Report : Middle East & Africa Doxorubicin Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Drug Formulation (Lyophilized Powder and Doxorubicin Injection), Application (Breast Cancer, Kidney Cancer, Liver Cancer, Sarcoma, Ovarian Cancer, Lung Cancer, Leukemia, Multiple Myeloma, and Others), and Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy)
At 3.8% CAGR, the MEA Doxorubicin Market is speculated to be worth US$ 52.76 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA doxorubicin market was valued at US$ 42.28 million in 2022 and is expected to reach US$ 52.76 million by 2028, registering an annual growth rate of 3.8% from 2022 to 2028. Increasing approval of generic products and increasing preference for chemotherapy are the critical factors attributed to the market expansion.
Cancer treatment has yielded better results, but access to medicines has become a problem across the region, especially in low- and middle-income countries. However, replacing it with a generic drug can save significantly. The doxorubicin market is characterized by the presence of large and small companies. Players are taking up product launches, regional expansions, and technological advancements to increase their market share. Continuous innovations and technological advancements result in safer and more effective doxorubicin drugs, increasing acceptance among patients and medical societies. Several developments have taken place in the recent years. For instance, in September 2020, Zydus Cadila received final approval for the commercialization of its generic Doxorubicin Hydrochloride Liposome Injection. Further, in September 2018, Hikma Pharmaceuticals PLC launched Adriamycin (DOXOrubicin HCl) for Injection as a part of multi-agent adjuvant chemotherapy for treatment of women with axillary lymph node association following resection of primary breast cancer. Thus, approval of generic substitution for frequently used chemotherapy drugs, such as doxorubicin, in treating common cancers has a vast potential to increase significant cost savings and rising access to cancer treatments in several countries across the region.
On the contrary, potential side-effects associated with doxorubicin hurdles the growth of MEA doxorubicin market.
- Based on drug formulation, the MEA doxorubicin market is bifurcated into lyophilized powder and doxorubicin injection. The lyophilized powder segment held 69.1% market share in 2022, amassing US$ 29.23 million. It is projected to garner US$ 36.87 million by 2028 to expand at 3.9% CAGR during 2022–2028.
- Based on application, the MEA doxorubicin market is segmented into breast cancer, kidney cancer, liver cancer, sarcoma, ovarian cancer, lung cancer, leukemia, multiple myeloma, and others. The breast cancer segment held 22.5% market share in 2022, amassing US$ 9.52 million. It is projected to garner US$ 11.21 million by 2028 to expand at 2.8% CAGR during 2022–2028.
- Based on distribution channel, the MEA doxorubicin market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy. The hospital pharmacy segment held 66.5% market share in 2022, amassing US$ 28.13 million. It is projected to garner US$ 35.43 million by 2028 to expand at 3.9% CAGR during 2022–2028.
- Based on country, the MEA doxorubicin market has been categorized into the UAE, Saudi Arabia, South Africa, and rest of MEA. Our regional analysis states that Saudi Arabia captured 35.9% market share in 2022. It was assessed at US$ 15.18 million in 2022 and is likely to hit US$ 19.61 million by 2028, exhibiting a CAGR of 4.4% during the forecast period.
Key players dominating the MEA doxorubicin market are Accord Healthcare; Baxter International Inc.; Cipla Inc.; Dr. Reddy's Laboratories; Janssen Pharmaceuticals (Johnson & Johnson Services, Inc.); Meiji Holdings Co., Ltd.; Novartis AG; Pfizer Inc.; Sun Pharmaceutical Industries Ltd; and Zydus Cadila among others.
- In Dec 2019, Amazon Web Services announced a strategic collaboration with Novartis, which will leverage AWS's broadest portfolio of cloud services to build an enterprise-wide data and analytics platform that will transform business operations.
- In Sep 2019, Novartis and Microsoft announced a multi-year alliance that will use data and artificial intelligence (AI) to transform drug discovery, development, and commercialization. Novartis is also establishing an AI Innovation Lab to empower employees to use AI across our organization.
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