MENA Biologics & Biosimilars Market to Surpass US$ 623.7 by 2027, Says Coherent Market Insights (CMI)
SEATTLE--(BUSINESS WIRE)--#Biologics--According to Coherent Market Insights, the MENA biologics & biosimilars market is estimated to be valued at US$ 442.5 million in 2020 and is expected to exhibit a CAGR of 3.9% during the forecast period (2020-2027).
Key Trends and Analysis:
The MENA biologics & biosimilars market is expected to witness significant growth, owing to increasing prevalence of Age-related Macular Degeneration (AMD). For instance, according to the study in Saudi Medical Journal 2015, in Saudi Arabia, AMD represents 3.3% of the major causes of blindness in individuals older than 50 years.
The increasing approval and new drug launches are expected to propel the market growth. For instance, in 2017, Swedish Orphan Biovitrum AB (Sobi) received Saudi Food & Drug Authority (SFDA) approval for Elocta (efmoroctocog alfa), a recombinant human factor VIII Fc-fusion protein with an extended half-life, for the treatment of hemophilia A.
This approval of Elocta in Saudi Arabia is important for the hemophilia community in the Middle East, which will enable physicians to offer their patients with a wider range of treatment options.
In May 2018, Chugai Pharmaceutical Co., Ltd., a subsidiary of Roche Group, launched its anti-coagulation factor IXa/X humanized biospecific monoclonal antibody/coagulation factor VIII substitute, HEMLIBRA for routine prophylaxis, to prevent or reduce the frequency of bleeding episodes in patients with congenital factor VIII deficiency (hemophilia A) with factor VIII inhibitors.
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Key Market Takeaways:
The MENA biologics & biosimilars market is expected to exhibit a CAGR of 3.9% during the forecast period (2020-2027), owing to the increasing prevalence of chronic kidney diseases. For instance, according to the World Health Organization (WHO) data, in 2018, around 6,451 death cases were registered due to kidney disease in Saudi Arabia.
Gulf is expected to be the most lucrative region in MENA biologics & biosimilars market due to increasing healthcare awareness and government initiatives to support patient care and prevent bleeding disorders. For instance, in July 2019, the UAE Ministry of Health & Prevention (MoHAP) signed a Memorandum of Understanding (MoU) with Swedish Orphan Biovitrum AB Middle East and Bayti Home Healthcare.
Key players operating in the MENA biologics & biosimilars market include F. Hoffmann-la Roche Ag, Regeneron Pharmaceuticals, Inc., Pfizer, Inc., Amgen, Inc., Sanofi S.A., and Takeda Pharmaceutical Company Limited.
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MENA Biologics & Biosimilars Market, By Product Type:
- Influenza Vaccines
- Darbepoietin Alfa (Aranesp)
- Epoetin Alfa-epbx (Retacrit, Recormon)
- Epoetin Alfa
- Aflibercept (EYLEA)
- Ziv-Aflibercept (ZALTRAP)
MENA Biologics & Biosimilars Market, By Therapeutic Application:
- Age-related Macular Degeneration
- Kidney Diseases
MENA Biologics & Biosimilars Market, By Region/ Country:
- Saudi Arabia
- By Country:
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
Senior Client Partner – Business Development
Coherent Market Insights
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