IMARC Group has published a market research report titled “GCC Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, The GCC generic drug market size reached US$ 5.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.7 Billion by 2032, exhibiting a growth rate (CAGR) of 10.6% during 2024-2032.
The increasing pressure on healthcare systems to reduce costs while maintaining high standards of care is significantly driving the GCC generic drug market. Additionally, policies made by government authorities to promote the use of generic drugs as a cost-effective alternative to branded medications without compromising on quality are fueling the market. Besides this, the rising healthcare expenditure and the growing prevalence of chronic diseases, such as diabetes and cardiovascular disorders, which require long-term medication, are further bolstering the market. Moreover, government bodies and consumers with a high aging population across the GCC are inclined to adopt affordable healthcare solutions, which is further escalating the expansion of the market.
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GCC Generic Drug Market Trends and Drivers
In addition to this, a significant emphasis on local manufacturing, as countries aim to reduce dependency on imported drugs and bolster their domestic pharmaceutical industries, is the emerging trend in the GCC generic drug market. Furthermore, the local manufacturers are seeking support from government authorities, which is creating a positive outlook for the market. Apart from this, with regulatory authorities in the GCC implementing stringent guidelines and oversight to gain public trust in generics there is a growing focus on ensuring the quality and safety of generic drugs, which is acting as another growth-inducing factor. Besides this, to expand the product portfolios and leverage strengths, companies are increasingly investing in strategic partnerships between local and international pharmaceutical, which is anticipated to drive the GCC generic drug market over the forecasted period.
Report Segmentation:
The report has segmented the market into the following categories:
IMARC Group provides an analysis of the key trends in each sub-segment of the GCC generic drug market report, along with forecasts at the regional and country level from 2024-2032.
Regional Insights:
- Saudi Arabia
- United Arab Emirates (UAE)
- Kuwait
- Qatar
- Bahrain
- Oman
On the geographical front, Saudi Arabia represents the largest market for generic drugs in the GCC region. The large population in the country represents a key driving factor for the market. Moreover, the Government of Saudi Arabia is promoting joint ventures and sponsoring non-tariff barriers for pharmaceutical manufacturing in the country, which is further projected to accelerate the industry growth.
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