February 28, 2024
Middle East and Asia Pacific Biotechnology Market

Middle East and Asia Pacific Biotechnology Market poised to Witness High Growth owing to Rising Chronic disease prevalence

The Middle East and Asia Pacific biotechnology market consists of various products such as cardiovascular surgery equipment, orthopedic surgery equipment, laparoscopic surgery equipment, and neurosurgery equipment that are used in performing various complex surgeries. Biotechnology products provide minimally invasive solutions and better patient outcomes compared to conventional open surgeries. The demand for these products is growing due to the rising geriatric population suffering from chronic diseases such as cardiovascular diseases and orthopedic disorders.

The Global Middle East and Asia Pacific Biotechnology Market is estimated to be valued at US$ 328.64 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Middle East and Asia Pacific biotechnology are Medtronic plc., CONMED Corporation, Ethicon, Inc., Symmetry Surgical Inc., B. Braun Melsungen AG, Olympus Corporation, Erbe Elektromedizin GmbH, Innoblative Designs, Inc., Stryker Corporation, OmniGuide Inc., and PENTAX Medical. These players are focusing on new product launches and geographical expansion to strengthen their market presence.

The key opportunities in the market include growing medical tourism in Asian countries and increasing healthcare expenditure in the Middle Eastern region. Countries like India, Thailand, Singapore are attracting large number of medical tourists due to availability of quality treatment at affordable costs.

The Middle East And Asia Pacific Biotechnology Market provides lucrative growth opportunities for players due to rapid urbanization, rising disposable incomes, and growing awareness about minimally invasive surgeries in developing nations. Major players are expanding their operations in high potential markets through collaborations with local distribution partners.

Market drivers
The rising prevalence of chronic diseases like cardiovascular diseases, orthopedic disorders owing to changing lifestyles and growing geriatric population are driving the demand for biotechnology products in the Middle East and Asia Pacific region. According to the WHO, cardiovascular diseases are the leading cause of death in many Asian and Middle Eastern countries. This is increasing the healthcare burden and boosting the adoption of advanced biotechnology solutions to tackle chronic diseases more effectively.

PEST Analysis
Political: The biotechnology market in the Middle East and Asia Pacific region is influenced by regulations and guidelines set by governments and regulatory bodies in various countries. Regulations related to clinical trials, manufacturing approval processes impact the growth of the market.
Economic: The rising healthcare expenditure drives the growth of the biotechnology sector in the region. Growing focus on R&D activities in the biotechnology sector draws significant investments from both government and private players which positively impacts the market growth.
Social: Rising healthcare awareness among the population is increasing the demand for advanced treatment options, bolstering the biotechnology market in the region. Growing aging population also favours the growth of this market.
Technological: Advancements in fields of medical devices, biologics, gene therapy etc. are driving the market growth. Manufacturers are investing in developing innovative products with technological advancements such as miniaturization and automation which is resulting in benefits such as reducing healthcare costs and improving treatment accessibility.

The biotechnology market in Asia Pacific region is concentrated majorly in countries like China, Japan, South Korea and India in terms of value. The presence of leading biotech companies, growing biotech hubs, availability of skilled workforce and rising government initiatives have made countries like China, India and Japan major biotechnology markets in Asia Pacific. Within Middle East region, countries like Israel, Saudi Arabia and UAE hold significant market share owing to factors like growing healthcare infrastructure, higher healthcare spending and presence of major biotech companies.

In terms of the fastest growing region within the Middle East and Asia Pacific biotechnology market during the forecast period, the Israel region is expected to register the highest CAGR. This can be attributed to rapidly evolving biotechnology sector of Israel, strong government support for healthcare R&D, presence of globally leading biotech companies and increasing investments.

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