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pharmaceutical report 2023 Allianz Trade in Middle East

Pharmaceutical Sector Report 2023

Summary of 2022 performance, general outlook for 2023 and regional focus

August 2023
  • The pharmaceutical sector used the pandemic as an opportunity to research, develop, and sell new vaccines and curative Covid-related treatments worldwide.
  • Global revenues for pharmaceutical sector grew by around +8.5% y/y and +15.5% y/y on average in 2020 and 2021, respectively.
  • Pandemic-driven revenue growth expected to fade in 2023 for pharmaceutical sector.
  • Despite this, a robust pipeline of new medicines will ensure mid-term growth.
  • The pharmaceutical market in Saudi Arabia is the largest in the GCC region and is expected to reach 10.7 USD billion by 2025.
  • The pharmaceutical market in the UAE is expected to grow to 4.4 USD billion by 2025.
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"Pharmaceutical Sector Report"