Biologics Market Overview:
Biologics, also known as biopharmaceuticals, are medicines that are extracted or semi-synthesized using biological sources including body cells of human, animals, and microorganisms through biotechnology. Biologics can be composed of proteins, sugars, and nucleic acids or complex combinations of these substances, living cells or tissues.
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Completely different from synthesized pharmaceuticals, Biologics refers to a range of medicinal products including vaccines, blood components, somatic cells, tissues, a recombinant therapeutic protein, and living cells. Drugs produced using biologics are used in the treatment of an array of chronic diseases.
Owing to the burgeoning healthcare sector that is proliferating vigorously over the past decades, the biologics market is too growing rapidly. The rising regulatory convergence and better access to healthcare led by improving economic conditions worldwide are key driving forces behind the market growth. Moreover, the huge demand for biologics in the production of pharmaceuticals and vaccines is escalating the market on the global platform.
Considering the exponential traction, the Biologics Market Growth perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global biologics market will reach a valuation of USD 285,520.4 MN by 2023, registering a CAGR over 6.95% throughout the forecast period (2018-2023).
Additional factors supporting the market to grow rapidly, include the growing incidences of chronic diseases and their diagnoses across the globe, increased availability of advanced diagnostic procedures, rising government initiatives in healthcare, and the growing technological advancements in research. Also factors such as the expansion of key producers and the investments they made in R&D for the incremental innovation and to sustain competition foster the market growth to an extent.
On the other hand, factors such as the challenges occurred during the manufacturing of biologics are expected to impede the market growth over the forecast period. Nevertheless, factors such as the increasing awareness for technologically advanced medical procedures and drugs and higher spending power are expected to support the market growth throughout the assessment period.
Major Players:
Key players leading the global biologics market include Pfizer Inc. (U.S.), AbbVie, Inc. (U.S.), AstraZeneca (U.K.), F. Hoffman-La Roche AG (Switzerland), Novartis AG (Switzerland), Bayer AG (Germany), Sanofi (France), Amgen (U.S.), Eli Lilly and Company (U.S.), and GlaxoSmithKline Plc (U.K.) among others.
Global Biologics Market – Segments
For enhanced understanding, the report has been segmented into four key dynamics.
By Product: Monoclonal Antibody, Interleukins, Vaccines, Growth Factors, and Gene Therapy among others.
By Disease Indication: Rheumatoid Arthritis, Psoriasis/Psoriatic Arthritis, Cancer, and Diabetes among others.
By Manufacturing: In-house and Outsourced
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Biologics Market – Regional Analysis
The North American region, heading with its well-developed healthcare sector accounts for the leading position in the global biologics market followed by the European and Asia Pacific region, respectively. Simultaneously, factors such as the high-volume production of pharmaceuticals and the huge demand for biologics led by the high healthcare expenditure.
Undoubtedly, the availability and the wide uptake of new technologies to develop advanced production methods is positively impacting market growth. The US, backed by the huge technological advancements in the field of manufacturing biologics leads the regional market.
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The European region owns the next largest share in the global biologics market, following the North American market closely. Factors propelling the growth of the regional market include the resurging economy that is availing the best possible healthcare & substantially high healthcare expenditures and the government support that encourages manufacturers of biologics to develop new and effective biologics.
The Asia Pacific region is emerging as a profitable market for biologics due to the rapidly improving healthcare infrastructure. Moreover, factors such as the ever-increasing population that is continually dictating the demand for quality healthcare and the spreading awareness towards the availability and benefits of biologics are positively impacting the growth in the regional market.
Rapidly developing economies are expected to provide immense opportunities for the growth of biologics. Also, the increasing adoption of technologies is positively impacting market growth in the region. Furthermore, rising healthcare concerns along with the fast-proliferating healthcare sector, increase the market size of the biologics market in the APAC.
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