Africa Pharmaceutical & Biotechnology Market Size By Application(Drug Formulations Industry, Biotechnology Industry, Active Pharmaceutical Ingredients (API) Industry) And Forecast

Africa Pharmaceutical & Biotechnology Market Size And Forecast

Africa Pharmaceutical & Biotechnology Market size was valued at USD 73,413.12 Million in 2022 and is projected to reach USD 138,221.16 Million by 2030, at a CAGR of 8.24% from 2023 to 2030.

The rapid urbanization of Africa is a significant element pushing the growth of the pharmaceutical and biotechnology markets across the continent. The Africa Pharmaceutical & Biotechnology Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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What is Pharmaceutical & Biotechnology?

Biotechnology is a significant component of the healthcare system. Biotechnology is widely employed in the production of different medications and vaccines that are used to treat a variety of disorders. Pharmaceutical and biotechnology firms offer their consumers cost-saving solutions since doing business with environmentally friendly vendors may eventually lead to reduced rates. Also, they can shorten the time needed for managing and running a production and research facility. Services for outsourcing also assist businesses in breaking down trade barriers and more readily entering international markets.

Pharmaceutical and biopharmaceutical expenditures in innovative therapies like synthetic biology are fueling R&D activities as well as drug development services. Increased demand has led to the development of service offerings by contract research organizations (CROs) and contract manufacturing organizations (CMOs) for biotechnology and pharmaceuticals. Increasing CRO investment for the growth of essential skills and growing R&D spending by pharmaceutical firms for the development of potential innovative medicines are expected to boost the market in the area in the years ahead.

In the biotechnology and pharmaceutical sectors, government restrictions are crucial. Standards for medication efficacy and safety are established by the FDA and other regulatory agencies, and they influence the price and duration of the drug development process. The way pharmaceuticals are designed, evaluated, and administered is changing as a result of new technologies such as gene editing, artificial intelligence, and precision medicine. These advancements are being used by biotech and pharmaceutical businesses to speed up the drug development process and provide more specialized and individualized treatments.

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Africa Pharmaceutical & Biotechnology Market Overview

The rapid urbanization of Africa is a significant element pushing the growth of the pharmaceutical and biotechnology markets across the continent. Africa’s populace is changing dramatically. By 2025, 30 communities of two million or more people will account for two-fifths of economic development; 22 of these cities will have GDPs in excess of USD 20 billion. Cities have superior transportation facilities and healthcare capabilities, and metropolitan families have more buying power and are more likely to use contemporary medications. Africa is the world’s quickest urbanizing area, with a yearly urbanization rate of 3.2%, far exceeding the worldwide average of 2%. African towns currently house 472 million people, with this figure projected to rise to 810 million by 2035.

Non-communicable illnesses (NCDs) have increased significantly in South Africa in recent years. NCDs account for 71% of all fatalities in South Africa, according to the World Health Organization (WHO). Unhealthy meals, physical inactivity, cigarette use, and harmful alcohol use are the primary risk factors for NCDs. To address the rise in NCDs, the South African government has implemented policies to encourage healthy lifestyles, increased access to healthcare, and implemented laws to limit the usage of harmful goods such as tobacco and alcohol. Overall, addressing the increase in NCDs in South Africa will necessitate a collaborative effort on the part of the government, healthcare providers, civic society, and people to encourage healthy living, avoid risk factors, and provide effective treatment and management for those with NCDs.

The development of the pharmaceutical and biotechnology market is accelerating due to the aforementioned reasons during the forecast period. However, African governments and private organizations frequently assign restricted funds for R&D. This may limit the means available to educate and keep life scientists. To support life science studies, African countries may lack sufficient research infrastructure, such as well-equipped laboratories and sophisticated technology. Furthermore, the South African government has invested in the formation of the South African Medical Study Council, which promotes health study and development in the nation. The council has been important in undertaking COVID-19 pandemic studies and in the creation of diagnostic tools and treatments. Nonetheless, the Kenyan government established the Kenya Medical Study Institute (KEMRI) to perform studies in the fields of human health, animal health, and environmental health. KEMRI has played an important role in the development of vaccines and therapies for illnesses such as malaria and HIV/AIDS.

Africa Pharmaceutical & Biotechnology Market: Segmentation Analysis

The Africa Pharmaceutical & Biotechnology Market is segmented on the basis of Application.

Africa Pharmaceutical & Biotechnology Market, By Application

• Drug Formulations Industry
• Biotechnology Industry
• Active Pharmaceutical Ingredients (API) Industry

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Based on Application, the drug Formulations Industry accounted for the largest market share of 52.80% in 2022, with a market value of USD 38,759.09 Million, and is projected to grow at a CAGR of 7.39% during the forecast period. Biotechnology Industry was the second-largest market in 2022, Value of USD 26,283.57 Million in 2022; it is projected to grow at a CAGR of 8.99%. However, the Active pharmaceutical ingredients (API) Industry is projected to grow at the highest CAGR of 9.58%. The African Drug Formulations Industry is vital to the continent’s healthcare infrastructure. It entails the creation of completed pharmaceutical goods or formulations used to address a variety of illnesses and conditions. Most African nations are still growing their industries, with many still relying significantly on imported formulations. Some African countries, however, such as South Africa, Egypt, and Morocco, have well-established pharmaceutical businesses that create a variety of drug formulations that are used domestically and shipped to other countries in the area.

The African biotechnology market is still in its nascent stages, but it has the potential to expand considerably in the future years. The market is being pushed by rising demand for sophisticated healthcare services, increased investment in biotech research and development, and a greater emphasis on food security. Agriculture is one of the main fields of focus for biotechnology in Africa. The region has enormous agrarian growth potential, but it confronts a number of challenges such as drought, disease, and bad soil quality. Biotech firms are working to create new seed types, better fertilizers, and insect control techniques that will aid in increasing agricultural harvests and food security. Overall, the African biotechnology industry is still in its early stages, but it is expected to expand significantly in the future years. The region has the ability to become a significant participant in the African biotech industry with the proper funding and support.

Key Players

The “Africa Pharmaceutical & Biotechnology Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Pfizer, Novartis AG, GlaxoSmithKline plc, Sanofi S.A, AstraZeneca, Abbott Laboratories, Biocon, Merck & Co., Inc., Cipla Inc., Gilead Sciences, Inc., Johnson & Johnson, Bayer AG, Teva Pharmaceutical Industries Ltd, Biogen, F. Hoffmann-La Roche Ltd., Sun Pharmaceutical Industries Ltd., AbbVie Inc., Boehringer Ingelheim International GmbH, Eli Lilly, and Company, and Lonza.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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