Mena biologics and biosimilars market

The growing biosimilars acceptance in emerging economies anticipated to openup the new avanue for Mena Biologics And Biosimilars Market

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The Mena Biologics And Biosimilars Market is estimated to be valued at US$ 502.2 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Mena Biologics And Biosimilars Market focuses on the manufacturing and development of biosimilar and biologics drugs for various therapeutic areas such as oncology, hematology, immunology and others. The biologics and biosimilars drugs are complex protein-based medicines which helps in treating chronic diseases. The key players in this market are investing aggressively in R&D of biosimilar versions of biologic drugs to provide affordable treatment options.

Market Dynamics:

Increasing prevalence of chronic diseases such as cancer, diabetes and autoimmune disorders is a major factor driving the growth of MENA biologics and biosimilars market. As per WHO, chronic diseases accounted for around 60% of total reported deaths in the MENA region in 2020. Moreover, high treatment cost of branded biologics is encouraging patients and healthcare providers to shift towards cost effective biosimilar alternatives. For instance, biosimilars offer around 30% reduction in costs compared to their reference biologics. Additionally, favorable regulations and growing acceptance of biosimilars in emerging markets such as GCC countries will further support the market growth over the forecast period.

Segment Analysis

The Mena biologics and biosimilars market is segmented based on product type, application and distribution channel.

By product type, the biosimilars segment dominates the market with over 60% share. Biosimilar drugs are identical versions of original biologics, offering more affordable treatment options. Growing acceptance of biosimilars by clinicians, cost-effectiveness compared to biologics and increasing patent expiries of blockbuster biologics are major factors driving the growth of this segment.

PEST Analysis

Political: Governments across Mena are formulating supportive regulations to domestic manufacturing of biologics and biosimilars. This will help in improving regional supply and lowering healthcare costs.

Economic: Rising healthcare expenditures, growing per capita incomes and increasing healthcare access are fueling the growth of Mena biologics and biosimilars market.

Social: Rising prevalence of chronic diseases like cancer and diabetes due to lifestyle changes and growing geriatric population is generating higher demand for affordable biologic drugs.

Technological: Advancements in recombinant DNA technology, therapeutic antibodies and cell therapy are leading to development of novel and targeted biologics with better efficacy and safety profiles. This is expanding the indications that can be treated.

Key Takeaways

The Mena Biologics And Biosimilars Market Size is expected to grow at a CAGR of 4.6% during 2023-2030 driven by rising geriatric population, increasing incidence of chronic diseases, growing demand for affordable biosimilars and availability of novel biologics.

Regionally, Saudi Arabia holds the largest market share due to major initiatives by the government to localize production and availability of advanced healthcare infrastructure in the country. Egypt is poised to witness fastest growth owing to large population base, rising medical tourism and growing collaborations between domestic and international pharmaceutical companies.

Key players operating in the Mena biologics and biosimilars market are Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc., Sanofi, Amgen Inc. Major players are focusing on new product launches, partnerships and expanding their manufacturing facilities in the region to tap the market potential.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it