Middle East & Africa Colorectal Cancer Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Modality (Diagnosis Type, Therapy Type, and Imaging Type) and End User (Hospitals and Diagnostic & Research Laboratories)
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.
Middle East & Africa Colorectal Cancer Market Revenue and Forecast to 2028 (US$ Million)
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.
Abbott, Amgen Inc., Bruker Corporation, Clinical Genomics Technologies Pty Ltd., EDP Biotech Corporation, Epigenomics AG, F. Hoffmann-La Roche AG, Quest Diagnostics, and VolitionRx Limited are among the leading companies operating in the Middle East & Africa colorectal cancer market.
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Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Middle East & Africa colorectal cancer market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the Middle East & Africa colorectal cancer market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Middle East & Africa market trends and outlook coupled with the factors driving the colorectal cancer market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution"
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