May 27, 2024

MENA Biologics & Biosimilars Market Is Expected To Be Flourished By Increasing Patent Expiries Of Biologics Drugs

Biologics are medicinal products manufactured or extracted from biological sources using biotechnology. They include vaccines, blood and blood components, allergenics, somatic cells, gene therapies, tissues, and recombinant therapeutic proteins. Biosimilars are medicinal products that are developed to be similar to an existing approved biological drug (the reference biological product). They are developed to have similar quality, safety, and efficacy as the reference product. The growing prevalence of chronic diseases in the Middle East & North Africa (MENA) region such as cancer, diabetes, and autoimmune diseases has led to high demand for advanced biologics and biosimilars. Furthermore, increasing patent expiries of blockbuster biologics opens up opportunities for biosimilar drugs in the region. For instance, patent expiry of Humira, Enbrel, and Remicade has boosted investment in biosimilar development in the MENA region.

The global Mena Biologics & Biosimilars Market is estimated to be valued at Us$ 4.5 Billion In 2023 and is expected to exhibit a CAGR Of 1.1% over the forecast period 2023-2033, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

MENA Biologics & Biosimilars Market is Expected to Flourished by Increasing Patent Expiries of Biologics Drugs

One of the major drivers for the growth of the MENA Biologics & Biosimilars Market is increasing patent expiries of blockbuster biologics drugs which is opening up opportunities for biosimilar manufacturers. For example, expiry of patents of drugs like Humira, Enbrel and Remicade has boosted investment in biosimilar development in the MENA region. Patent expiries allow other companies to produce cheaper generic versions of biologics drugs, thereby increasing access to life-saving medicines. This will likely reduce treatment costs and expand patient access.

 

Segment Analysis

MENA Biologics & Biosimilars Market is segmented into monoclonal antibodies, vaccines, recombinant proteins, and others. Monoclonal antibodies dominated the market and accounted for over 35% share in 2019. Monoclonal antibodies have proven effective in treating various chronic diseases like cancer and autoimmune disorders. They block the specific cellular receptors which help in slowing or stopping the progression of diseases.

PEST Analysis

Political: The governments in the MENA region are focusing on improving healthcare infrastructure and providing universal access to medicines. They are implementing favorable regulations to promote local manufacturing of biologics and biosimilars.

Economic: High prevalence of chronic diseases and growing healthcare expenditure are driving the demand for cost-effective biologics and biosimilars in the region. However, political instability and economic uncertainties in some countries continue to pose challenges.

Social: Rising health awareness and increasing disposable incomes have increased the adoption of biopharmaceuticals. However, cultural and religious beliefs also influence patients’ treatment decisions in a few countries.

Technological: Continuous advancements in fields of genomics and bioprocessing have enabled development of more effective and affordable biologics and biosimilars. Local players are also investing in setting up state-of-the-art manufacturing facilities.

Key Takeaways

The MENA Biologics And Biosimilars Market Demand is expected to witness steady growth during the forecast period.

 

Regional analysis:

 

The GCC region dominates the market and accounts for over 40% share due to high spending on healthcare, availability of advanced medical facilities, and presence of major industry players in countries like Saudi Arabia and UAE.

Key players operating in the MENA Biologics & Biosimilars Market are Pfizer Inc, Amgen Inc., Novartis AG, F. Hoffmann-La Roche Ltd., and Celltrion Inc. With aging population and rising prevalence of chronic diseases, the demand for biologic therapeutics has been increasing significantly. Local players are collaborating with global innovators to accelerate product development and commercialization in the region. Several companies are also investing in building state-of-the-art biomanufacturing facilities to cater to the local and export markets. The overall competitive landscape continues to evolve with new product approvals and market entries.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it