- Metabolic Disorder
- Others
By Distribution Channel
- Retail Pharmacy
- Hospital Pharmacy
- E-Pharmacy
By Country
- Saudi Arabia
- UAE
- South Africa
- Egypt
- Algeria
- Kuwait
- Jordan
- Tunisia
- Morocco
- Lebanon
Key Attributes
| Report Attribute | Details |
| No. of Pages | 133 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $30.07 Billion |
| Forecasted Market Value (USD) by 2030 | $42.42 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Africa, Middle East |
For more information about this report visit https://www.researchandmarkets.com/r/i1dh1s
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