Biologics are complex medicinal products derived from living organisms and their components. These products help in the treatment of various diseases such as cancer, chronic inflammatory diseases, infectious diseases and many more. Their manufacturing process involves the use of advanced technology along with biological cellular and substrate components.
The global Biologics Market is estimated to be valued at US$ 463.06 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for biosimilars is one of the major trends being witnessed in the biologics market. Biosimilars are developed to have similar safety, purity and potency as their reference biologic products but could cost less, making them more accessible to more patients. As patents of many biologics are set to expire in coming years, it is estimated that global biosimilars market could reach $35 billion by 2023, registering a CAGR of over 30% during 2017-23. Increasing number of biosimilar approvals coupled with patent expiry of reference products have boosted the demand for lower cost biosimilars. This has propelled major biologics companies to focus more on biosimilars products development. For instance, Advanced Accelerator Applications (AAA) recently launched its first biosimilar – Somatuline Depot — following approval for the treatment of acromegaly and gastroenteropancreatic neuroendocrine tumors.
Strength: Biologics are effective treatments for complex diseases like cancer and autoimmune disorders. They are highly targeted drugs with fewer side effects than small molecule drugs.
Weakness: Biologics have high development costs and are expensive to manufacture. Biosimilars can erode branded biologics market share once patents expire.
Opportunity: The aging global population and rising incidence of chronic diseases drives growth opportunities. Biologics are replacing small molecule drugs in conditions where they provide better efficacy.
Threats: Stringent regulations and long development times are barriers to entry. Manufacturing complexity makes biologics vulnerable to supply disruptions. follow on biologics may capture market share with lower costs.
Global Biologics Market Size is expected to witness high growth over the forecast period. Rapid expansion of therapeutic applications and innovations in delivery technologies will propel the market.
North America currently dominates due to presence of major pharma companies and higher healthcare spending. However Asia Pacific is poised to be the fastest growing regional market due to rising disease prevalence, increasing disposable incomes and investments in healthcare sector.
Key players operating in the biologics market include Advanced Accelerator Applications, Amgen, AstraZeneca, Bayer AG, Eli Lilly and Company, GlaxoSmithKline plc, Merck & Co., Novartis AG, Pfizer Inc., and F. Hoffmann-La Roche Ltd. These players are engaged in new product launches, acquisitions and collaborations to expand their product portfolios and market share. For instance, in 2023 AAA plans to launch new indications of Lutathera, its radiopharmaceutical drug to boost revenues.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it