Biotechnology is biology-based technology that uses cellular and bimolecular processes to create technologies and products that improve the human lives and the health of the planet. Microorganisms' biological processes have been used for over 6,000 years to produce food products such as bread and cheese, as well as to preserve dairy products.
Biotechnology deals with the application of biological knowledge and techniques pertaining to molecular, cellular, and genetic processes to develop significantly improved products and services. Biotechnology products and processes have ensured ease of living, improved health care, agriculture output, created livelihood opportunities, and others.
Middle East and Asia Pacific Biotechnology Market - Impact of the Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared the COVID-19 a pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 410 million cases and 5.81 million deaths due to coronavirus disease (COVID-19) were reported up till February 14, 2022, across the globe.
Impact of COVID-19 on Demand and Supply of Biotechnology Products
The COVID-19 pandemic and consequent lockdown in various countries across the globe have impacted the financial status of businesses across all sectors including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; 3) through its financial impact on companies and financial markets. Many countries such as Thailand, Indonesia, and Singapore are facing problems with regard to the transportation and distribution of healthcare products.
However, the COVID-19 pandemic is expected to have a positive impact on Middle East and Asia Pacific biotechnology market, owing to increasing research and development of novel drugs for treatment of COVID-19 and key players in the market focusing on developing test kits for detection of COVID-19 which is expected to propel the Middle East and Asia Pacific biotechnology market growth. For instance, in July 2021, Abbott Laboratories, a pharmaceutical manufacturing and distribution company that provides better healthcare to patients and having presence in Middle East and Asia Pacific, announced the launch of Panbio COVID-19 Antigen Self-Test for the detection of the SARS-CoV-2 virus in adults and children with or without symptoms.
The Middle East and Asia Pacific biotechnology market is estimated to be valued at US$ 249.8 Bn in 2022 and expected to exhibit a CAGR of 14.2 % over the forecast period (2022-2030).
Figure 1: Middle East and Asia Pacific Biotechnology Market Share (%) Analysis, By Technology, 2022
The increasing cases of chronic diseases is the major factor that is expected to drive the Middle East and Asia Pacific biotechnology market growth over the forecast period.
The increasing prevalence of chronic diseases such as diabetes, heart disease, cancer, stroke, arthritis, multiple sclerosis, and others in the Middle East and Asia Pacific region is expected to be the major factor that is expected to drive growth of the Middle East and Asia Pacific biotechnology market over the forecast period. For instance, according to an article published by the Chinese Medical Journal in April 2021, around 24% of newly diagnosed cases of cancer and 30% of the cancer-related deaths worldwide were accounted by China in 2020. Lung cancer was found to be the most common cancer type and the leading cause of cancer in China in 2020.
Middle East and Asia Pacific Biotechnology Market Report Coverage
|Base Year:||2021||Market Size in 2022:||US$ 249.8 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||14.2%||2030 Value Projection:||US$ 724.5 Bn|
Abbott Laboratories, Pfizer Inc., Abbvie Inc., Biocon, F. Hoffmann-La Roche Ltd., PerkinElmer, Inc., Astrazeneca Plc., Illumina, Inc., Sanofi S.A., Qiagen, Twist Bioscience, Thermo Fisher Scientific Inc., Biointron, Merck & Co., Inc., Sino Biological Inc., GeneWiz (Azenta Life Sciences), Danaher Corporation, and Synbio Technologies.
|Restraints & Challenges:||
Research and Development Activities
The increasing research and development activities in the field of biotechnology is expected to drive the Middle East and Asia Pacific biotechnology market growth over the forecast period. For instance, in December 2019, The Chinese University of Hong Kong successfully completed its clinical trial focused on investigating the diagnostic performance of a novel assay called Nanodisk-MS assay, which uses nanobiotechnology for detection of mycobacterium tuberculosis antigens in hospitalized patients who are suspected to be suffering from pulmonary and/or extrapulmonary tuberculosis. The results of this study suggest that Nanodisk-MS assay showed high specificity and sensitivity in detection of mycobacterium tuberculosis.
Restraint- Middle East and Asia Pacific Biotechnology Market
High cost of treatment using some biotechnology solutions like gene therapies is expected to act as a restraint for the Middle East and Asia Pacific biotechnology market growth over the forecast period. For instance, according to the data published by the Yale Journal of Biology and Medicine in December 2019, research and development in the field of gene therapies (a branch of biotechnology) is expensive and uncertain. The cost of conducting clinical trials is high for gene therapies and gaining success in the results of these clinical trials is highly uncertain. Moreover, stringent regulatory guidelines by authorities such as U.S. Food and Drug Administration (FDA) makes the process of obtaining approval for use of gene therapies difficult.
Middle East and Asia Pacific Biotechnology Market – Regional Analysis
On the basis of region, the Middle East and Asia Pacific biotechnology market is segmented into Asia Pacific and Middle East.
Asia Pacific is expected to hold a dominant position in the Middle East and Asia Pacific biotechnology market over the forecast period, owing to rising initiatives by market players to make biosimilars available in Asia Pacific region. For instance, in February 2021, Biocon Biologics Ltd., a fully integrated biosimilar company and a subsidiary of Biocon Ltd., signed an agreement with the Clinton Health Access Initiative (CHAI) to expand access to lifesaving cancer biosimilars in over 30 countries in Africa and Asia, as a part of the Cancer Access Partnership (CAP).
Moreover, due to increasing strategic license agreements by key market players, Middle East is expected to witness significant growth in the Middle East and Asia Pacific biotechnology market over the forecast period. For instance, in April 2021, 221b Foundation, a non-profit organization of a U.S.-based biotechnology company Sherlock Biosciences granted Cooper International, a subsidiary of Cooper Pharma in Dubai, licenses for developing and manufacturing diagnostic tests for COVID-19 using Sherlock’s CRISPR technology in the Middle East.
Figure 2: Middle East and Asia Pacific Biotechnology Market Value (US$ Bn), by Region, 2022
Middle East and Asia Pacific Biotechnology Market – Competitive Landscape
Major players operating in the Middle East and Asia Pacific biotechnology market include Abbott Laboratories, Pfizer Inc., Abbvie Inc., Biocon, F. Hoffmann-La Roche Ltd., PerkinElmer, Inc., Astrazeneca Plc., Illumina, Inc., Sanofi S.A., Qiagen, Twist Bioscience, Thermo Fisher Scientific Inc., Biointron, Merck & Co., Inc., Sino Biological Inc., GeneWiz (Azenta Life Sciences), Danaher Corporation, and Synbio Technologies.
Frequently Asked Questions