by Market Overview:
Biologics are medicinal products made or derived from biological sources such as antibodies, recombinant therapeutic proteins, vaccines, blood, blood components, and living cells. They are used for the treatment, prevention and diagnosis of various diseases like cancer, diabetes, rheumatoid arthritis, cardiovascular diseases, and other autoimmune disorders. Key biologics currently available include monoclonal antibodies, therapeutic proteins, and vaccines. Advancements in biopharmaceutical technologies are further driving research and development of novel biologics to treat unmet medical needs.
Market Dynamics:
There are two major drivers fueling growth of the biologics market:
First, rising prevalence of chronic and life-threatening diseases globally is propelling demand for biologics. According to the Center for Disease Control and Prevention (CDC), about six in ten adults in the United States live with at least one chronic disease and four in ten adults have two or more chronic diseases. Cancer, diabetes, respiratory diseases etc are among the leading causes of mortality worldwide, presenting significant treatment opportunities for biologics.
The global Biologics Market Demand is estimated to be valued at US$ 401.96 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Second, growing demand for biosimilars is expanding the biologics market space. Biosimilars are biologic medical products that are developed to be similar to an original product, which is named a reference product. Biosimilars may offer cost saving advantages over their reference biologic drugs and expanding their usage can potentially increase access to biologic treatment globally. Various patent expiries of biologics is creating opportunities for biosimilar manufacturers.
Segment Analysis
The biologics market is segmented into monoclonal antibodies, therapeutic proteins, vaccines. Among these, monoclonal antibodies hold the largest market share of over 40% in 2023. Monoclonal antibodies target specific proteins and cells involved in specific diseases. They have minimal side effects and are more effective than conventional small molecule drugs.
PEST Analysis
Political: Governments across countries have implemented supportive regulations to encourage biologics research and development. They provide funding and invest in advanced research facilities.
Economic: The global biologics market size was valued at US$ 401.96 Bn in 2023 and is expected to reach US$ 888.24 Bn by 2030, exhibiting a CAGR of 9.3%. Increasing prevalence of chronic diseases and growing geriatric population are driving the market.
Social: Rising patient acceptance for biologics owing to strong efficacy and low toxicity compared to chemotherapy has been a major factor boosting the market growth. Growing health awareness in society also contributes to market expansion.
Technological: Advancements in molecular biology, protein engineering, genomics, gene therapy, and cell-based therapies have spurred development of efficient biologics for various disease conditions. Automated platforms aid mass production of biologics.
Key Takeaways
The global biologics market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of chronic diseases such as cancer, diabetes and cardiovascular disorders. North America dominates the market with over 40% market share in 2023 owing to presence of major players and availability of advanced healthcare facilities. Europe and Asia Pacific regions also offer lucrative opportunities for market expansion.
Regional analysis
Among regions, North America holds the leading position in the global biologics market. This is attributed to rising healthcare expenditure, availability of latest technologies, and presence of major players in the region. Additionally, favorable reimbursement policies and government support for R&D activities boost the market growth. Asia Pacific region is expected to exhibit fastest growth over the forecast period due to growing geriatric population, increasing healthcare spending, and improving medical infrastructure in emerging countries.
Key players
Key players operating in the biologics market are Novartis AG., AstraZeneca PLC., Bayer AG, Sanofi SA., Pfizer Inc., Merck & Co., Johnson and Johnson, GlaxoSmithKline PLC., Amgen Inc., AbbVie Inc., F. Hoffmann-La Roche AG., Eli Lilly and Company., and AGC Biologics. Major players focus on product approvals, acquisitions, collaborations and partnerships to strengthen their presence in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
