Biologics and biosimilars play a pivotal role in the treatment of various chronic diseases ranging from diabetes, cancer to autoimmune diseases. Their advantages include high efficacy, targeted approach and less side effects compared to other drugs. Biosimilars provide similar therapeutic effect with reduced costs, increasing access to treatment especially in low and middle-income countries of MENA region.
The global Mena Biologics & Biosimilars Market is estimated to be valued at Us$ 750 Million In 2023 and is expected to exhibit a CAGR Of 1.1% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The wide adoption of low-cost biosimilars is one of the key trends driving the growth of MENA biologics and biosimilars market. Biosimilars offer significant cost savings compared to their reference biologics and thereby increasing their affordability. They provide similar clinical benefits with 15-35% lower costs. This price differential is inducing higher uptake especially for chronic disease management. Regulatory policies and guidelines supporting biosimilars are also facilitating their widespread acceptance in the MENA region. Educating healthcare stakeholders on biosimilarity and interchangeability through awareness programs are further boosting the MENA biologics and biosimilars market growth.
Segment Analysis
The MENA biologics & biosimilars market is dominated by the pharmaceutical biologics segment, which accounts for over 60% share. This segment is leading as biologics drugs are getting widely accepted for treating chronic diseases such as cancer, diabetes, and autoimmune conditions. With the rising incidences of such diseases, the demand for biologics drugs is increasing rapidly in the Middle East and North African countries.
Key Takeaways
The MENA Biologics And Biosimilars Market Demand is expected to witness high growth over the forecast period.
Regional analysis:
The South Africa region currently dominates the MENA biologics & biosimilars market and is expected to grow at a CAGR of over 2.5% during the forecast period. This is primarily due to the highly developed pharmaceutical industry, growing acceptance of biosimilar drugs over conventional biologics and increasing healthcare spending in the country. The Saudi Arabia region is projected to witness the highest growth rate during the same period, favored by the expanding pharmaceutical sector, rapidly growing elderly population and high disease burden.
Key players operating in the MENA biologics & biosimilars market are Celltrion Inc., Pfizer Inc., Samsung BioLogics, Amgen, Sandoz International GmbH, Teva Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd.
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