GCC Generic Drug Market

GCC Generic Drug Market Overview:

The GCC generic drug market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. A generic drug contains similar chemical substances, performance characteristics, dosage form, route of administration, quality, safety, strength, and intended use as a patented brand-name drug. These drugs are permitted for sale only after the patents on the original drugs expire. Generic drug manufacturers perform studies and experiments in a laboratory to justify the similarity between the two drugs. The studies are then analyzed by the food and drug administration (FDA) scientists for approval. When compared to brand-name drugs, generic drugs cost less as they do not need extensive research or animal and clinical studies to demonstrate safety and effectiveness. Paracetamol, amoxicillin, ofloxacin, and cefixime are some of the commonly available generic drugs. In the GCC, generic drugs are witnessing a significant surge in demand on account of the increasing consumer awareness regarding the benefits offered by the drugs.

The rapid expiry of patented brand-name drugs and the cost-effective prices of generic drugs are some of the key factors creating a positive outlook for the market in the GCC. This is further bolstered by the surging prevalence of chronic lifestyle diseases, such as diabetes and obesity, due to sedentary lifestyles and shifting dietary patterns. Moreover, a significant expansion in the pharmaceutical industry has enabled the easy availability of generic drugs and healthcare services at affordable prices, which is acting as another growth-inducing factor. Additionally, regional governments are undertaking various initiatives to promote the adoption of generic drugs, which is accelerating the market growth. For instance, in Abu Dhabi, the government has mandated the dispersal of generic drugs as a first choice across all pharmacies to provide improved healthcare services to their citizens. Furthermore, key market manufacturers are investing heavily in advanced technologies to enhance drug delivery systems, such as the advent of self-injection devices, which is positively supporting the market growth in the region. Apart from this, the increasing geriatric population, rising consumer per capita income, and burgeoning healthcare expenditure are providing an impetus to the market growth.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC generic drug market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC generic drug market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC generic drug market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC generic drug industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC generic drug industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC generic drug  industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC generic drug industry. Furthermore, the value chain analysis of the GCC generic drug industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

Key Market Segments:

The GCC generic drug market has been analysed as followed:

Regional Insights:

• Saudi Arabia
• United Arab Emirates (UAE)
• Kuwait
• Qatar
• Bahrain
• Oman

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC generic drug Market Report:

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customisation:

The GCC generic drug market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs