Report : Middle East & Africa Mid-Size Pharmaceutical Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Prescription and Over-the-Counter), Drug Development Type (In-House and Outsource), Formulation (Tablets and Capsules, Injectables, Sprays, and Other Formulations), and Therapy Class (Cardiovascular Diseases, Pain Management, Diabetes, Cancer, and Other Conditions)
At 3.4% CAGR, the Middle East & Africa Mid-Size Pharmaceutical Market market is speculated to be worth US$ 23,913.96 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa mid-size pharmaceutical market market was valued at US$ 19,569.41 million in 2022 and is expected to reach US$ 23,913.96 million by 2028, registering an annual growth rate of 3.4% from 2022 to 2028. Rising number of healthcare start-ups and increasing focus on R&D market are the critical factors attributed to the market expansion.
Over the last decade, the pharmaceutical industry has witnessed many transformational trends and innovations that will rapidly improve the medicines available to patients around the world. In just ten years, the influence of artificial intelligence and big data on diagnosing and treating disease and a shift toward preventing life-threatening conditions rather than medicating them lead to evolution of healthcare. With the evolution of recent technologies, new entrants initiate several health start-ups, thereby influencing the mid-size pharmaceutical market. For Instance: Alpha zyme was founded in 2018 by Christopher Benoit, an expert in enzyme development and production. In October 2020, Alp zyme partnered with Qualio to facilitate the company’s growth.
Unlike large pharmaceutical companies, medium-sized pharmaceutical companies are usually not constrained by huge overheads and bureaucracy. However, these companies have a narrow business focus and can focus on specific areas of drug development. This allows them to focus primarily on illnesses too small for larger competitors to attack. Additionally, healthcare systems rapidly transform healthcare models with online access and tools for patient involvement, remote monitoring, and other virtual care modalities. In recent years, partnerships between the pharmaceutical industry and digital health companies have increased significantly. These commercial deployment deals are aimed at digitally-enabled pharmaceutical products, creating new companies, or multibillion-dollar acquisitions. Thus, pharma companies are a growing part of the digital health boom providing a significant growth opportunity for the mid-size pharmaceutical market in the coming years.
On the contrary, high competition among market players hurdles the growth of Middle East & Africa mid-size pharmaceutical market market.
Based on type, the Middle East & Africa mid-size pharmaceutical market is bifurcated into prescription and over-the-counter. The over-the-counter segment holds 63.7% market share in 2022, amassing US$ 12,353.67 million. It is projected to garner US$ 15,350.31 million by 2028 to expand at 3.7% CAGR during 2022–2028.
Based on drug development type, the Middle East & Africa mid-size pharmaceutical market is bifurcated into in-house and outsource. The outsource segment holds 90.2% market share in 2022, amassing US$ 17,594.38 million. It is projected to garner US$ 21,919.70 million by 2028 to expand at 3.7% CAGR during 2022–2028.
Based on formulation, the Middle East & Africa mid-size pharmaceutical market is segmented into tablets and capsules, injectables, sprays, and other formulations. With 36.3% share of the domain, the tablets and capsules segment dominates the market in 2022. It accrued US$ 7,049.36 million in 2022 and is estimated to generate US$ 8,956.98 million by 2028 to grow at a CAGR of 4.1% over the forecast period.
By therapy class, the Middle East & Africa mid-size pharmaceutical market is segmented into cardiovascular diseases, pain management, diabetes, cancer, and other conditions. With 34.3% share of the domain, the diabetes segment dominates the market in 2022. It accrued US$ 6,703.19 million in 2022 and is estimated to generate US$ 8,291.29 million by 2028 to grow at a CAGR of 3.6% over the forecast period.
Our regional analysis states that Saudi Arabia captured 39.5% market share in 2022. It is assessed at US$ 7,731.32 million in 2022 and is likely to hit US$ 9,744.94 million by 2028, exhibiting a CAGR of 3.9% during the forecast period.
Key players dominating the Middle East & Africa mid-size pharmaceutical market market are Alexion Pharmaceuticals, Inc.; Bausch Health Companies Inc.; Daiichi Sankyo Company Limited; Endo Pharmaceuticals Inc.; Mallinckrodt; and Sun Pharmaceutical Industries Ltd among others.
A few major key developments among the top market players are described below:
- In April 2022, Regeneron Pharmaceuticals, Inc. and Checkmate Pharmaceuticals, Inc. announced a definitive agreement for Regeneron to acquire Checkmate for $10.50 per share of Checkmate common stock in an all-cash transaction. Checkmate's entire stock value is estimated to be around $250 million in the proposed acquisition.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: email@example.com