The colorectal cancer market in the Middle East & Africa is expected to grow from US$ 885.81 million in 2022 to US$ 1,076.92 million by 2028; it is estimated to grow at a CAGR of 2.5% from 2022 to 2028.
Numerous benefits offered by generic drugs is among the major factor driving the growth of the Middle East & Africa colorectal cancer market. Generic drugs are alternatives to branded drugs. The pharmacological effects of generic drugs are similar to their branded counterparts. Generic drugs are cost-effective as the manufacturers do not invest in developing and marketing a new drug. After the expiry of a drug patent, other manufacturers apply for FDA approval of a generic intended for its manufacturing and selling. Thus, generic drugs are cheaper than their branded counterparts. Generic drugs have the same dosage, effects and side effects, route of administration, risks, safety, and strength as the original branded drugs.
Generic drugs are important in oncology because some anticancer drugs are only offered as generics. Patients are likely to abandon branded prescriptions associated with their higher prices. Generic drugs for cancer treatment are profitable for manufacturers and patients due to their affordability and efficacy, especially in developing countries in the Middle East & Africa, where the paying capacity of consumers is relatively low. Thus, the preference for generic drugs among consumers and the high adoption of generic drugs for colorectal cancer treatment are fueling the growth of the colorectal cancer market in the region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Middle East & Africa colorectal cancer market at a substantial CAGR during the forecast period.
Numerous benefits offered by generic drugs is among the major factor driving the growth of the Middle East & Africa colorectal cancer market. Generic drugs are alternatives to branded drugs. The pharmacological effects of generic drugs are similar to their branded counterparts. Generic drugs are cost-effective as the manufacturers do not invest in developing and marketing a new drug. After the expiry of a drug patent, other manufacturers apply for FDA approval of a generic intended for its manufacturing and selling. Thus, generic drugs are cheaper than their branded counterparts. Generic drugs have the same dosage, effects and side effects, route of administration, risks, safety, and strength as the original branded drugs.
Generic drugs are important in oncology because some anticancer drugs are only offered as generics. Patients are likely to abandon branded prescriptions associated with their higher prices. Generic drugs for cancer treatment are profitable for manufacturers and patients due to their affordability and efficacy, especially in developing countries in the Middle East & Africa, where the paying capacity of consumers is relatively low. Thus, the preference for generic drugs among consumers and the high adoption of generic drugs for colorectal cancer treatment are fueling the growth of the colorectal cancer market in the region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Middle East & Africa colorectal cancer market at a substantial CAGR during the forecast period.
Middle East & Africa Colorectal Cancer Market Segmentation
The Middle East & Africa colorectal cancer market is segmented into modality, end user, and country.- Based on modality, the Middle East & Africa colorectal cancer market is segmented into diagnosis type, therapy type, and imaging type. In 2022, the diagnosis type segment held the largest market share and is expected to register the highest CAGR during the forecast period.
- Based on end user, the Middle East & Africa colorectal cancer market is bifurcated into hospitals and diagnostic & research laboratories. In 2022, the hospitals segment held a larger market share.
- Based on country, the Middle East & Africa colorectal cancer market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Saudi Arabia held the largest market share in 2022.
Table of Contents
1. Introduction
3. Research Methodology
4. MEA Colorectal Cancer- Market Landscape
5. MEA Colorectal Cancer Market - Key Market Dynamics
6. MEA Colorectal Cancer Market- MEA Analysis
7. MEA Colorectal Cancer Market Analysis - By Modality
8. MEA Colorectal Cancer Market Revenue and Forecast To 2028 - By End User
9. MEA Colorectal Cancer Market Revenue and Forecast to 2028 - Country Analysis
10. Colorectal Cancer Market - Industry Landscape
11. Company Profiles
12. Appendix
Companies Mentioned
- Abbott
- Amgen Inc.
- Bruker Corporation
- Epigenomics AG
- F. Hoffmann-La Roche AG
- Quest Diagnostics
- VolitionRx Limited
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 162 |
| Published | September 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 885.81 Million |
| Forecasted Market Value ( USD | $ 1076.92 Million |
| Compound Annual Growth Rate | 2.5% |
| Regions Covered | Africa, Middle East |
| No. of Companies Mentioned | 7 |
