Saudi Arabia's pharmaceutical market set to hit $6 billion by 2020
The pharmaceutical market in Saudi Arabia is set to grow from $4.5 billion in 2015 to $6 billion by 2020, representing a compound annual growth rate (CAGR) of 7.4%, a new study has indicated.
According to the latest report from research and consulting firm GlobalData, Saudi Arabia is one of the largest pharmaceutical markets in the Middle East, and its impressive expansion can be attributed to a growing population, rising wealth levels, and demand for patented pharmaceutical products.
Adam Dion, GlobalData’s senior analyst covering industry dynamics, explains: “Due to the increase of chronic diseases and Saudi Arabia’s rising wealth, there is a huge demand for patented products, representing a significant opportunity for market players. Indeed, this has spurred multinational companies to set up manufacturing plants in Saudi Arabia, either independently or through joint ventures.”
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