The size of the biomarkers market in the Middle East & Africa region is expected to reach USD 7.98 billion by 2028 from USD 3.92 billion in 2023, growing at a CAGR of 15.29% during the forecast period.
The high prevalence of cancer and heart problems in the MEA region has increased the demand for biomarkers. The technological advancements in medical fields are the major factors attributed to the MEA biomarkers market growth. The increase in cancer cases worldwide has increased the need for technology for early diagnosis and successful treatment. According to the World Cancer Research Fund International, there have been 18 million cases worldwide in 2018. Therefore, the use of biomarkers in oncology has been more prevalent than any other disease. In addition, the rising awareness for prevention and cure for cancer is of the utmost importance to governments and pharmaceutical companies in the region. There are many types of cancer, and among them, breast cancer, lung cancer, and prostate cancer are the most common. The most common cancers are breast, bladder, and liver cancers in North Africa; prostate. Lung and colorectal cancers are more prevalent in southern Africa, while cancer of the esophagus and cervix is most common in Eastern Africa. In South Africa, death rates from prostate and cervical cancer have increased over time.
Several factors such as sedentary lifestyle changes, poor eating habits, increase in smoking, and genetic predilection has given rise to more cardiovascular diseases in the past several decades. According to the WHO, cardiovascular disease (CVD) kills 18.2 million each year, equivalent to 32% of all deaths worldwide. There is high demand for cardiac biomarkers in the region due to improved healthcare facilities. For example, in 2020, there were 1,855,600 new cases worldwide. The death rate from cardiovascular disease was also high in Saudi Arabia, the United Arab Emirates, Bahrain, and Qatar 43%, 39%, 33%, and 24%, respectively, the government and pharmaceutical companies are spending heavily to provide high-quality treatment, which ultimately leads to the growth of the biomarker market in MEA region. Biomarkers have been used beyond the research laboratory to monitor disease status, prompt diagnosis, and efficient treatment. Hence, long-term cancer treatment procedures are likely to boost the growth of the MEA biomarkers market.
However, the higher level of investment required for research and development of biomarkers for various fields and the lack of developed facilities may reduce the market's growth rate during the forecast period. In addition, collecting the data for clinical validity is a time-consuming process, which is further complicated by the lack of regulated authorities. All of these factors can present a significant restraint for the MEA biomarkers market.
This research report on the MEA biomarkers market has been segmented and sub-segmented into the following categories:
By Disease Indications:
The biomarkers market in UAE is expected to grow at a lucrative CAGR during the forecast period, attributed to the increasing number of international research organizations in the region, sufficient funds for clinical trials, and reasonable healthcare expenditures. As a result, the UAE market is expected to remain the dominant market share in the MEA region. Current health expenditure estimates include the health goods and services consumed each year. The UAE's healthcare expenditure for 2019 was $ 1,858, an increase of 10.22% from 2018. This will increase the number of biomarker production and distribution, creating enormous opportunities for regional market growth.
In 2022, Saudi Arabia accounted for a good share of the market. Saudi Arabia's GDP for 2020 had an 8.4% increase leading to $ 48 billion than the $ 43.2 billion in 2018. Much of this region can be attributed to the increasing use of biomarkers in personalized medicine, the high rate of disposable income, and a higher rate of adoption of biomarkers for cancer diagnosis.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the MEA Biomarkers Market profiled in this report are Bio-Rad Laboratories (U.S.), Qiagen N.V. (Netherlands), Enzo Biochem (U.S.), PerkinElmer, Inc. (U.S.), Merck & Co, Inc. (U.S.), EKF Diagnostics Holdings plc. (U.S.), Meso Scale Diagnostics, LLC (U.S.), Singulex, Inc. (U.S.), BioSims Technologies (France), Cisbio Bioassays (France), and Signosis, Inc. (U.S.).
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