PUBLISHER: Grand View Research | PRODUCT CODE: 1363020
PUBLISHER: Grand View Research | PRODUCT CODE: 1363020
The Africa generic pharmaceutical market size is estimated to reach USD 9.29 billion by 2030, according to a new report by Grand View Research, Inc.. The market is projected to grow at a CAGR of 4.32% from 2023 to 2030. The market is positioned for significant growth opportunities driven by several compelling factors. One crucial factor is the region's growing population and increasing healthcare needs, which have led to rising demand for affordable medicines. However, limited healthcare budgets have made it challenging for many people to access expensive branded drugs, creating an ideal environment for the flourishing of generic pharmaceuticals. These generics play a critical role in addressing the healthcare affordability challenges across Africa, making essential medications more accessible to a broader population.
Another advantage of generic drugs is their potential for high-volume sales. Africa's large patient population, coupled with the prevalence of chronic diseases like cardiovascular disorders, diabetes, and infectious diseases, presents a substantial market for generic medicines. These drugs not only fulfill immediate healthcare demands but also contribute to improving overall health outcomes by providing cost-effective solutions.
As the region's evolving healthcare landscape, the market in Africa is poised to assume a pivotal role in shaping the future of healthcare delivery. By offering affordable medications and meeting the needs of the growing patient population, these medicines will contribute significantly to enhancing healthcare accessibility and overall health outcomes for the population across the continent.
Furthermore, growing health concerns, emerging pharmaceutical innovation, and growing research & development activities contribute to market revenue. Pharmaceutical drug products have become increasingly important in the region, attributed to increasing competition between multinational and local pharmaceutical companies vying for a higher share. Therefore, continued generics innovation to expand their presence has benefited the market. For instance, in March 2023, MSN Group introduced Fesobig, the world's first bioequivalent generic of Feroteodine Fumarate, an effective treatment for Overactive Bladder (OAB) and Urinary Incontinence (UI). Priced at approximately USD 15 per tablet in the U.S., Fesobig will soon be available globally, pending regulatory approvals. This development holds significant potential for the market, offering cost-effective alternatives for patients in need.
The key market participants are engaged in strategies such as partnerships, agreements, mergers & acquisitions, collaborations, and launches, among others, to expand their global footprints and portfolios. For instance, in May 2023, Cipla Inc. announced its plans to produce a generic version of a revolutionary HIV-prevention drug, long-acting cabotegravir (CAB-LA), in South Africa. The manufacturing would take place at Cipla's facilities located in Benoni or Durban. This significant development marked the first time that an affordable variant of this breakthrough medication would be manufactured in South Africa. Consequently, it has the potential to provide millions of individuals at risk of HIV infection in Africa with access to a bimonthly injection that would significantly reduce their chances of contracting the virus.