Middle East & Africa Biopharmaceuticals Market Outlook study 2022

The Middle East & Africa biopharmaceuticals market was valued at USD 21,786.3 million in 2020 and is estimated to reach USD XX million by 2028, at a CAGR of 6.9% during the forecast period (2021-2028). 

The Middle East & Africa bio-pharmaceutical market is showing consistent growth over the last years in particular in the area of specialized medication. This trend is expected to continue over the foreseen future relying on the strong governmental commitments.

The Middle East and Africa, has several characteristics as a region to attract the biopharmaceutical industry. The population is expanding and aging at a rapid rate. The region as a whole is experiencing a large unmet medical need. The change in socio-economic status is witnessing a growing middle class. 

With governments in the region focusing more and more on the well-being of a growing population and enhancing healthcare services, timely and safe delivery of medical supplies and biopharmaceuticals products has laid down the promising future for the bio-pharmaceutical industry in the region.

Increasing healthcare consciousness and growth in per capita income have created higher healthcare demand. The infant mortality rate has significantly declined over the years due to availability of better healthcare facilities and medication.

Moreover, governments are launching various national health programmes to increase awareness of diseases. For instance, the UAE is leading the growth with over US$1.2 billion funneled into the healthcare system in the 2019 budget, on top of substantial funds allotted in the US$540 million innovation fund set up by Sheikh Mohammed bin Rashid Al Maktoum.

In the Middle-East, Saudi Arabia is the largest bio-pharmaceutical market followed by the UAE. Saudi Arabia has the largest manufacturing segment in the Gulf, however, most of the local production is destined for export markets. 

There are around 15-20 pharmaceutical manufacturers operating in the kingdom including indigenous companies and subsidiaries of multinational pharmaceutical giants.

The locally-grown companies manufacture biopharmaceutical, while some also undertake under-license manufacturing on behalf of multinational pharmaceutical companies for supply in the domestic and regional markets. Top multinational companies like GSK, Sanofi and Abbott Laboratories have also set up manufacturing units in the region.

The diverse economic, political, cultural, and public health profiles in the Middle-East countries are echoed by a highly varied market environment for the biopharmaceutical market. 

Kenya and South Africa are the only African nations among the 56 ranked by the International Technology and Innovation Foundation in its report on the extent to which scientific research, drug pricing, and intellectual property policies of countries contribute proactively or detractively to global biopharmaceutical innovation.

Overall, prospects look good for both foreign and local firms, with growing populations and longer life expectancies producing a much greater demand for pharmaceuticals in the Middle-East and Africa.

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