PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1378560
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1378560
MENA biologics & biosimilars market is estimated to be valued at US$ 502.2 Mn in 2023, and is expected to exhibit a CAGR of 4.6% during the forecast period (2023-2030).
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 502.2 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 4.60% | 2030 Value Projection: | US$ 689.3 Mn |
Biologics, or biological products, are medicines that are made from living organisms through highly complex manufacturing processes and must be handled and administered under carefully monitored conditions. Biologics include a wide variety of products such as gene and cell therapies, therapeutic proteins, monoclonal antibodies, blood products, cytokines, growth factors, fusion proteins, insulin, interferon, and vaccines. Biologics are used to prevent, treat, or cure various diseases including cancer, chronic kidney disease, diabetes, cystic fibrosis, and autoimmune disorders. It improves health in many complex conditions including crohn's disease, ulcerative colitis, diabetes, rheumatoid arthritis, cancer, osteoporosis, psoriasis, HIV, multiple sclerosis, growth deficiencies, and others. In the ever-evolving pharmaceuticals and biotechnology, the concept of biologic localization has gained popularity. The Kingdom of Saudi Arabia, driven by its Vision 2030 framework, aspires to establish itself as a global biologics manufacturing hub.
The healthcare sector of Saudi Arabia is witnessing significant reforms, owing to increasing initiatives by governments, agreements between multinational pharmaceutical companies, and rising healthcare expenditures. Rapid reforms in the healthcare sector in Saudi Arabia by the government and multinational companies is expected to propel growth of the MENA biologics & biosimilars market. For instance, in March 2020, the Ministry of Health (MOH) of Saudi Arabia signed a memorandum of understanding with Sanofi, a pharmaceutical and healthcare company in Saudi Arabia to start localizing and transferring insulin industry technology locally in the Kingdom of Saudi Arabia and exploring the possibility of external exports to the GCC countries and the Middle East region. The memorandum included, the availability of diabetes medications in the Kingdom, and providing innovative healthcare solutions to treat and reduce diabetes complications in the Kingdom.
MENA Biologics & Biosimilars Market Detailed Segmentation: