by The global Mena biologics and biosimilars market is estimated to be valued at US$ 502.2 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 and biosimilars are genetically engineered or produced through biotechnology for treatment of various chronic diseases like cancer, autoimmune diseases and others. Biologics are preferred over conventional medicines due to their effectiveness, high selectivity and specificity towards disease pathogenesis. Biosimilars are developed using living systems such as microorganisms, plants and animals and are cost effective equivalents of original biologics.
Market key trends:
One of the key trends fueling the Mena biologics and biosimilars market growth includes rising prevalence rates of chronic and autoimmune disorders across MENA region necessitating adoption of biologics and biosimilars. According to WHO, non-communicable diseases account for nearly 75% of deaths across MENA countries, out of which cancer is emerging as a leading cause of mortality. Such rising disease burden is prompting healthcare providers and patients to opt for cost-effective treatment options like biosimilars rather than original biologics. This is positively impacting the overall market growth.
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Market key trends:
The Mena Biologics And Biosimilars market has seen significant advancement in recent times. One of the key trends in this market is the rapid adoption of biosimilars. With patent cliffs of many blockbuster biologics coming to an end, biosimilars present a cost-effective alternative for treatment. Additionally, with increasing burden of chronic diseases and rising healthcare costs in the MENA region, biosimilars are expected to play a crucial role in enhancing access to biologics.
SWOT Analysis
Strength: Growing burden of non-communicable diseases and rising healthcare expenditure in the MENA countries are driving the demand for biosimilars and biologics.
Weakness: Limited manufacturing infrastructure and stringent regulations can hamper growth of domestic biosimilar industry in the region.
Opportunity: Patent expiration of major biologic drugs and approval of biosimilars provide opportunity for market players to cater unmet needs at lower costs.
Threats: Complex nature of biologics manufacturing and uncertainty over interchangeability/switching can negatively impact biosimilar uptake. High R&D investment required also poses challenge.
Key Takeaways
The Global Mena Biologics And Biosimilars Market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period of 2023 to 2030, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated to be US$ 502.2 Mn.
Regional analysis: The MENA region is poised to become one of the fastest growing markets for biosimilars given the rising healthcare needs and expanding healthcare infrastructure. Saudi Arabia dominates the regional market currently owing to the largest pharmaceutical market and positive regulatory reforms supporting biosimilar development and uptake in the country.
Key players: Key players operating in the Mena Biologics And Biosimilars market include Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc., Sanofi, Amgen Inc. These established global players have been investing in the MENA region to leverage opportunities arising from rising biologics demand and patent cliff of major drugs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
