The size of the Middle East and Africa Biopharmaceuticals Market is estimated to grow USD 29.29 billion by 2027 from USD 18.90 billion in 2022, estimated to be growing at a CAGR of 9.16% during the forecast period.
The increased demand for biopharmaceuticals is being met by a greater focus on research and associated funding in MEA. In addition, biopharmaceutical products' potential to treat previously untreatable diseases has resulted in the introduction of novel medicines to the market. As a result of these factors, the market under consideration is anticipated to expand throughout the forecast period. The MEA biopharmaceuticals market is fueled by several reasons, including an aging population, growth in the frequency of chronic diseases, including cancer and diabetes, and a global increase in biopharmaceutical usage. Furthermore, the biopharmaceuticals business is expected to benefit from an increase in strategic alliances among pharmaceutical companies. Egypt and South Africa continue to generate double-digit growth in institutional sales. Saudi Arabia is the largest pharmaceutical market in the Middle East, accounting for 60% of the regional market, followed by the United Arab Emirates. Saudi Arabia boasts the largest industrial sector in the Gulf, although most of its output is headed for export. Domestic production contributes to around 17% of the market's total supply of medicines.
The majority of vaccine candidates under development are complex protein subunit vaccines, RNA, and DNA. This factor is expected to increase demand in the biopharmaceuticals market in the near future as the epidemic progresses. The ability of biopharmaceutical products to cure previously incurable diseases has led to the introduction of novel drugs to the market. In addition, in the near future, the desire to prevent the side effects associated with some small-molecule medications and invasive surgical procedures is anticipated to drive increasing demand in the biopharmaceuticals market. With governments in the region increasingly concentrating on the well-being of a rising population and improving healthcare services, timely and safe delivery of medical supplies and pharmaceutical goods has prepared the path for a promising future for the region's pharmaceutical sector. In the future, high life expectancy and rapid population increase are projected to stimulate demand for medicines. Higher healthcare demand has resulted from rising healthcare awareness and rising per capita income. The infant mortality rate has decreased considerably over time as a result of improved healthcare facilities and treatment.
The growth limiting factors for the researched market include rigorous regulatory difficulties and the necessity of a large investment in developing a biopharmaceutical medication. In addition, the high costs of deploying testing equipment are expected to hinder the MEA biopharmaceuticals market's expansion.
Stringent pharmaceutical procedures encountered by health practitioners, biopharmaceutical companies, and stakeholders are the main restraints on the market expansion. In addition, there are several challenges and obstacles involved with new medication discovery and the advertising of such unique treatments.
This research report on the MEA biopharmaceuticals market has been segmented and sub-segmented into the following categories:
By Product Type:
By Therapeutic Type:
Africa is leading most of the biopharmaceuticals market in this region due to the enlarging population and an increasing number of cases with lack of malnutrition. Furthermore, rising diseases like obesity and type-2 diabetes accelerate market growth. In addition, increasing demand for contributing quality services is enlarging the market share. Adopting unhealthy food habits and lack of proper knowledge over fitness are the significant factors surging the growth. However, high costs and side effects of biopharmaceuticals like breathing problems and allergies hamper the market growth.
In the Middle East, the growing incidences of non-contagious chronic diseases like diabetes, cardiovascular diseases, etc., have increased demand for the biopharmaceuticals market in this region. Furthermore, adopting unhealthy lifestyles and a lack of physical movement is one of the major factors driving demand for the biopharmaceuticals market. In addition, the increased number of people consuming alcohol and cigarettes has increased the need for the biopharmaceuticals market in this region.
In Africa, expanding population and rate of malnutrition are propelling the demand of the market. Furthermore, increasing diseases like obesity and type-2 diabetes will drive the demand for the market in this region. In addition, the rising need to promote quality services is expanding the shares of the market.
KEY MARKET PLAYERS:
Companies such as Merck & Co., Inc., F. Hoffmann-La Roche AG, Eli Lilly and Company, Inc., Sanofi, Amgen Inc., AbbVie Inc., Biogen Idec, Bayer AG, Johnson & Johnson Services, Pfizer, Inc. and Novartis AG are playing a dominant role in the MEA Biopharmaceuticals Market.
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