The global biologics market is estimated to be valued at US$ 401.96 billion in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The biologics market includes a wide range of products that are derived from living organisms, such as vaccines, blood components, proteins, and monoclonal antibodies. These products offer several advantages over conventional pharmaceuticals, including higher potency, specificity, and reduced side effects. With the growing prevalence of chronic diseases and the demand for personalized medicine, there is an increasing need for biologics in the healthcare industry. Biologics have revolutionized the treatment of diseases such as cancer, rheumatoid arthritis, and diabetes, providing improved patient outcomes and quality of life.
Market Key Trends:
One key trend in the biologics market is the increasing adoption of biosimilars. Biosimilars are highly similar versions of biologic medications that have already been approved and marketed. They offer cost savings, as they are generally priced lower than the reference biologics. The biosimilars market is growing rapidly due to various factors such as expiration of patents for biologic drugs, government initiatives to promote the use of biosimilars, and increasing acceptance by healthcare professionals and patients. With the development of advanced manufacturing techniques and stringent regulatory guidelines, the market for biosimilars is expected to witness significant growth in the coming years.
The biologics market can be segmented based on product type, application, and end-user.
In terms of product type, monoclonal antibodies dominate the biologics market. Monoclonal antibodies are highly specific and have shown great potential in the treatment of various diseases such as cancer, rheumatoid arthritis, and Alzheimer’s disease. They have a high success rate and are more effective than traditional therapies, leading to their dominance in the market.
In terms of application, the therapeutic segment holds the largest share in the biologics market. Biologics have revolutionized the treatment of diseases such as cancer, autoimmune disorders, and genetic disorders. The increasing prevalence of these diseases and the growing demand for personalized medicine are driving the dominance of the therapeutic segment.
In terms of end-user, the pharmaceutical and biotechnology companies dominate the biologics market. These companies are involved in extensive research and development activities to develop new biologic drugs. They also have a strong distribution network and established brand names, which gives them a competitive edge in the market.
The Global Biologics Market Demand is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period (2023-2030). The market size for 2023 is estimated to be US$ 401.96 billion.
One of the key drivers of growth in the biologics market is the increasing prevalence of chronic diseases such as cancer, diabetes, and autoimmune disorders. Biologic drugs have shown great efficacy in the management of these diseases, thus driving their demand.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the biologics market. The region has a well-established healthcare infrastructure, favorable government initiatives, and a high adoption rate of advanced therapies. Additionally, the presence of major pharmaceutical and biotechnology companies in the region contributes to its dominance.
Key players operating in the biologics market include 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 players have a strong presence in the market and are involved in extensive research and development activities to develop new and innovative biologic drugs.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it