by The global Mena Biologics And Biosimilars Market is estimated to be valued at US$ 502.2 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Mena Biologics And Biosimilars Market consists of pharmaceutical drugs manufactured via biologic processes such as cellular manipulation or fermentation. The drugs include monoclonal antibodies, therapeutic proteins, recombinant blood factors, cytokines, DNA and RNA based drugs. These drugs treat chronic diseases such as cancer, diabetes, rheumatoid arthritis and multiple sclerosis. They are cost effective alternatives to patented biologics and aim to provide affordable treatment options in the MENA region.
Market key trends:
One of the key trends in the Mena Biologics And Biosimilars Market is increasing focus on biosimilars to reduce treatment costs. The prevalence of chronic diseases is rising in the MENA countries due to aging population and lifestyle changes. However, high costs of biologics limits patient access to treatment. Biosimilars provide an affordable option and are expected to gain more approvals and market share over the forecast period. This will enable more patients to access cost-effective medication and drive the growth of the Mena Biologics And Biosimilars Market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as substantial capital investments are required for R&D and facility setup for biologics and biosimilars. However, supportive regulatory policies may attract new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high as buyers have a large number of product options available from global as well as regional players. This puts pricing pressure on companies.
Bargaining power of suppliers: The bargaining power of suppliers is low since raw material supplies are available from a large number of global sources.
Threat of new substitutes: Threat of new substitutes is low as biologics and biosimilars have few substitutes. However, alternative therapies may limit the market for certain products.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of global as well as regional players. Players compete based on product differentiation, pricing, and brand positioning.
Key Takeaways
The Mena Biologics And Biosimilars Market Size is expected to witness high growth, exhibiting a CAGR of 4.6% over the forecast period, due to increasing prevalence of chronic diseases and rising demand for cost-effective biologics.
The GCC countries dominated the Mena biologics and biosimilars market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to high healthcare expenditure, developing healthcare infrastructure and presence of leading players in the region.
Key players operating in the Mena biologics and biosimilars market are Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc., Sanofi, Amgen Inc. These companies have strong distribution networks across the region and focus on new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
