Saudi Arabia Chronic Pain Therapeutics Market Analysis

Saudi Arabia Chronic Pain Therapeutics Market Analysis Executive Summary

The Saudi Arabia Chronic Pain Therapeutics Market is anticipated to experience a growth from $1.26 Bn in 2022 to $2.23 Bn by 2030, with a CAGR of 7.4% during the forecast period of 2022-2030.

Chronic pain is referred to as a persistent and protracted discomfort that lasts longer than the expected healing period—usually longer than 12 weeks. Based on where it came from, it can be categorized: Nociceptive pain stems from injury or inflammation to the tissue, neuropathic pain is caused by malfunctioning nerves, psychogenic pain has psychological origins, and idiopathic pain has no known cause. Chronic pain can result from a number of medical problems, including fibromyalgia, migraines, neuropathy, arthritis, and inflammatory bowel diseases. A comprehensive approach that incorporates pharmaceutical, psychological, and physical therapies is necessary for the effective management of chronic pain. When treating neuropathic pain, prescriptions for analgesics such as opioids and nonsteroidal anti-inflammatory medicines (NSAIDs) may be necessary, but antidepressants and anticonvulsants work well as well. Essential elements of a multidisciplinary approach to managing chronic pain include physical therapy, exercise, and complementary therapies including acupuncture and cognitive-behavioral therapy. Because chronic pain is complex and unique, it is important to manage it with an emphasis on patient education, support, and the creation of specific treatment programs to promote both physical and mental well-being.

Approximately 4% of adults in Saudi Arabia experience high-impact chronic pain, while around 46.4% of adults report having chronic pain CP. Among several types, chronic back pain is the most commonly reported area of pain in the nation, and it is more common in women and the elderly.

The confluence of certain factors such as the growing healthcare infrastructure, increasing government spending, and rising prevalence of chronic diseases are the key drivers of this market.

The largest portion of the market share is held by multinational pharmaceutical companies like Johnson & Johnson, Pfizer, and AbbVie because of their substantial marketing budgets, well-established distribution networks, and broad product portfolios. Even though they may have lesser market shares individually, regional firms like Tabuk Pharmaceuticals and Hikma Pharmaceuticals can be formidable rivals when combined, particularly in the generics sector where price is a more important factor.

Market Dynamics

Market Growth Drivers

Growing Healthcare Infrastructure: Saudi Arabia has been investing significantly in its healthcare infrastructure to meet the rising demand for medical services. Various government-initiated projects are in development, to build new hospitals, clinics, and healthcare facilities. This expansion can drive the demand for pain management therapies as the healthcare system grows, leading to greater opportunities for pharmaceutical and biotech companies.

Increasing Healthcare Spending: The Saudi Arabian government has shown a commitment to improving the overall health of its population by increasing healthcare spending. A higher budget allocation for healthcare can result in increased access to medications and therapies. This may include increased funding for research and development, drug approvals, and healthcare services, further boosting the market in the country.

Prevalence of Chronic Diseases: Like many other countries in the region, Saudi Arabia is facing a rise in chronic diseases such as CVDs, diabetes, and cancer. The increasing prevalence of these conditions creates a demand for advanced and effective therapeutics. Pharmaceutical companies focusing on developing innovative treatments for chronic diseases may find opportunities in the Saudi Arabian market.

Market Restraints

Healthcare Affordability and Insurance Coverage: The affordability of healthcare services and the level of insurance coverage can influence the accessibility of therapeutics. A significant population in Saudi Arabia relies on healthcare insurance provided by the government as medicines are expensive in the country. This limits their ability to afford expensive medications. This, in turn, can impact the demand for certain therapeutics, especially high-cost specialty drugs.

Dependency on Oil Prices and Economic Factors: Saudi Arabia's economy is dependent on its primary economic activity, the oil market. Fluctuations in oil prices can have a significant impact on the overall economy. Economic uncertainties, recessions, or periods of low oil prices may lead to reduced government spending on healthcare. This, in turn, can affect investments in the therapeutics market and hinder the growth of the pharmaceutical and biotech sectors.

Limited Local Manufacturing Capacity: Dependency on imports for pharmaceutical products can be a restraint for the market. If there is limited local manufacturing capacity, the industry may face challenges related to supply chain disruptions and fluctuations in global trade dynamics.

Healthcare Policies and Regulatory Landscape

The Saudi Food and Drug Authority (SFDA) plays the primary role in safeguarding public health and ensuring the safety and efficacy of food, drugs, and medical devices in the country. It functions as an autonomous regulatory body under the jurisdiction of the national government. The main purpose of the SFDA establishment is to regulate, oversee, and monitor food, drugs, and medical devices, as well as to set mandatory standard specifications thereof, whether they are imported or locally manufactured. The authority responsible for monitoring and/or testing activities in the SFDA or other agency's laboratories. Moreover, the SFDA is in charge of consumer awareness on all matters related to food, drug and medical devices, and all other products and supplies.

Competitive Landscape

Key Players:

• AbbVie
• Pfizer
• Johnson & Johnson
• AstraZeneca
• Novartis
• Sanofi
• Merck & Co.
• Tabuk Pharmaceuticals
• Hikma Pharmaceuticals
• Julphur Pharmaceuticals