The latest report by IMARC Group, titled “GCC Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the generic drug market in the GCC region reached a value of nearly US$ 1,550 Million in 2016, exhibiting a CAGR of 15% during 2009-2016. Generic drugs are low-cost versions of the off-patent branded drugs with similar dosage, intended use, risks, effects, strength and side-effects. The growing affluence and ageing population in the GCC region has resulted in an increased prevalence of lifestyle diseases, such as obesity, diabetes, arthritis, cancer, asthma, depression, cardiovascular diseases, etc. This has resulted in an unsustainably high healthcare expenditure which has prompted the governments in the GCC region to shift towards the use of generic drugs, thereby boosting their demand.
Highlights of the GCC generic drug market:
- Initiatives taken by the governments in the GCC region have created an awareness towards the use of generic drugs.
- The demand for generic drugs is expected to be supported by the low-income and emigrant population.
- Saudi Arabia is the largest market, accounting more than a half of the total market share.
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One of the major drivers which is expected to boost the market is the emphasis by the governments on the production of generic drugs within the GCC region. Reduction in the usage of imported drugs will further help in stimulating the domestic manufacturing capacity of these drugs. Additionally, the governments of Saudi Arabia, Oman and the UAE have initiated campaigns which aim at increasing awareness towards the replacement of branded drugs by their generic counterparts. However, a significant affluent population which prefers branded drugs can hamper the market growth. Despite this, the low-income and emigrant population is expected to encourage the demand for generic drugs. According to the report, the market is projected to continue its growth, reaching a value of more than US$ 3,300 Million by 2022.
The market has been segregated on the basis of country, covering Saudi Arabia, UAE, Kuwait, Qatar, Bahrain and Oman. Amongst these, Saudi Arabia is the largest market, accounting for more than a half of the total market share. Owing to the rapid economic development and gradual rise in the prevalence of lifestyle diseases in the country, the market of generic drugs has seen a positive growth. After analysing the competitive landscape of the market, it is found that the key players are SPIMACO, Pfizer, TPMC, Novartis and Hikma.
To view the report summary and Table of Contents, click on: http://www.imarcgroup.com/gcc-generic-drug-market
The report by IMARC Group has examined the GCC generic drug market on the basis of:
- Saudi Arabia
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