Biologics are complex therapeutic substances derived from living cells, and play an important role in the treatment of various chronic and life-threatening diseases such as cancer, autoimmune diseases, infectious diseases among others. They are produced from living cells through bioengineering techniques and are comprised of complex molecules which deliver targeted therapies. Some key biologics include monoclonal antibodies, vaccines, cell therapies and gene therapies. Monoclonal antibodies account for the largest share of the biologics market and are used in the treatment of various cancers, cardiovascular diseases and autoimmune disorders.
The Global Biologics Market Size 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.
Market Dynamics:
The biologics market is expected to be flourished by the significant rise in autoimmune diseases across the globe. As per one of the drivers referred from the heading, autoimmune diseases have increased considerably over the past few decades. Key factors responsible for this rise include changing lifestyle patterns, environmental factors and genetic risks. For instance, according to the American Autoimmune Related Diseases Association, around 50 million Americans suffer from autoimmune diseases annually, out of which 75% are women. Biologics are highly effective in the treatment of various autoimmune conditions and have largely replaced conventional drugs. Moreover, growing awareness about biologics and their targeted approach along with increasing healthcare expenditure is expected to boost the demand. However, high development and production cost of biologics remains a challenge.
Segment Analysis
The global biologics market is dominated by the pharmaceuticals segment which holds more than 65% share of the market. Biologics have revolutionized the treatment of various chronic diseases such as cancer, diabetes, rheumatoid arthritis etc. Monoclonal antibodies sub-segment dominates the pharmaceuticals segment with the highest revenue share due to high preference of biologics over small molecules in treatment of cancer and autoimmune disorders.
PEST Analysis
Political: Government regulations regarding approval and manufacturing of biologics are stringent. However, supportive initiatives to encourage research in biologics will boost the market growth.
Economic: Rising healthcare spending and increasing demand for cost-effective therapeutics are driving the biologics market growth.
Social: Growing prevalence of chronic diseases and increasing awareness about advantages of biologics over conventional treatment options is positively impacting the market.
Technological: Advancements in bioprocessing technologies to develop high yielding biologics manufacturing processes along with combinational therapies will propel the market in coming years.
Key Takeaways
The global biologics market size was valued at US$ 401.96 Bn in 2023 and is expected to reach US$ 602.94 Bn by 2030, expanding at a CAGR of 9.3% during the forecast period.
Regional analysis: North America dominates the global biologics market with more than 35% share majorly driven by the US market due to growing demand for monoclonal antibodies and recombinant proteins for treatment of chronic diseases. However, Asia Pacific region is expected to witness fastest growth during the forecast period on back of increasing healthcare investments, expanding biopharma industry and rising patient population.
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. These key players are focusing on new product launches and geographic expansions to strengthen their market position.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
