According to the recent report by IMARC Group, 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. Generic drugs refer to bioequivalents of brand-name drugs with respect to strength, quality, effectiveness, dosage form, safety, stability, impact, intended use and the route of administration. The active ingredients, intended use and clinical benefit of these generic variants are the exact same as the branded drugs but are available for sale at a cheaper price point. However, certain characteristics like color, shape and flavoring of the drugs may differ from the original since altering these characteristics does not affect the safety and effectiveness of the medicines. The rising awareness among individuals in the GCC region about the numerous benefits offered by these drugs is creating a positive outlook for the market.
GCC Generic Drug Market Trends:
The market in the GCC region is primarily driven by the rising prevalence of numerous chronic lifestyle diseases, such as obesity and diabetes, among the masses. This can be attributed to the sedentary lifestyles led by individuals and the shifting dietary patterns of the masses. This, coupled with the high prices of branded drugs and the rising awareness regarding the affordable prices of generic medicines in the region, has provided a thrust to the market growth. Moreover, the increasing geriatric population, which is more susceptible to develop medical ailments, across the region is acting as another major growth-inducing factor. The market is further driven by the rising number of initiatives undertaken by the governments of several GCC countries to promote the adoption of generic drugs among the masses. For instance, regulatory bodies in Abu Dhabi have now mandated the dispersal of generic drugs as a first choice across all pharmacies in an attempt to provide improved healthcare services to their citizens. Apart from this, the upcoming patent expiry of several blockbuster medicines is expected to positively drive the market growth further across the region. On account of the aforementioned factors, the market is expected to grow at a CAGR of 10.6% during 2024-2032.
- On the geographical front, the market has been categorized into Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Oman. Amongst these, Saudi Arabia enjoys the leading position in the market, accounting for the majority of the overall market share.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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|Saudi Arabia, United Arab Emirates (UAE), Kuwait, Oman, Qatar, Bahrain
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