Biosimilars are emerging as one of the most important sector in the healthcare industry. With increasing healthcare costs, biosimilars are being looked upon as an affordable treatment option. Growing economies are observing comprehensive growth in biosimilars industry from demanding clinical needs of therapeutics. Rise in GDP and healthcare expenditures, and the demand for cost effective therapeutics solution has resulted in the growth of this market.

Middle East and Africa Biosimilars Market was worth USD 0.57 million in 2018 and estimated to be growing at a CAGR of 24.96%, to reach USD 1.81million by 2023.

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Biosimilars offer a cheaper alternative for other biological and synthetic drugs. The main health challenges within the Middle East and African region are beginning to reflect those in Western countries, with diabetes highly prevalent, with more than 1 in 10 adults suffering from it, and cancer-related mortality rates increasing. Economies in this region vary from country to country. While some countries in the region have been able to modify their healthcare expenditure to provide biosimilar therapies, others – such as Egypt and Algeria – are struggling. Government support and initiatives play a crucial role. Emerging pharmaceutical markets and lenient government regulations provide some of the major openings this is market. However, high manufacturing cost and complexity, and the availability of low priced generic drugs in the market are some of the major restraints of biosimilars market are facing.

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On the basis of geography, the Middle East & Africa market is segmented into Middle East and Africa. Awareness of biosimilars and research in the MEA region continues to grow, with the clinical trials of biosimilars already taking place in some countries, most notably Jordan. The possibility of a increase in interest in biosimilars across these nations is very likely.

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Some of the major players in the biosimilars market are Sandoz International GmbH, Wockhardt Ltd, Hospira, Inc., Teva Pharmaceutical Industries Ltd. Dr. Reddy’s Laboratories, Biocon Limited, Mylan, Inc., Zydus Cadila, Celltrion Inc., Roche Diagnostics and Cipla Ltd..