The Middle East & Africa Biosimilar market is currently valued at $XX billion in 2017. This market is expected to reach approximately $XX billion by 2024, at an estimated CAGR of 22.38% over the forecast period, 2019 to 2024. Models on next-gen business, high growth in the prevalence of chronic diseases, and increasing demand for biosimilar drugs due to their cost-effectiveness are the drivers that boost the growth of the market.
By geography, South Africa is dominating the biosimilars market, and the growth in Middle East & Africa is mainly attributed because of the favourable government’s regulations. Furthermore, the Middle East is witnessing the fastest growth during the forecast period, due to rising chronic diseases, adoption of biosimilar drugs and investment in R&D research. By product, the market is split into insulin, interferon, human growth hormone, and granulocyte colony-stimulating factor. Granulocyte colony-stimulating factor has the most significant share as they are cheaper compared to others.
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