MENA Biologics & Biosimilars Market, By Product Type (Influenza Vaccines, Factor VIII ( Xyntha, Octanate, Kovaltry, Advate, Koate, Adynovate, Kogenate, Hemlibra, Elocta, Recombinate, Feiba, Immunate, Alphanate, Novoeight), Erythropoietin (Epoetin Alfa (Procrit, Epogen), Darbepoietin Alfa (Aranesp), Epoetin Alfa-epbx (Retacrit)), Aflibercept (EYLEA), and Ziv-Aflibercept (ZALTRAP))), By Therapeutic Application (Hemophilia, Age-related Macular Degeneration, Kidney Diseases, Influenza, and Others), and By Region/Country (Gulf and Egypt) is estimated to be valued at US$ 502.2 Mn in 2023, and is expected to exhibit a CAGR of 4.6% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing initiatives for research and development activities in the region is expected to drive the growth of the market in near future. For instance, On November 3, 2021, Merck, a science and technology company, announced that it will support SaudiVax Ltd., is a biotechnology company based in the Kingdom of Saudi Arabia, to design a best-in-class, multi-modality manufacturing facility to localize manufacturing of biologics and vaccines for the MENA region. SaudiVax has become the first developer and manufacturer of Halal vaccines and biotherapeutics in Saudi Arabia, leveraging Merck’s integrated Contract Development Manufacturing Services (CDMO), innovative product offerings, and single-use technologies.
MENA Biologics & Biosimilars Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. The virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
The coronavirus (COVID 19) pandemic and lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. Private healthcare sector is one of the sectors, which is majorly impacted by the COVID 19 pandemic. Saudi Arabia Government, multinational pharmaceutical companies, and local manufacturers are implementing various strategies to help the residents of Saudi Arabia during this COVID-19 pandemic.
For instance, in April 2020, Saudi Arabia's National Unified Procurement Company (NUPCO) and and a China-based company, "Huo-yan Laboratories"—COVID-19 testing labs developed by Chinese genomics BGI Group—signed a cooperation agreement in Riyadh. after finishing, the laboratories will boost local coronavirus testing capacity to 50,000 people per day and provide 9 million testing kits.
Furthermore, in April 2020, the Ministry of Health (MOH) of Saudi Arabia announced in a webinar with the Healthcare Information and Management Systems Society (HIMSS) that the country is looking forward to collaborations between countries, as this is the key factor in dealing with the COVID-19 pandemic in the Kingdom of Saudi Arabia (KSA). KSA also states that the COVID-19 outbreak has facilitated preparedness, communication, and a willingness to innovate and implement in response to COVID-19.
MENA Biologics & Biosimilars Market: Key Developments
In March 2020, the government of Kingdom of Saudi Arabia (KSA) allocated US$ 675 million in funds for the Strategic Preparedness and Response Plan. The total money is also being allocated towards research, with global bodies releasing emergency funding for research and development activities to create a better understanding of COVID-19 and fast-track the development of vaccines, diagnostics, and therapeutics.
Browse 15 market data tables and 24 figures spread through 160 Pages and in-depth TOC on “MENA Biologics & Biosimilars Market”- Forecast to 2030, MENA Biologics & Biosimilars Market, By By Product Type (Influenza Vaccines, Factor VIII ( Xyntha, Octanate, Kovaltry, Advate, Koate, Adynovate, Kogenate, Hemlibra, Elocta, Recombinate, Feiba, Immunate, Alphanate, Novoeight), Erythropoietin (Epoetin Alfa (Procrit, Epogen), Darbepoietin Alfa (Aranesp), Epoetin Alfa-epbx (Retacrit)), Aflibercept (EYLEA), Ziv-Aflibercept (ZALTRAP))), By Therapeutic Application (Hemophilia, Age-related Macular Degeneration, Kidney Diseases, Influenza, Others ) and By Region/Country (Gulf and Egypt)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/mena-biologics-and-biosimilars-market-4393
Key Takeaways of the MENA Biologics & Biosimilars Market:
- The MENA biologics & biosimilars market is expected to exhibit a CAGR of 4.6% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the MENA biologics & biosimilars market.
- Among product type, the Influenza Vaccines segment is expected to hold a dominant position in the MENA biologics & biosimilars market during the forecast period, and this is attributed to increasing product approvals in the country. For instance, on January 24, 2023, Alvotech, a biotechnology company, and Bioventure, a wholly owned subsidiary of GlobalOne Healthcare Holding LLC, the healthcare division of Yas Holding LLC, announced that the Saudi Food & Drug Authority had approved the manufacturing and distribution of AVT02, a biosimilar for Humira (adalimumab), which is commonly indicated for the treatment of rheumatoid arthritis and several other inflammatory diseases. The biosimilar will be marketed as Simlandi in Saudi Arabia.
- Among region/country, Gulf is expected to be the dominant region in the MENA biologics & biosimilars market, owing to the increasing facility expansion of contract development and manufacturing organizations (CDMOs) in the country. For instance, on December 7, 2021, Biocon Limited, a global biopharmaceutical company, announced a partnership with Tabuk Pharmaceutical Manufacturing Company (a fully owned subsidiary of Astra Industrial Group), a pharmaceutical company in the Middle East and North Africa (MENA), to commercialize select specialty products in the Middle East. Under the terms of the agreement, Tabuk Pharmaceuticals will have marketing authorization for specialty generic medicine products and will be responsible for registering, importing, and promoting them in Saudi Arabia and other Middle East countries.
- Major players operating in the MENA biologics & biosimilars market are Pfizer, Inc., F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Regeneron Pharmaceuticals Inc., Sanofi, Amgen Inc.