The size of the Middle East and Africa Biosimilars Market is forecasted to grow from USD 2.70 billion by 2028 from USD 0.88 billion in 2023, growing at a CAGR of 24.96% from 2023 to 2028. Rising demand to increase the number of research centers in developed countries elevates the growth rate of the market in this region.
Biosimilars are emerging as one of the most important sectors in the healthcare industry. With increasing healthcare costs, biosimilars are being looked upon as an affordable treatment option. Growing economies are observing comprehensive growth in the biosimilars industry from demanding clinical needs of therapeutics. The rise in GDP and healthcare expenditures and the demand for cost-effective therapeutics solutions have resulted in this market's growth.
Biosimilars are made using living cells that treat disease by recombinant DNA technology and controlled gene expression. Most biosimilars are derived from bacteria, viruses, plants, and animals. Biosimilar drugs are used to prevent and cure various diseases such as rheumatoid arthritis, cancer, chronic kidney failure, oncology, diabetes, heart attacks, autoimmune diseases, growth hormone deficiency, and infectious disease.
Biosimilars offer a cheaper alternative to other biological and synthetic drugs. The main health challenges within the Middle East and African region are beginning to reflect those in Western countries, with diabetes highly prevalent, with more than 1 in 10 adults suffering from it, and cancer-related mortality rates increasing. Economies in this region vary from country to country. While some countries in the region have been able to modify their healthcare expenditure to provide biosimilar therapies, others – such as Egypt and Algeria – are struggling. Government support and initiatives play a crucial role. Emerging pharmaceutical markets and lenient government regulations provide some of the major openings in this is market. However, high manufacturing cost and complexity and the availability of low-priced generic drugs in the market are some of the market's major restraints.
This research report on the MEA biosimilars market has been segmented and sub-segmented the market into the following categories:
By Product Type:
Regionally, awareness of biosimilars and research in the MEA region continues to grow, with the clinical trials of biosimilars already taking place in some countries, most notably Jordan. As a result, the possibility of an increase in interest in biosimilars across these nations is very likely.
KEY MARKET PLAYERS:
Companies like Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd. Dr. Reddy’s Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics, and Cipla Ltd are playing an important role in the MEA Biosimilars Market.
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