Biologics Market Leaders
Players taking stands in the global biologics market include Pfizer Inc. (US), AbbVie, Inc. (US), AstraZeneca (UK), Novartis AG (Switzerland), F. Hoffman-La Roche AG (Switzerland), Bayer AG (Germany), Amgen (US), Sanofi (France), Eli Lilly and Company (US), and GlaxoSmithKline Plc. (UK), among others.
The Biologics Market Size is growing pervasively over the past few years in sync the rising demand. Factors, such as the burgeoning healthcare sector and rising regulatory convergence and better access to healthcare are the key driving forces behind the market growth. Besides, improving economic conditions alongside increasing health concerns and the prevalence of various chronic diseases and disorders accelerate the growth of the market.
According to Market Research Future (MRFR), a leading research firm, the global biologics market is expected to create a valuation of over USD 285,520.4 MN by 2023. MRFR, in its recent study report, also asserts that the market would register a CAGR of approximately 6.95% throughout the forecast period (2018-2023). Increased availability of advanced diagnostic procedures, rising government initiatives in healthcare, and huge technological advances support the market to expand. Also, evolving key producers led by the investments made in R&D for the incremental innovation foster the market growth to an extent.
On the other hand, manufacturing challenges are expected to impede the market growth. Biologics or biopharmaceuticals are medicines developed by extracting biological sources, such as body cells of humans, animals, and microorganisms. These biological sources are extracted or semi-synthesized using biotechnology. Biologics are administered through IV or injection at home or doctor’s office, depending on the required frequency.
Utterly 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.
Biologics Market – Segmentation
The market report has four dynamics to widen the scope of understanding,
By Product : Interleukins, Monoclonal Antibody, Vaccines, Growth Factors, Gene Therapy, and others.
By Disease Indication: Psoriasis/Psoriatic Arthritis, Rheumatoid Arthritis, Cancer, Diabetes, and others.
By Manufacturing: In-house and Out-sourced
By Regions: North America, Europe, the APAC, and the Rest-of-the-World (RoW).
Global Biologics Market – Regional Analysis
North America leads the global biologics market with its well-developed healthcare sector. High-volume production and the massive demand for biologics driven by high healthcare expenditures to bolster regional market growth. Simultaneously, factors like the availability and the wide uptake of new technologies to develop advanced production methods are positively impacting market growth. The US, backed by the vast technological advancements in the field of biologics, heads the regional market.
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Europe stands second in the global biologics market, accounting for the next largest share. The European biologics market follows the North American market closely. Resurging economies and government support can encourage manufacturers to develop new and effective biologics propel the regional market growth. The improving economy is availing the best possible healthcare and increasing healthcare expenditures.
The Asia Pacific biologics market is emerging as a profitable market globally. The burgeoning healthcare sectors in the region can foster the growth of the regional market by implementing rapid healthcare reforms. Moreover, rapidly improving healthcare infrastructures and increasing population that is increasingly demanding quality care, drive the regional market growth.