The global 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:
Biologics therapies have revolutionized the treatment of various chronic and life-threatening diseases like cancer, diabetes, rheumatoid arthritis etc. These biologic drugs are large, complex molecules produced from living cells and have proven very effective in the treatment of various diseases. However, their high cost makes access to these life saving drugs difficult. Biosimilar drugs are follow-on versions of original biologic drugs that are designed to have highly similar clinical performance. They provide more affordable treatment options without compromising on quality and efficacy.
Market key trends:
The patent expiration of several blockbuster biologics in the coming years coupled with the increasing burden of chronic diseases is expected to drive the growth of biosimilars in the MENA region. For instance, blockbuster drugs including Humira, Herceptin, and Avastin are expected to lose patent exclusivity in the U.S. between 2023 and 2030 opening up opportunities for biosimilar manufacturers. Additionally, rising healthcare expenditure and government policies encouraging the use of lower-cost alternatives are also fueling the demand for biosimilars in the region.
Segment Analysis
The Mena Biologics And Biosimilars Market is segmented into monoclonal antibodies, recombinant growth factors, granulocyte colony-stimulating factor biosimilars, interferon, erythropoietin, insulin, and other recombinant proteins. The monoclonal antibodies segment dominated the market in 2023 and is expected to continue its dominance over the forecast period due to the increasing prevalence of cancer and autoimmune diseases that require monoclonal antibody treatment. Monoclonal antibodies are increasingly being used for treating various conditions like cancer, arthritis, psoriasis etc.
Key Takeaways
Market size
The global Mena Biologics And Biosimilars Market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing prevalence of chronic diseases like cancer, diabetes etc and growing geriatric population in the MENA region who are more prone to such diseases and require biological drug treatment.
Regional analysis
The MENA region is expected to be the fastest growing market for biologics and biosimilars due to developing healthcare infrastructure and rising healthcare expenditure in countries like Saudi Arabia, UAE etc. The GCC countries dominated the market in 2023 and are expected to continue their dominance over the forecast period.
Key players
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. Pfizer dominated the market in 2023 due to its product portfolio and established presence in the region. However, other regional and local players are also expected to witness high growth over the forecast period.
Read more: https://www.ukwebwire.com/mena-biologics-and-biosimilars-market-insights-trends/
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