June 25, 2024

The MENA Biologics & Biosimilars Market Driven By Increasing Healthcare Expenditure In Emerging Economies

The MENA biologics and biosimilars market offers large scope for innovation and development of novel biologics and biosimilars owing to rising prevalence of chronic diseases such as cancer, autoimmune disorders, and cardiovascular diseases in the region. Biologics such as monoclonal antibodies, cytokines, and fusion proteins have revolutionized the treatment of various diseases. Moreover, biosimilars provide affordable treatment options as an alternative to costly biologics and expand access to life-saving biologic medicines post patent expiration.

The global Mena Biologics & Biosimilars Market is estimated to be valued at Us$ 1,250 Million 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 key trends

Regulatory reforms and patent expirations in GCC countries are expected to boost the demand for biosimilars in the region. For instance, Saudi Arabia issued its first biosimilar marketing authorization in 2021 with the approval of AdiHexal, a biosimilar to Humira. Similarly, UAE is working towards establishing biosimilar guidelines coupled with rising healthcare expenditure which is projected to drive biosimilars adoption. Furthermore, increasing collaboration between regional and international players for late stage clinical trials and production facilities in GCC offers lucrative opportunities. For instance, Pharmanovia entered strategic partnerships with pharmaceutical giants like Amgen and Boehringer Ingelheim for local production of biosimilars in Saudi Arabia.

 

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the high capital requirements and lengthy regulatory procedures make entry difficult in the biologics and biosimilars market.

Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of many established biologics and biosimilars manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is low owing to availability of many product options from various manufacturers.

Threat of new substitutes: Threat of new substitutes is moderate due to high R&D costs associated with developing new biologics and biosimilars.

Competitive rivalry: The competitive rivalry is high among existing players to gain higher market share.

Key Takeaways

The MENA Biologics And Biosimilars Market Demand  is expected to witness high growth. The market is dominated by UAE, KSA and Egypt. UAE accounted for the largest share in the MENA region due to growing focus on healthcare infrastructure and increasing expenditure.

Regional analysis:

 

The GCC region dominates the MENA biologics & biosimilars market owing to increasing healthcare expenditure and presence of many large hospitals. KSA and UAE are the major revenue generators in the GCC region. Egypt is also expected to register significant growth due to government initiatives to boost domestic manufacturing.

Key players:

 

Key players operating in the MENA biologics & biosimilars market are Novartis, Amgen, Pfizer, Merck Sharp & Dohme, Eli Lilly & Co. Novartis accounted for the highest revenue share in 2020 due to its wide portfolio of biologics & biosimilars products. Amgen is another leading player focusing on expansion of its product portfolio in the MENA region.

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