UAE Generic Drugs Market to Grow with Impressive CAGR until 2027
UAE Generic Drugs Market is
anticipated to grow with growing pharma industry, in the forecast period,
2023-2027F.
According to TechSci Research report on, “UAE
Generic
Drugs Market - By Region, Competition
Forecast & Opportunities, 2027”,
the UAE generic drugs market might register an impressive CAGR during the
forecast period, 2023-2027, to establish growth due to factors like increasing
production of generic drugs. Increasing instances of chronic diseases like
cardiovascular diseases, neurological diseases, obesity, diabetes, cancer, etc.
are driving the growth of the UAE generic drugs market in the upcoming five
years.
Patients suffering from chronic diseases require
prolonged medicinal treatment to maintain their health condition and the
therapeutic process of treatment from the chronic diseases, that often
increases the cost of healthcare multiple folds. Demand for the affordable
medical services like therapeutics and pharmaceutical products further support
the growth of the UAE generic drugs market in the next five years.
Moreover, by 2021, the country was already
manufacturing over 6,000 generic drugs in 16 manufacturing factories.
Increasing involvements of local pharmaceutical manufacturers in the production
of generic drugs are also actively aiding the growth of the UAE generic drugs
market in the future five years. Increased investment from the FDI, government,
and private investments in the pharmaceutical industry of the country is
further substantiating the growth of the UAE generic drugs market in the
forecast years through 2027F.
Surging demands for the affordable healthcare
services including pharmaceuticals also aid the market growth. Global giants of
pharmaceutical industry may have turned Dubai region into a healthcare hub for
the Middle East region, but the availability of the manufacturing of branded
drugs in the country is still low. The market players present in the market are
highly focused on manufacturing biosimilars, and other generic drugs to
facilitate the growth of the market.
Patients in the country have higher demands for the
affordable healthcare services though having higher disposable income due to
lack of resources for the manufacturing of branded drugs and stringent FDA
regulations that increases the branded drugs’ cost and restrains the growth of
branded drugs but aids the growth of the UAE generic drugs market in the
forecast period.
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The UAE generic drugs market is segmented by type,
mode of drug delivery, form, source, distribution channel, application,
competitional landscape, and regional distribution.
Based on type, the market is differentiated between
small molecule generics and biosimilars. Biosimilars are anticipated to hold
the largest revenue shares of the market and dominate the market segment in the
upcoming five years on grounds of expanding pharma industry. Surging demand for
affordable healthcare and pharmaceutical services & products are further
driving the growth of the UAE generic drugs market in the next five years.
By mode of drug delivery, the market is further
segmented into oral, topical, parenteral, and others. Oral mode of drug
delivery is anticipated to hold the largest revenue shares of the market and
dominate the market segment in the upcoming five years due to its easiest and
most effective drug delivery pathway.
Moreover, the maintenance of regular dosage and
monitoring the administration as per prescription is easier for oral
administration and thus substantiate the growth of the UAE generic drugs market
in the future five years. Form based market is fragmented into tablet, capsule,
injection, and others.
A partial list of major market players of the UAE generic
drugs market includes:
·
Gulf Pharmaceutical Industries (Julphar)
·
Sanofi UAE
·
Sun Pharma Global FZE
·
Abbott Laboratories SA
·
Eli Lilly & Company UAE
·
Mylan UAE
·
GlaxoSmithKline & Neopharma
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“Cardiovascular diseases account for the largest
patient count in the country. Moreover, the demand for prolonged medicinal
dosage and high cost of prescription drugs responsible for the treatment of
cardiovascular diseases drive the market growth. Generic drugs that are
affordable over branded drugs supports the growth of the UAE generic drugs
market in the future five years. Diabetes cases are also rapidly growing due
top sedentary lifestyle of the population in the country. Growing geriatric population
and demands for generic drugs for the diabetes is further aiding the growth of
the UAE generic drugs market in the forecast years. Sudden increase in the cancer
cases in the country and rapidly growing new cases also have potential to aid
the market growth,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“UAE Generic Drugs Market By Type (Small Molecule Generics v/s
Biosimilars), By Mode of Drug Delivery (Oral, Topical, Parenteral, Others), By
Form (Tablet, Capsule, Injection, Others), By Source (In House v/s Contract
Manufacturing Organizations), By Distribution Channel (Hospital Pharmacies,
Retail Pharmacies, Online Pharmacies), By Application (Cardiovascular Diseases,
Diabetes, Neurology, Oncology, Anti-Inflammatory Diseases, Others), By Region, Competition Forecast &
Opportunities, 2027” has
evaluated the future growth potential of UAE generic drugs 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 UAE generic drugs market.
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