Global Biologics Market Size is expected to reach a valuation of USD 285,520.4 million by the end of the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The study projects the global biologics market to exhibit a robust 6.95% CAGR over the forecast period.
Market Overview
Biologics are products derived from humans, animals, or microorganisms to help remedy a wide range of diseases. These include monoclonal antibodies, genetic medication, and vaccines, among others. The global biologics market is mainly driven by the growing awareness about their benefits in treating conditions that are hard to treat with conventional medicine. The global biologics market has been majorly driven by the increasing incorporation of biologics into the healthcare sector’s operations in recent years. Growing realization of the efficacy of biologics in treating stubborn conditions such as rheumatoid arthritis, diabetes, and cancer is likely to drive the global biologics market over the forecast period. Biologics have been shown to be both more effective and safer in medical applications than conventional medicine, leading to their growing usage in the global healthcare sector.
Competitive Analysis:
Leading players in the global biologics market include Sanofi, GlaxoSmithKline plc, Eli Lilly and Company, Amgen, AstraZeneca, Novartis, Bayer AG, F. Hoffman-La Roche AG, Pfizer Inc., and AbbVie Inc.
Industry Updates:
In April 2019, CytoDyn announced a collaboration deal with Samsung Biologics for the production of leronlimab.
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Rising Prevalence of Chronic Diseases Drives Biologics Market
The growing prevalence of conditions such as cancer, diabetes, and arthritis is likely to be a major driver for the global biologics market over the forecast period. The prevalence of all three of these conditions, as well as other lifestyle conditions, has been driven by the increasing adoption of unhealthy lifestyles by consumers across the world. This has led to a growing need for the development of effective counter-mechanisms from the healthcare sector to combat these diseases. The global biologics market is likely to be a key beneficiary of these developments over the forecast period, as biologics have shown promising results so far in treating these diseases.
Growing Biotech Sector to Drive Biologics Market
The Biologics Market is heavily dependent on the growth of the biotechnology sector, as biotech processes are required to extract the useful biologic components from organisms. The growing biotechnology sector in emerging regions such as China and other Asia Pacific countries is thus likely to be a key driver for the global biologics market over the forecast period, especially considering the leading role likely to be played by emerging economies in the market in the coming years. The growing government support to the biotechnology sector, a result of the growing awareness about the economic benefits of the biotechnology sector as well as its benefits in terms of implementing incremental updates in the healthcare sector, is also likely to be a key driver for the biologics market over the forecast period.
Segmentation:
By product, the global biologics market is segmented into monoclonal antibodies, interleukins, vaccines, growth factors, gene therapy, and others. The monoclonal antibodies segment is further subdivided into humanized, human, chimeric, and murine. The monoclonal antibodies segment is likely to dominate the global biologics market over the forecast period due to its importance in the development of personalized medication, which is becoming a popular avenue in the global healthcare sector. The vaccines segment is also likely to play a key role in the growth of the global biologics market over the forecast period and is likely to exhibit the highest growth rate over the forecast period.
By disease indication, the biologics market is segmented into cancer, diabetes, rheumatoid arthritis, psoriasis/psoriatic arthritis, ankylosing spondylitis, ulcerative colitis, Crohn’s disease, juvenile idiopathic arthropathy, cardiovascular diseases, and others. Cancer is the leading disease segment in the global biologics market, but could be overshadowed by the arthritis segment over the forecast period due to its growing prevalence.
By manufacturing method, the two major segments in the market are outsourced and in-house.
Browse the market data and information spread across 138 pages with 126 data tables and 18 figures of the report “Biologics Market Report – Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/biologics-market-1339
