MENA BIOLOGICS & BIOSIMILARS MARKET ANALYSIS

MENA Biologics & Biosimilars MarketSize and Trends

MENA biologics & biosimilars market 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).

MENA Biologics & Biosimilars Market Trends:

MENA Biologics & Biosimilars Market– Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic and lockdown in various countries across the globe have positively impacted the financial status of businesses across all sectors. The biotechnology sector is one such sector that has been heavily impacted by the pandemic.

Factors such as investments, research, and development of novel medicines targeting COVID-19, as well as funding by various companies operating in the MENA are expected to drive the MENA Biologics & Biosimilars Market growth during the COVID-19 pandemic. For instance, in March 2020, the government of Saudi Arabia announced that it had donated US$ 10 million as financial support to the World Health Organization (WHO). The money is allocated for research and development of vaccines, diagnostics, and therapeutics for disease treatment. In April 2020, the Coalition for Epidemic Preparedness and Innovations (CEPI) and Gavi, the Vaccine Alliance, announced that Group 20 of Kingdom of Saudi Arabia granted US$ 150 million for the development of the COVID-19 vaccine for COVID-19 infection. CEPI is working with Curevac, Inovio Pharmaceuticals, Moderna, Novavax, The University of Hong Kong, The University of Oxford, The University of Queensland, and a consortium led by Institut Pasteur for COVID-19 vaccine development projects.