Global “Biologics Market” in terms of revenue was estimated to be worth $402.07 billion in 2023 and is poised to reach $717.0 billion by 2031, growing at a CAGR of 7.76% from 2024 to 2031 according to a new report by InsightAce Analytic.
Global “Biologics Market” in terms of revenue was estimated to be worth $402.07 billion in 2023 and is poised to reach $717.0 billion by 2031, growing at a CAGR of 7.76% from 2024 to 2031 according to a new report by InsightAce Analytic.
Market Analysis:
Biologics are pharmaceuticals that are generated from or contain components of biological creatures. Unlike traditional chemical medications, which are made by chemical reactions, biologics are created through biotechnological processes such as recombinant DNA technology, cell culture techniques, and gene editing. Biologics are rapidly expanding in prominence as therapeutic substances due to their potential to provide precise therapies for various illnesses while minimizing adverse effects.
Biologics have grown substantially in the pharmaceutical business during the past five years, surpassing small molecules in market share. Based on the research and development pipeline, this growing trend is expected to continue and include a wide range of disease categories. The rising incidence of chronic diseases like cancer, autoimmune disorders, diabetes, and cardiovascular disease is driving up the demand for biologics.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key Factors Influencing The Global Biologics Market Are:
- Increasing Incidence Of Chronic Diseases
- Advancements In Biotechnology
- Expanding Investments In Research And Development (R&D)
The Following Are The Primary Obstacles To The Biologics Market’s Expansion:
- High Cost Of Development And Production
- Stringent Regulatory Requirements
- Limited Patent Protection
Future Expansion Opportunities For The Global Biologics Market Include:
- Expanding Therapeutic Indications
- Advancements In Drug Delivery Technologies
- Collaboration And Partnerships
Key Industry Insights & Findings from the Report:
- The emergence of biosimilars offers chances for competitiveness and market expansion. Biosimilars provide cost-effective alternatives to the original biologic pharmaceuticals, enhancing patient access to therapy and driving market penetration.
- The innovation in drug delivery technologies is expected to drive industry growth.
- North America controlled the market and accounted for a revenue share of global revenue in 2023.
- One of the substantial concerns restraining industry growth is the high production costs including complex manufacturing processes and extensive research and development.
List of Prominent Players in the Biologics Market:
- Abbvie Inc.
- Amgen
- AstraZeneca
- Bayer AG
- Celltrion Inc.
- Addgene
- Eli Lilly & Company
- Hoffmann-La Roche Ltd
- GSK group of companies
- Johnson & Johnson Services, Inc
- Merck & Co. Inc
- Novartis AG
- Novo Nordisk A/S
- Pfizer Inc.
- Precision Biologics, Inc.
- Samsung Biologics
- Sanofi
Recent Developments:
- In March 2023, Novartis disclosed that its company Sandoz plans to invest around USD 400 million in the establishment of a biologics manufacturing plant in Slovenia.
- In March 2023, Eli Lilly announced plans to invest an extra USD 500 million to expand its existing 500,000-square-foot biologics production facility in Limerick.
- In June 2022, Aeglea BioTherapuetics said that it was unable to obtain a biologics license application (BLA) from the FDA after administrators refused to file for the company’s biologic pegzilarginase.
Biologics Market Dynamics:
Market Drivers: Increasing Incidence of Chronic Diseases
The increasing prevalence and diagnosis of chronic diseases have necessitated the availability of sophisticated diagnostics and treatment drugs, hence boosting the global biologics market. Biologics are medications that have been genetically designed to target a specific component of the immune system that causes inflammation.
With the advent of coronavirus illnesses, governments around the world are taking steps to strengthen the healthcare industry and ensure the supply of biologics. Furthermore, researchers and experts are exploring to increase the production of biological products. In addition, several pharmaceutical companies are pursuing research and development to improve the efficacy of oral arthritis drugs.
Challenges: High Cost of Development and Production
Biologic developers and manufacturers confront obstacles due to the significant capital commitment required for biologic development, which is a lengthy and time-consuming procedure. It can take years between the original investment and market approval. This extended timescale increases overall expenses since it necessitates ongoing clinical studies, research-based activities, and manufacturing methods. This aspect may discourage manufacturers from entering the industry, stifling market expansion. As a result, it is considered a market limitation.
North America Is Expected To Develop With The Highest CAGR During The Forecast Period
The North America Biologics Market is expected to register a sizable revenue share and develop at a rapid CAGR in the near future. Several reasons contribute to this, including a high prevalence of chronic diseases, the presence of numerous major biopharmaceutical businesses, favorable reimbursement rules, and large R&D investments.
Some of the components pushing market expansion include an upsurge in the number of biologic prescriptions and increased investment in the development of targeted medications. Furthermore, the approval of several novel biologic treatments, including gene therapy, antisense, and RNAi therapies, is projected to drive market expansion.
Segmentation of Biologics Market-
By Source-
- Microbial
- Mammalian
- Others
By Product-
- MABs
- Vaccines
- Hormones
- Therapeutic Enzymes
- Recombinant Proteins
- Antisense, RNAi & Molecular Therapy
- Blood Factors and Anticoagulants
- Allergenic extracts
- Human Cells and Tissues
- Proteins
- Gene Therapies
- Cellular Therapies
- Others
By Disease
- Oncology
- Immunological Disorders
- Cardiovascular Disorders
- Hematological Disorders
- Others
By Manufacturing
- Outsourced
- In-house
By Distribution Channel-
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Route of Administration
- Oral
- Others (IV and IP)
By Drug Classification
- Branded Drugs
- Generic Drugs
By Mode of Purchase
- Prescription Drugs
- Over The Counter (OTC) Drugs
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- The rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
Talk with Experts Panel on the Biologics Market Report @ https://calendly.com/insightaceanalytic/30min?month=2024-02
Call: North America +1 551 226 6109 Email: diana.dsouza@insightaceanalytics.com