The Mena Biologics and Biosimilars Market is estimated to be valued at US$ 502.2 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Mena biologics and biosimilars market consists of biologic drug products primarily used for the treatment of chronic diseases like diabetes, cancer, and autoimmune diseases. These complex large molecule drugs help in reducing the burden of chronic diseases in the Mena region. Biosimilars, being equivalent versions of original biologics with reduced prices help in increasing patient access to expensive biologic therapies.
Market key trends:
One of the major market trend fueling the growth of MENA biologics and biosimilars market is the increasing uptake of biosimilars over reference biologics. Biosimilars offer savings of 20-40% over reference biologic drugs which make them affordable alternatives. Many countries in MENA region such as Saudi Arabia, United Arab Emirates are actively promoting use of biosimilars to cut down healthcare expenditure. Regulatory policies encouraging development and consumption of biosimilars are supporting demand growth in MENA biologics and biosimilars market. In addition, rising prevalence of chronic diseases and growing health insurance coverage is boosting adoption of biologics and biosimilars across MENA region.
Porter’s Analysis
Threat of new entrants: The entry barriers for new players in the Mena biologics and biosimilars market are moderately high as it requires huge capital investments and long timeframe for research and development.
Bargaining power of buyers: The bargaining power of buyers is moderate as the buyers have several options available and price sensitivity is also high.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of alternative suppliers and suppliers are dependent on buyers.
Threat of new substitutes: New substitutes pose low threat as biologics and biosimilars have limited substitutes.
Competitive rivalry: High due to presence of global as well as local players.
SWOT Analysis
Strength: Established manufacturing and distribution network, strong brand image, diversified product portfolio.
Weakness: High R&D costs, patent expiry of biologics, pricing pressure.
Opportunity: Growing healthcare spending, rise in prevalence of chronic diseases, untapped emerging markets.
Threats: Stringent regulatory approvals, reimbursement issues, competition from generic drugs.
Key Takeaways
The Global Mena Biologics And Biosimilars Market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing incidence of chronic diseases. The market size is projected to reach US$ 738.2 Mn by 2030.
Regional analysis - The MENA biologics and biosimilars market is dominated by Middle Eastern countries such as Saudi Arabia, UAE, Egypt etc. due to rising healthcare spending and presence of key players. The Middle Eastern market is expected to exhibit CAGR of around 5.2% during forecast period.
Key players operating in the Mena Biologics And Biosimilars market are Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc., Sanofi, Amgen Inc. These players are focused on developing affordable biologics and biosimilars through strategic collaborations to strengthen their market position.
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