April 14, 2024
Biologics Market

Propelled by Growing Adoption of Targeted Therapies, Biologics Market Estimated to Reach US$ 401.96 Bn by 2023

The global biologics market offers a wide range of novel drug formulations for the treatment of chronic diseases such as cancer, autoimmune disorders, and other genetic conditions. These biologics include monoclonal antibodies, vaccines, proteins, and other therapeutic products derived from living cells that have better safety and efficacy profiles than small molecule drugs.

The Global Biologics Market Size is estimated to be valued at US$ 401.96 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Targeted therapies developed from biologics have revolutionized the treatment of cancer. Drugs such as monoclonal antibodies that can precisely target tumor cells and modulate the immune system are achieving high response rates for various cancers. The growing adoption of targeted therapies is a major trend spurring the growth of the biologics market. Biologics are increasingly being preferred over conventional chemotherapy due to their superior efficacy and safety profiles. Their targeted mechanisms of action allow for higher doses with fewer side effects compared to traditional chemotherapy drugs. This advantage is driving widespread adoption of biologics across various therapeutic areas.

SWOT Analysis

Strength: Biologics are living organisms that can be tailored to treat specific diseases with high precision and low side effects. They offer targeted solutions compared to traditional drugs.

Weakness: Biologics have lengthy and expensive development processes. They also have strict temperature-controlled storage and transportation requirements which increase costs. Manufacturing at commercial scale is also challenging.

Opportunity: Increasing prevalence of chronic diseases like cancer is driving demand for advanced treatment options. The patents of top-selling biologics will expire in the forecast period, allowing for biosimilars to capture market share.

Threats: Maintaining product quality and preventing counterfeiting is crucial due to their sensitivity. Stringent regulations and long approval timelines pose entry barriers for new players. Patent expirations will intensify competition.

Key Takeaways

The global biologics market is expected to witness high growth. It was valued at US$ 401.96 billion in 2023 and is forecast to reach US$ 904.35 billion by 2030, expanding at a CAGR of 9.3% during the forecast period.

Regional analysis: North America currently dominates the market, supported by advanced healthcare infrastructure and rising expenditure on specialty drugs. However, Asia Pacific is poised to be the fastest-growing region due to increasing health awareness, healthcare reforms, and growing disposable incomes in countries like China and India.

Key players: Key players operating in the biologics market 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. They are focusing on expanding their product portfolios through acquisitions and collaborations to strengthen market presence.

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