Report Metrics

Historical Year: 2016-2021

Base Year: 2021

Forecast Year: 2022-2027

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A biosimilar refers to a biopharmaceutical drug that is almost similar to a reference biologic drug in terms of quality, function, safety, and efficacy. These can only be produced if the patent of the reference product has expired. It is manufactured using biological substances, such as plant or animal cells and microorganisms. Biosimilar are widely used to prevent, determine and treat several medical conditions and manufacture monoclonal antibodies, vaccines, and therapeutic proteins. These are gaining wide traction across the GCC region as they are highly effective for medical use with no major difference.

Note: The study incorporates COVID-19’s direct market impact as well as the indirect effects of related industries on the GCC biosimilar market. These insights are regularly updated by the subject matter experts at Syndicated Analytics

GCC Biosimilar Market Industry Trends and Drivers:

The growing number of patent expiration of various blockbuster biologic is primarily driving the GCC biosimilar market. Moreover, the expanding geriatric population and the increasing prevalence of chronic disorders, such as autoimmune diseases, cancer, diabetes, etc., are also contributing to the market growth. In addition to this, the escalating adoption of biosimilars, owing to their economical prices, is acting as another significant growth-inducing factor. Furthermore, numerous regional pharmaceutical companies are forming strategic alliances and collaborations with international medical research institutes to gain a competitive advantage in the development, manufacturing, or commercialization of their products, which is creating a positive outlook for the market. Additionally, the introduction of favorable government policies to accelerate the clinical trials and approvals of biosimilars is propelling the market growth. Moreover, various cost-saving initiatives undertaken by government bodies of the GCC nations are encouraging the usage of biosimilars over branded biologics. This, in turn, is also expected to cater to the growth of the GCC biosimilar market over the forecasted period.

Browse complete report with tables of contents and list of figures & tables: https://www.syndicatedanalytics.com/gcc-biosimilar-market

 GCC Biosimilar Market Segmentation:

 The market is segmented on the basis of molecule, type of manufacturing, indication, and region.

Competitive Landscape:

The report also provides insights on the competitive landscape of the biosimilar market with the leading players profiled in the report.

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