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(MoneyNewsWire.Net, May 02, 2018 ) The Middle-East and Africa Bio Pharmaceuticals market was worth $14.53 billion in 2016 and estimated to be growing at a CAGR of 9.16%, to reach $22.52 billion by 2021.
The pharmaceutical Research & Development industry is greatly dependent upon biopharmaceutical drugs market for profit. Development of these products is being undertaken by a growing number of players in the pharmaceutical industry, which include the big pharma companies and also generic drug manufacturers, who are also engaged in developing biosimilars.
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Biopharmaceuticals are in huge demand due to the growing incidence of chronic diseases, which is one of the key drivers, increasing the growth of the global biopharmaceuticals market. Chronic diseases are growing due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity. The restraints related with the global biopharmaceuticals market include high cost of biopharmaceuticals and side effects, such as breathing problems, sore throat, allergic reactions, itching, and rashes due to the consumption of biopharmaceuticals.
The Middle-East and Africa bio pharmaceuticals market is segmented on the basis of products into Monoclonal Antibodies (mAb), Erythropoietin, Biotech Vaccines, Recombinant Human (RH) Insulin, Granulocyte colony-stimulating factor (G-CSF), Interferon and Human growth hormones (HGH). Monoclonal antibodies segment holds the highest number of shares in the product sector. Based on therapeutics, the market is bifurcated into Neurology, Infectious diseases, Diabetes, Oncology, Cardiovascular and other therapeutic areas. In terms of therapeutic application, oncology is the largest segment in the biopharmaceuticals market.
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Based on geography the market is analysed under various regions namely, Middle-East and Africa. Africa market is estimated to grow at highest rate in the region.
Merck & Co., Inc., F. Hoffmann-La Roche AG, Eli Lilly and Company, Inc., Sanofi, Amgen Inc., AbbVie Inc., Biogen Idec, Bayer AG, Johnson & Johnson Services, Pfizer, Inc., and Novartis AG are some of the leading players in the market for biopharmaceuticals.
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