Rising population and healthcare needs and expanding chronic disease prevalence are factors driving the Middle East & Africa Generic Pharmaceutical market in the forecast period 2024-2028.
Rising population and healthcare needs and expanding
chronic disease prevalence are factors driving the Middle East & Africa
Generic Pharmaceutical market in the forecast
period 2024-2028.
According to TechSci Research report, “Middle East
& Africa Generic Pharmaceutical Market
–Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Middle East & Africa Generic Pharmaceutical Market stood at USD 31.12 Billion in 2022 and
is anticipated to grow with a CAGR of 6.80% in the forecast period, 2024-2028. The
Middle East and Africa (MEA) region has been experiencing significant growth in
the generic pharmaceutical market in recent years. This expansion can be
attributed to various factors that are driving the demand for generic medicines
in the region. As populations in these regions continue to grow and governments
strive to provide affordable healthcare solutions, the MEA generic
pharmaceutical market is poised for substantial growth. One of the most
prominent market drivers in the MEA generic pharmaceutical sector is the
region's ever-growing population. The Middle East and Africa are experiencing
population growth rates that surpass global averages. As the population
expands, so does the demand for accessible and affordable healthcare solutions.
This growing demographic pressure necessitates increased healthcare
infrastructure and pharmaceutical services, making generic medicines an
attractive option for governments and healthcare providers to ensure
affordability and availability. Governments across the MEA region have been actively
working to improve their healthcare systems. This includes initiatives to
increase the affordability and accessibility of healthcare, which is a key
driver for the generic pharmaceutical market. Governments are promoting the use
of generic drugs to reduce the cost of healthcare for their citizens. In some
cases, governments have even initiated generic substitution programs, further
encouraging the consumption of cost-effective generic medicines.
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"Middle East & Africa Generic Pharmaceutical Market.”
The Middle East and Africa are witnessing a rise in
chronic diseases such as diabetes, cardiovascular diseases, and cancer. With
the increasing burden of chronic illnesses, there is a growing need for
long-term and affordable medication. Generic pharmaceuticals, which are often
less expensive than their branded counterparts, play a crucial role in
addressing the medication requirements of individuals suffering from chronic
diseases. This trend is a major driver for the generic pharmaceutical market in
the MEA region.
Many countries in the Middle East and Africa have
established regulatory frameworks that promote the development and sale of
generic pharmaceuticals. These regulations ensure that generic drugs meet the
same quality and safety standards as branded drugs. The existence of a robust
regulatory environment not only builds trust in generic medications but also
encourages local and international pharmaceutical companies to invest in the
MEA region. This, in turn, boosts market growth. The Middle East & Africa
Generic Pharmaceutical Market is
segmented into type, product, route of administration, , application, distribution
channel, country and company.
Based on its distribution channel, the Hospital
Pharmacies category held the largest share of revenue in 2022. Hospital
pharmacies are strategically located within healthcare institutions, ensuring
that patients have access to a wide range of generic drugs, including essential
and specialized medications. This accessibility eliminates delays in treatment
and ensures that patients receive the right medications promptly. Hospital
pharmacies maintain strict quality control measures. Medications supplied by
hospital pharmacies are often sourced from reputable manufacturers, providing
patients with high-quality products. This commitment to quality builds trust
among patients and healthcare providers. Hospital pharmacies often offer
counseling and education to patients regarding their medications. Patients
receive guidance on proper usage, potential side effects, and adherence to
treatment regimens. This personalized care enhances patient outcomes.
Based on country, South Africa is expected to grow
during the forecast period. South Africa is home to a highly skilled and educated
workforce, which includes pharmacists, scientists, and researchers. This
expertise ensures that the country can develop and produce a wide range of
pharmaceutical products. South Africa's strategic geographical location makes
it a natural gateway to the MEA region. This accessibility has allowed the
nation to expand its reach and export pharmaceutical products across the
continent.
The UAE is experiencing
rapid market growth. The UAE has implemented a stringent regulatory framework
to ensure the safety and efficacy of generic pharmaceuticals. The Emirates
Authority for Standardization and Metrology (ESMA) and the Ministry of Health
and Prevention (MOHAP) are responsible for enforcing quality standards and
regulating pharmaceutical products. This commitment to maintaining high-quality
standards has earned the trust of both regional and international markets,
making UAE-manufactured generic drugs a preferred choice.
Major companies operating in Middle East & Africa
Generic Pharmaceutical Market are:
- Abbott Laboratories
- F. Hoffmann-La
Roche Ltd
- Novartis AG
- Cipla South Africa
- Aspen Holdings
- Teva Pharmaceutical Industries Ltd.
- Endo International plc
- Viatris, Inc.
- Sun Pharmaceutical Industries Ltd.
- AbbVie Inc.
- Aurobindo Pharma
- Hikma
Pharmaceuticals
- Dr. Reddy’s Laboratories Ltd.
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“The Middle East
and Africa generic pharmaceutical market is experiencing substantial growth due
to a combination of factors. The region's rising population, government
initiatives to promote affordable healthcare, increasing prevalence of chronic
diseases, a favorable regulatory environment, a thriving pharmaceutical
industry, and changing consumer perceptions are all contributing to the
market's expansion. As the MEA region continues to invest in healthcare
infrastructure and pharmaceutical manufacturing, it is expected that the
generic pharmaceutical market will continue to thrive, ensuring that more
individuals have access to affordable and high-quality medications. This growth
not only benefits the local economies but also contributes to improving the overall
health and well-being of the people in the Middle East and Africa.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Middle East & Africa Generic
Pharmaceutical Market By Type
(Simple Generics, Specialty Generics, Biosimilars), By Product (Small Molecule,
Large Molecule), By Route of Administration (Oral, Injectable, Inhalable,
Others), By Application (Central Nervous System Disorders, Respiratory
Diseases, Hormones & Related Diseases, Gastrointestinal Diseases,
Cardiovascular Diseases, Cancer, Diabetes, Others), By Distribution Channel
(Retail Pharmacies, Hospital Pharmacies, Others), By Country, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Middle East & Africa Generic Pharmaceutical Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Middle East & Africa Generic Pharmaceutical Market.
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