Biologics Market Outlook 2024-2032:
The biologics market size reached a value of USD 349.6 Billion in 2023. Looking forward, the market is expected to reach USD 699.5 Billion by 2032, exhibiting a growth rate (CAGR) of 7.8% during 2024-2032.
The market is driven by the rising prevalence of chronic diseases, continuous technological advancements facilitating the development of increasingly targeted therapies, growing adoption of biosimilars, improved healthcare infrastructure, increasing awareness about biologic therapies, strong pipeline of biologic drugs, the escalating approvals of biologics by regulatory agencies, and rapid expansion of the biopharmaceutical industry.
Increasing Burden of Chronic Diseases: A Key Market Driver
In 2023, it was reported by the World Health Organization (WHO) that 41 million individuals pass away annually from Noncommunicable Diseases (NCDs) worldwide, making up 74% of global fatalities. Common culprits of NCD-related fatalities are cardiovascular diseases (17.9 million per year), cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million, including deaths stemming from diabetes-related kidney disease). The increasing occurrence of long-term illnesses like cancer, autoimmune diseases, and diabetes has caused a rise in the need for efficient and groundbreaking treatment options globally. These chronic health issues require continuous and specific medical treatments, driving the expansion of the biologics industry. Biologics, designed to target specific biological pathways in the body, demonstrate their effectiveness in treating the intricacies of chronic illnesses.
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Precision is displayed in cancer treatment through the targeting and inhibition of cancer cell growth. Simultaneously, in autoimmune conditions, they regulate the immune reaction to reduce inflammation and shield healthy tissues from harm. This focused method distinguishes biologics from conventional drugs by providing accuracy and efficacy that reduces side effects commonly linked to more general medications. As knowledge about treatment choices increases, there is an increasing patient need for new and inventive therapies. In addition, biologics are suitable for long-term management of chronic diseases due to their targeted mechanisms of action. The rising demand for biologics is further supported by significant advancements in biotechnology and biopharmaceuticals, leading to the development of novel biologic drugs. These innovations not only enhance the efficacy and safety profiles of treatments but also enable the creation of therapies for previously untreatable conditions. Increased funding and investments in research and development by both public and private sectors are accelerating the introduction of new biologics into the market. Furthermore, the integration of personalized medicine approaches is expanding the therapeutic potential of biologics, tailoring treatments to individual patient profiles for improved outcomes.
Rising Patients Demand for Innovative Treatments Contributing to Market Growth
Technological advancements and improved healthcare information availability have enabled patients to take a more active role in comprehending their health issues. As online resources become more prevalent, patients are gaining more knowledge about different treatment options, such as the pros and cons of traditional medication versus newer biologics. The idea of personalized medicine, tailoring treatments to an individual’s specific genetic and molecular makeup, has become increasingly important. Biologics are a good fit for this model since they can be personalized to attack certain disease pathways that conventional medications might not. Patients are attracted to therapies designed for their individual needs and attributes. Biologics typically cause fewer side effects than traditional medications as they specifically target affected tissues, reducing harm to healthy ones.
Patients, especially those dealing with chronic illnesses requiring ongoing treatment, tend to prefer treatments that provide good outcomes while carrying a reduced risk of side effects. The healthcare environment is changing, and patients are more and more desiring creative solutions. Biologics are at the forefront of medical advancements, presenting new strategies for addressing diseases that may have been difficult to control using conventional techniques. This factor corresponds to the wants of patients who are actively looking for advanced and progressive treatments. The increasing collaboration between pharmaceutical companies and academic institutions is accelerating the discovery and development of innovative biologics. These partnerships often lead to breakthroughs in understanding disease mechanisms and identifying new therapeutic targets, further propelling the biologics market. Additionally, the growing number of clinical trials for biologic therapies highlights their potential and generates significant interest within the medical community. Another crucial factor is the improved manufacturing processes for biologics, which enhance production efficiency and reduce costs. This development makes biologic treatments more accessible and affordable for a larger patient population. The focus on sustainability and environmentally friendly production methods is also gaining traction, aligning with broader global health and environmental goals.
Introduction of Innovative Biologic Therapies Propelling Market Expansion
According to Globocan, the number of cancer cases In India is expected to increase to 2.08 million, a rise of 57.5% in 2040 from 2020. Moreover, the occurrence of neurological disorders such as Alzheimer’s disease and Parkinson’s disease is increasing. The expected number of people with dementia is forecasted to reach 78 million by 2030 and is projected to increase to 139 million by 2050. The advancement of disease-altering treatments like monoclonal antibodies is propelling the biologics sector. In January 2023, FDA granted Accelerated Approval for Leqembi (lecanemab-irmb) to treat Alzheimer’s disease. It decreases the presence of amyloid-β plaques and slightly delays the progression of mild cognitive decline in individuals with early Alzheimer’s disease.
Novel products like gene therapy, RNAi therapies, and mRNA-based vaccines have been successfully brought to market in recent years. An example is Pfizer’s Comirnaty, an mRNA vaccine for Covid-19, that was the best-selling biologic in 2021. This success has opened doors for creating mRNA vaccines for other illnesses like RSV and flu. In September 2022, Pfizer started phase 3 trials for its mRNA-based flu vaccine. These developments emphasize the growing potential of mRNA vaccines in the healthcare industry. Personalized approaches, including tailored biologic treatments, offer more precise and effective care for patients with unique genetic and molecular profiles. This trend is further supported by the increasing availability of genomic data and sophisticated diagnostic tools that enable the identification of specific biomarkers. These developments facilitate the creation of targeted biologic therapies that address the underlying causes of diseases more effectively. Furthermore, the collaboration between biotech firms and academic institutions is accelerating the pace of biologic innovations and clinical research breakthroughs. As the demand for personalized and precision treatments continues to grow, the biologics market is expected to expand significantly, driven by ongoing innovations and advancements in this field.
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Leading Companies in the Biologics Market:
The market research report by IMARC encompasses a comprehensive analysis of the competitive landscape in the market. Across the global biologics market, several notable companies are focusing on innovation and research & development (R&D) activities. Leading players like AbbVie Inc., Amgen Inc., AstraZeneca plc, F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc, Johnson & Johnson, Merck KGaA, Novartis AG, Pfizer Inc., and Sanofi are actively enhancing their offerings. The market players adopt strategies such as R&D, product launches, and strategic collaborations to increase their footprint in various countries. Furthermore, firms are focusing heavily on the creation of new biologic production facilities.
For example, in January 2023, the FDA approved Lecanemab under the fast approval process for the treatment of Alzheimer’s disease. In March 2023, Novartis stated that its business Sandoz intends to invest around USD 400 million in the establishment of a biologics manufacturing plant in Slovenia. Similarly, in March 2023, Eli Lilly announced plans to invest an additional USD 500 million in expanding its existing 500,000-square-foot biologics production facility in Limerick. Notably, in January 2022, the company had initially announced an investment of USD 500 million for the development of the same facility.
Market Analysis:
Biologics are transforming the treatment landscape for various diseases, making a substantial impact across multiple therapeutic areas. In oncology, biologics such as monoclonal antibodies and CAR-T cell therapies are pivotal in targeting cancer cells with high precision, offering new hope for patients with solid tumors and hematological malignancies. These therapies focus on specific cancer cell markers, enhancing treatment efficacy and minimizing damage to healthy tissues. In immunological disorders, biologics play a crucial role in modulating the immune system.
Drugs like tumor necrosis factor (TNF) inhibitors and interleukin (IL) inhibitors target inflammatory pathways, providing relief for conditions such as rheumatoid arthritis, lupus, and psoriasis. These biologics help manage symptoms and improve patients’ quality of life by addressing the underlying immune dysfunction.
For cardiovascular disorders, biologics are emerging as significant therapeutic options. Therapies such as monoclonal antibodies that target LDL cholesterol have shown promise in reducing cardiovascular events and managing hyperlipidemia. These treatments complement traditional approaches and offer new strategies for preventing heart disease. In hematological disorders, biologics, including monoclonal antibodies and clotting factor concentrates, are used to treat conditions like hemophilia and certain types of leukemia. These biologics can replace missing factors or target specific blood cancer cells, enhancing treatment outcomes and patient management.
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Regional Analysis:
The major markets for biologics include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
Several reasons contribute to this, including a high prevalence of chronic diseases, the presence of numerous top biopharmaceutical businesses, favorable reimbursement rules, and large R&D investments. According to an article published in JAMA Network, biologics accounted for 37% of the total drug spending in the United States. Some of the factors driving market expansion include an increase 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.
North America’s influence on the biologics market is further amplified by a highly developed healthcare infrastructure that supports both the development and distribution of advanced therapies. The region’s extensive network of research institutions and academic centers fosters innovation and accelerates the translation of scientific discoveries into commercial products. This robust ecosystem not only enhances the development of new biologics but also ensures their rapid integration into clinical practice. Additionally, North America benefits from a strong intellectual property framework that encourages pharmaceutical companies to invest in biologics. Patent protection and exclusivity rights provide a secure environment for companies to invest heavily in R&D without immediate competitive pressures. The presence of leading biotech hubs, such as Silicon Valley and Boston, drives further advancements in biologic technologies.
The Asia-Pacific region significantly impacts the biologics market due to its large patient population and growing healthcare infrastructure. Emerging economies like China and India are expanding their healthcare systems, increasing demand for biologics. High levels of investment in biotechnology and research and development further bolster market growth. Additionally, favorable government policies and a rising focus on personalized medicine contribute to the region’s prominence. The increasing prevalence of chronic diseases and a growing emphasis on advanced therapies drive market expansion in this diverse and dynamic region.
Europe plays a crucial role in the biologics market, driven by advanced healthcare systems and robust R&D capabilities. Countries like Germany, the UK, and France lead in biopharmaceutical innovations and clinical trials, fostering market growth. The region benefits from strong regulatory frameworks that facilitate drug approvals and commercialization. Additionally, increasing investments in biotech startups and collaborations between academic institutions and industry stakeholders contribute to the market’s expansion. A growing aging population and rising prevalence of chronic and rare diseases further propel the demand for biologics in Europe.
In Latin America, the biologics market is expanding due to increased healthcare access and rising healthcare expenditures. Countries such as Brazil and Mexico are investing in healthcare infrastructure, which enhances the distribution and availability of biologic therapies. Growing awareness of advanced treatment options and increasing incidence of chronic diseases drive market growth. Additionally, regional partnerships and collaborations with global pharmaceutical companies support the development and introduction of new biologics. Government initiatives aimed at improving healthcare access and quality further contribute to the market’s growth in this region.
The biologics market in the Middle East and Africa is influenced by growing healthcare investments and an increasing focus on advanced medical treatments. Countries like Saudi Arabia and South Africa are developing their healthcare infrastructure and investing in biotechnology. Rising prevalence of chronic and lifestyle-related diseases fuels demand for biologics. Additionally, international collaborations and partnerships with global pharmaceutical companies are enhancing market growth. Government efforts to improve healthcare access and modernize medical facilities are also contributing to the expansion of the market in this diverse region.
Key information covered in the report.
Base Year: 2023
Historical Period: 2018-2023
Market Forecast: 2024-2032
Breakup by Source:
- Microbial
- Mammalian
- Others
Breakup by Product:
-
- Monoclonal Antibodies
- Vaccines
- Recombinant Proteins
- Antisense, RNAi and Molecular Therapy
- Others
Breakup by Disease:
-
- Oncology
- Immunological Disorders
- Cardiovascular Disorders
- Hematological Disorders
- Others
Breakup by Manufacturing:
- Outsourced
- In-House
Regional Analysis:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
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