The colorectal cancer market in the Middle East & Africa is expected to grow from US$ 885.81 million in 2022 to US$ 1,076.92 million by 2028; it is estimated to grow at a CAGR of 2.5% from 2022 to 2028.
Numerous benefits offered by generic drugs is among the major factor driving the growth of the Middle East & Africa colorectal cancer market. Generic drugs are alternatives to branded drugs. The pharmacological effects of generic drugs are similar to their branded counterparts. Generic drugs are cost-effective as the manufacturers do not invest in developing and marketing a new drug. After the expiry of a drug patent, other manufacturers apply for FDA approval of a generic intended for its manufacturing and selling. Thus, generic drugs are cheaper than their branded counterparts. Generic drugs have the same dosage, effects and side effects, route of administration, risks, safety, and strength as the original branded drugs.
Generic drugs are important in oncology because some anticancer drugs are only offered as generics. Patients are likely to abandon branded prescriptions associated with their higher prices. Generic drugs for cancer treatment are profitable for manufacturers and patients due to their affordability and efficacy, especially in developing countries in the Middle East & Africa, where the paying capacity of consumers is relatively low. Thus, the preference for generic drugs among consumers and the high adoption of generic drugs for colorectal cancer treatment are fueling the growth of the colorectal cancer market in the region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Middle East & Africa colorectal cancer market at a substantial CAGR during the forecast period.
Middle East & Africa Colorectal Cancer Market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Colorectal Cancer Market Segmentation
The Middle East & Africa colorectal cancer market is segmented into modality, end user, and country. Based on modality, the Middle East & Africa colorectal cancer market is segmented into diagnosis type, therapy type, and imaging type. In 2022, the diagnosis type segment held the largest market share and is expected to register the highest CAGR during the forecast period. Based on end user, the Middle East & Africa colorectal cancer market is bifurcated into hospitals and diagnostic & research laboratories. In 2022, the hospitals segment held a larger market share. Based on country, the Middle East & Africa colorectal cancer market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Saudi Arabia held the largest market share in 2022.
Abbott, Amgen Inc., Bruker Corporation, Clinical Genomics Technologies Pty Ltd., EDP Biotech Corporation, Epigenomics AG, F. Hoffmann-La Roche AG, Quest Diagnostics, and VolitionRx Limited are among the leading companies operating in the Middle East & Africa colorectal cancer market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 885.81 Million |
| Market Size by 2028 | US$ 1,076.92 Million |
| CAGR (2022 - 2028) | 2.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Modality
|
| Regions and Countries Covered |
Middle East and Africa
|
| Market leaders and key company profiles |
|
The Middle East & Africa Colorectal Cancer Market is valued at US$ 885.81 Million in 2022, it is projected to reach US$ 1,076.92 Million by 2028.
As per our report Middle East & Africa Colorectal Cancer Market, the market size is valued at US$ 885.81 Million in 2022, projecting it to reach US$ 1,076.92 Million by 2028. This translates to a CAGR of approximately 2.5% during the forecast period.
The Middle East & Africa Colorectal Cancer Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa Colorectal Cancer Market report:
The Middle East & Africa Colorectal Cancer Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa Colorectal Cancer Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa Colorectal Cancer Market value chain can benefit from the information contained in a comprehensive market report.
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