April 14, 2024
Biologics Market

Biologics Market Estimated to Witness High Growth Owing to Increasing Prevalence of Chronic Diseases

The biologics market involves the production of complex large molecule pharmaceutical drugs using biological sources like blood, tissue, vaccines, genes or cells. These biologics offer targeted therapies for chronic diseases like cancer, autoimmune disorders and other genetic conditions with fewer side effects compared to traditional drugs. The global biologics market is driven by the rising prevalence of chronic non-communicable diseases, growing geriatric population and increasing R&D investments by biopharmaceutical companies.

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.

Key Takeaways

Key players operating in the Biologics Market Growth 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. Innovation in developing biosimilars that are more affordable versions of biologics offers huge opportunities for market players. Partnerships with emerging biotech companies aids established players in gaining access to new drug candidates.

Rising prevalence of chronic diseases has increased the demand for biologics globally. Many biopharma companies are expanding their manufacturing facilities across Asia Pacific and Latin America to cater to the growing patient population in these regions. The increased accessibility and adoption of biologics for treating various conditions presents abundant opportunities for market players.

Market Drivers

The key driver for the growth of the Biologics Market is the increasing prevalence of chronic diseases globally. As per the WHO, chronic diseases accounted for around 60% of the reported deaths in the world in 2001 with cardiovascular diseases being the leading cause of deaths globally. Biologics offer targeted disease-modifying therapies with fewer side effects compared to traditional drugs thereby driving their increased adoption. Furthermore, the rising geriatric population which is more vulnerable to chronic diseases also contributes to the demand for biologics. R&D investments by major pharmaceutical companies in developing advanced biologic therapies acts as a major growth driver for the market.

PEST Analysis

Political: Regulatory changes such as U.S. Congress repeal of individual mandate of ACA and pricing policies influence the market.

Economic: Growing healthcare expenditure boosts market. Economic fluctuations impact R&D investments and market dynamics.

Social: Aging population driving demand for cost-effective therapies. Increasing awareness increases adoption.

Technological: Advancements in biomanufacturing and personalized medicine expand application areas. Continued research facilitates product development.

The North American region accounted for highest value share in 2024 driven by growing demand, commercialization of innovative products, and presence of major market players. Europe and Asia Pacific regions also have significant shares due to expanding healthcare infrastructure and rising government support.

The Asia Pacific region is projected to witness fastest growth during the forecast period attributed to growing patient population, rise in disposable incomes, increased collaborations from multinational players seeking low-cost manufacturing options, and improving regulatory framework. Rapid economic development and improved access to advanced treatment options are likely to support regional growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it