PUBLISHER: The Insight Partners | PRODUCT CODE: 1871507
PUBLISHER: The Insight Partners | PRODUCT CODE: 1871507
The custom antibody services market in the Middle East and Africa is projected to grow from approximately US$ 16.65 million in 2023 to US$ 25.54 million by 2031, reflecting a compound annual growth rate (CAGR) of 5.5% during this period.
Executive Summary and Market Analysis
The market is divided into key regions including the UAE, Saudi Arabia, South Africa, and the broader Middle East and Africa. Several factors are driving growth in this sector, such as advancements in healthcare infrastructure, increased research and development activities, and a rise in the number of companies entering the market. The region is witnessing various research initiatives, enhanced access to high-tech research facilities (notably in the UAE and Saudi Arabia), and a growing prevalence of chronic and infectious diseases, alongside an aging population, all contributing to market expansion.
Market Segmentation
The Middle East and Africa custom antibody services market can be analyzed through several segments:
Market Outlook
The increasing elderly population, shifts in social behavior, and a rise in sedentary lifestyles are contributing to the prevalence of obesity and chronic diseases. Chronic diseases accounted for 74% of global deaths in 2019, with cardiovascular diseases (CVDs) being the leading cause of mortality, resulting in approximately 17.9 million deaths annually. The World Health Organization (WHO) reports that diabetes, affecting 425 million people in 2017, is expected to rise to 629 million by 2045, further driving the demand for custom antibodies.
The recognition of biosimilars and monoclonal antibodies as effective treatments is increasing their demand, as they provide cost-effective solutions for various chronic conditions, including cancer and autoimmune diseases. The rising prevalence of chronic diseases is significantly boosting the custom antibody services market.
Country Insights
The market includes key countries such as Saudi Arabia, South Africa, the UAE, and the rest of the Middle East and Africa, with Saudi Arabia holding the largest market share in 2023. The country is experiencing rapid healthcare development, with substantial investments in healthcare infrastructure, which supports the growth of custom antibody services. In 2021, Saudi Arabia allocated about 16% of its annual budget to healthcare, reflecting its commitment to enhancing healthcare services.
The incidence of cancer in Saudi Arabia is on the rise, with projections indicating an increase in new cases from 27,885 in 2020 to 60,429 by 2040. This surge in chronic diseases necessitates precise diagnostics and therapeutics, where custom antibodies play a crucial role in targeting specific biomarkers.
Company Profiles
Key players in the custom antibody services market include Thermo Fisher Scientific Inc., Sino Biological Inc., GenScript Biotech Corporation, Biochain Incorporated, R&D Systems, Inc., Kaneka Eurogentec S.A., Fortis Life Sciences, Precision Antibody, Biocytogen Pharmaceuticals, Abgenex, Creative Biolabs Inc., Agilent Technologies Inc., Bioklone, and Scantibodies Laboratory, Inc. These companies are focusing on strategies such as expansion, product innovation, and mergers and acquisitions to enhance their market presence and offer innovative solutions.