IMARC Group has published a market research report titled "GCC Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the GCC generic drug market share. The 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.
A generic drug is a medication that contains the same active ingredients as brand-name drugs. It is equivalent in terms of active ingredients, dosage, strength, route of administration, quality, performance characteristics, and intended use. It can be sold at a lower price as the manufacturers do not have to invest in the research and development (R&D) activities or marketing costs associated with creating a new drug. It is used in acute care settings to treat acute conditions like pain, infections, allergies, and gastrointestinal issues. It is also utilized in treating disorders like diabetes, asthma, thyroid diseases, and high cholesterol. As it assists in reducing healthcare expenditures while ensuring that patients receive high-quality medications, the demand for generic drug is rising in the GCC region.
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GCC Generic Drug Market Trends and Drivers
Presently, the growing demand for cost-effective alternatives to expensive brand-name medications represents one of the key factors positively influencing the market in the GCC region. Additionally, the rising aging population, along with increasing investments in expanding healthcare infrastructure like hospitals, clinics, and pharmacies, is bolstering the growth of the market in the region. In line with this, governing agencies in the GCC region are undertaking initiatives, such as generic substitution programs and preferential procurement for generic drugs, which are supporting the market growth. Moreover, the growing prevalence of chronic diseases, including hypertension, chronic obstructive pulmonary disease (COPD), osteoarthritis, and cardiovascular diseases, are offering a favorable market outlook in the region. Apart from this, ongoing advancements in pharmaceutical manufacturing technologies, including continuous manufacturing, 3D printing, and nanotechnology, are enhancing the efficiency and flexibility of generic drug production, thereby facilitating the market growth. Furthermore, rising collaborations between healthcare providers, distributors, and government agencies in the region are offering lucrative growth opportunities to industry investors. Besides this, the increasing shift towards personalized medicine and targeted therapies resulting in the development of niche products tailored as per patient preferences, which is contributing to the growth of the market in the region.
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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