The Latin America, Middle East and Africa Biosimilars Market would witness market growth of 29.4% CAGR during the forecast period (2022-2028).
Biosimilars act as a supplemental form of chemotherapy and thus play a significant part in the treatment of cancer. Therefore, the prevalence of various cancers is rising will increase the demand for biosimilars. The FDA defines a biosimilar as a biological product that is extremely similar to and essentially identical to one that has already received FDA approval.
The reference product and the biosimilars share many structural as well as functional characteristics. Modern manufacturing techniques are used to create these products in order to compare properties such as bioactivity, purity, & chemical identity between the target product and reference product. Small variations in stabilizers or buffers, which are clinically inactive components, are acceptable.
This is clear biologics that have improved the way in which cancer, autoimmune diseases, and genetic conditions are treated, improving the futures of numerous people. No compromises are made in the product's safety, quality, or efficacy due to the FDA's standards for drug approval. This is true whether the treatment is a biologic or a biosimilar. Regardless of the method of treatment, both cutting-edge approaches signal exciting new directions in the management of complex diseases like cancer.
Being one of the Middle East's most developed and diverse economies, the UAE has a strong healthcare infrastructure. The UAE government has placed a high priority on developing a first-rate healthcare infrastructure, which has helped the sector expand and develop over the past few years. Given that public spending accounts for more than two-thirds of all healthcare expenditures, the UAE government's support for the medical sector is one of the main growth drivers in the country. The government's plans to improve national capabilities to fight upcoming pandemics include efforts to develop vaccines & medicines as well as a new supply chain-focused strategy.
The Brazil market dominated the LAMEA Biosimilars Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,076.7 million by 2028. The Argentina market is anticipated to grow at a CAGR of 30% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 29% during (2022 - 2028).
Based on Application, the market is segmented into Oncology Diseases, Blood Disorders, Chronic & Autoimmune Diseases and Others. Based on Type, the market is segmented into Monoclonal Antibodies, Granulocyte-Colony Stimulating Factor, Erythropoietin, Human Growth Hormone, Insulin and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Biosimilars Market is Predict to reach $59 Billion by 2028, at a CAGR of 24.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amgen, Inc., Biocon Limited, Dr. Reddy’s Laboratories Ltd., Eli Lilly and Company, Intas Pharmaceutical Ltd, Novartis AG (Sandoz), Merck & Co., Inc., Pfizer, Inc., Teva Pharmaceuticals Industries Ltd. and Fresenius SE & Co. KGaA
By Application
By Type
By Country
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