The MENA pharmaceutical market is increasingly favoring local products, driven by consumer preferences for quality and affordability amidst geopolitical tensions.
Saudi Arabia's push to localize pharmaceutical production reflects a broader trend in the region towards self-sufficiency in healthcare.
Jordan's pharmaceutical exports are a testament to the country's growing role as a manufacturing hub in the Arab world.
The MENA pharmaceutical market is likely to continue its growth trajectory, potentially exceeding projections if local production capabilities are enhanced.
Increased investment in healthcare infrastructure across the region may lead to further advancements in pharmaceutical manufacturing and innovation.
The trend towards local medicines may persist, influencing market dynamics and encouraging governments to support domestic pharmaceutical companies.
Growth of the Pharmaceutical Market in the MENA Region
The pharmaceutical market in the Middle East and North Africa (MENA) is on a trajectory of significant growth, projected to reach $60 billion by 2025. This growth is attributed to various factors, including economic advancements, enhanced healthcare infrastructure, and an increasing demand for local medicines, particularly following recent geopolitical tensions. According to industry reports, the global pharmaceutical manufacturing market is also expected to grow, reaching $184.9 billion in 2024 and potentially $345.6 billion by 2033.
Key Players in Arab Pharmaceutical Manufacturing
Several Arab countries are emerging as leaders in pharmaceutical production, each contributing uniquely to the regional market. Saudi Arabia, for instance, is expected to generate $10.13 billion in pharmaceutical revenues by 2024, while Egypt's market stands at $6.1 billion annually. Jordan has seen a 19% increase in pharmaceutical exports in 2023, highlighting its role as a key exporter in the region. The UAE, Morocco, Algeria, and Tunisia are also making strides, with local production covering significant portions of their national needs.
Prominent Arab Pharmaceutical Companies
The Arab pharmaceutical landscape is characterized by several prominent companies that have established themselves both regionally and internationally. Hikma Pharmaceuticals from Jordan leads with a market value of $5.15 billion, followed by other notable companies such as Jamjoom Pharma and SPIMACO from Saudi Arabia, and Amon Pharma from Egypt. These companies are not only meeting local demands but are also expanding their reach into global markets, showcasing the potential of the Arab pharmaceutical industry.
