The Cancer Immunotherapy Market size in Middle East & Africa is predicted to be growing at a CAGR of 11.35% from 2023 to 2028. The market size is predicted to be worth USD 9.21 billion by 2028 from USD 5.38 billion in 2023.
Cancer immunotherapy has emerged as a new avenue for revenue generation for pharmaceutical companies in Middle East Africa. In addition, the Increasing Access to medical insurance in developing countries such South Africa, UAE, and Saudi Arabia, is expected to impact the market growth positively.
The market for cancer immunotherapy in MEA is expected to be driven by the proliferation of cancer and growing awareness about cancer treatment among the people in the region. Also, there is a rising preference for immunotherapy over conventional techniques. This is because it provides long-term cancer protection, has more minor side effects, and treats a wide range of cancer populations. In addition, technological advancements in the healthcare sectors region, including advanced cancer treatment therapies, are expected to fuel the market growth.
The growing population is considered one of the major growth contributors to the market growth, as the rise in the population is vulnerable to various cancer diseases that are expected to drive the market. In addition, the initiatives taken by the government for creating awareness programs about the availability of cancer treatments are most likely to influence the market growth. Moreover, increasing investments and funding by the government and private organizations to develop healthcare infrastructure provides the way for new market entrants. Additionally, the major companies in the region are conducting research and development activities on cancer immunotherapy are providing lucrative growth opportunities for the market growth.
Patients who have failed to react to chemotherapy have benefited from the introduction of novel compounds. In addition, several new immunotherapeutic alternatives, such as immunomodulators and CAR-T cell therapy, are being evaluated in the lab to see if they might improve cancer treatment; therefore, rising research and development activities are expected to encourage market growth. Furthermore, growing approvals for novel immunotherapy medicines for treating cancers such as prostate cancer, blood cancer, colorectal cancer, melanoma, breast cancer, lung cancer, and others are propelling the sector ahead.
However, the stringent government regulations related to cancer immunotherapy are hindering market growth. In addition, the government has promoted monitoring of immunotherapy usage. It is also monitoring clinical trials conducted following government guidelines, making it more difficult for firms to enter the field and, as a result, likely to impede market growth.
This research report on the MEA Cancer Immunotherapy market has been segmented & sub-segmented into the following categories:
By Type of Therapies:
By Area of Therapy:
Geographically, the Middle East region is anticipated to record a considerable share in the MEA Cancer immunotherapy market during the forecast period. The market growth in the region is attributed to the increasing incidence of cancer patient pool, rising demand for cancer treatments, and adoption of modern therapeutics. In addition, the other factors, such as increasing healthcare expenditure and the rising number of ongoing clinical trials, are expected to promote market growth. Also, New and Advanced immunotherapy drugs have been introduced in the developed countries such as UAE, South Africa, and Saudi Arabia.
South Africa is expected to dominate the MEA Cancer immunotherapy market and account for the highest share in 2022. Cancer disease prevalence, high mortality rate, and favorable government policies are fuelling the market growth. Also, the availability of sophisticated immunotherapy medications is further expected to boost market growth. However, the market is projected to witness significant growth in the coming years.
On the other hand, countries like the United Arab Emirates and Saudi Arabia are most likely to showcase a promising share and contribute to the MEA regional market growth. The market is expected to grow as healthcare spending rises and reimbursement policies become more transparent. In addition, the rising prevalence of cancer has been a primary element driving the growth of the cancer immunotherapy market.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the MEA cancer immunotherapy market profiled in this report are F. Hoffmann-La Roche Ltd, Amgen, Viralytics, Novartis Pharmaceuticals Corporation, Pfizer, GlaxoSmithKline Pharmaceuticals Limited, AstraZeneca plc, Medivation, Advaxis, Bristol-Myers Squibb, Merck & Co. and Celgene Corp and Immunomedics.
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