Healthcare Services Group(HCSG) GlobeNewswire News Room·2025-02-06 11:01Market Overview - The Middle East & Africa Pharmaceuticals Market was valued at USD 30.07 billion in 2024 and is projected to reach USD 42.42 billion by 2030, with a compound annual growth rate (CAGR) of 6.10% [2][11]. Key Market Drivers - The market growth is driven by the region's growing population, increasing prevalence of chronic diseases, and rising healthcare expenditure [2][3]. - The demand for pharmaceutical products is increasing due to the higher incidence of chronic diseases such as diabetes, cardiovascular disorders, and cancer [3]. - Government initiatives aimed at improving healthcare infrastructure and access further support market expansion [3]. Key Market Trends - Technological advancements and a shift towards personalized medicine are contributing to the market's growth, providing opportunities for pharmaceutical companies to innovate [3]. - Saudi Arabia emerged as the dominant country in the Middle East & Africa Pharmaceuticals market in 2024, driven by its strong economy and significant healthcare expenditure [4]. - The Vision 2030 initiative in Saudi Arabia emphasizes enhancing the healthcare sector through reforms and investments in healthcare infrastructure and digital health technologies [5]. Key Players - Notable companies in the Middle East & Africa Pharmaceuticals Market include Julphar, Bayer Middle East FZE, Niner Pharmaceuticals LLC, Pfizer Gulf FZ-LLC, Novo Nordisk Pharma Gulf FZ LLC, Roche Pharmaceutical Middle East FZCO, AstraZeneca FZ LLC, Hikma UAE, Merck Serono Middle East Fz-Ltd., and Abbott Laboratories SA [8][12]. Market Segmentation - The report segments the market by drug type, product type, application, distribution channel, and country [9][10].