Biologics Market Growth 2022-2028: Increasing Number of Product Launches and Pipeline Products Are Primary Factors Driving Growth
Biologics Market was valued at USD 324.78 Billion in 2020 and is expected to reach a value of USD 749.62 Billion by 2028, and register a CAGR of 10.80% during the forecast period. The global biologics market is expected to be driven by factors such as growing capital investments by major market players, along with increasing support and initiatives by governments of various countries across the globe for development and implementation of biologics, increasing prevalence of chronic diseases, and growing demand and preference for innovative drugs. Biologics are drugs processed through biological processes, and can be tailored to target specific area in the human body.
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AbbVie’s Humira (adalimumab) – a drug used to treat autoimmune disorders such as rheumatoid arthritis. Biologics products including those which are manufactured by biotechnology are heat sensitive and susceptible to contamination. Hence, it is essential to maintain aseptic condition from initial manufacturing process till the end of the production, Biologic drugs have witnessed a significant success rate, notably in cancer and autoimmune diseases. The new developments in the field of immunotherapies, gene and cell therapies, and antibody-drug conjugates, will contribute to the expected growth of biologics in the next upcoming future. Biologics are mostly to continue their growth trend with more innovative technologies and therapies coming to the market. In some therapeutic areas treatment with biologic is quite significant, especially in high-income countries. The momentum of new biologic launches is likely to continue for some time into the future. Rise in prevalence of target chronic diseases such as cancer, increase in unhealthy lifestyle habits, technological advancements, company agreements like mergers and acquisitions by key players, government support and initiative for development and implementation of biologics, collaboration of global leading companies, more companies earning market approval, product launches, the development of biologics with higher efficiency and scope, and a favorable research funding scenario are key factors contributing to high CAGR of Biologics during forecast period.
Biologics provide safer solutions in many areas of unmet medical demands, and their growth is expected to continue. Moreover, Biological products represent the cutting edge of technological innovation of technology and bio medical research and may offer the effective ways to treat diverse medical illness and ailments that presently have no other alternative treatment. Nevertheless, their high cost, patent cliff, a strict regulatory environment, and the emergence of alternative solutions, limited scope of treatment pose challenges. However, stringent government regulations and associated side effects such as gastrointestinal complications, change in blood pressure, chest pain, breathing problems, etc. is expected to hamper the market and found to be the major hindrance for market growth during 2019-2026.
The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.
Companies considered and profiled in the market report:
Merck & Co. Inc., AbbVie, Inc., AstraZeneca Plc., Amgen, Inc., Bristol-Myers Squibb Co., Eli Lilly and Company, Janssen Pharmaceuticals, Inc., GlaxoSmithKline Plc., Novartis AG, Pfizer, Inc., and Novo Nordisk A/S
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Further key findings from the report suggest
- Biologics market is growing at a CAGR of 13.0% in Asia Pacific followed by North America and Europe, with 11.8% and 11.6% CAGR, respectively. Rise in prevalence of cancer and other target diseases across the globe is the key factor to accelerate the market growth during forecast period across all regions.
- As of 2018, Monoclonal Antibodies segment dominates the market holding 39.0% of the global market since it is the primary medicine used for the treatment of cancer.
- On the basis of product type, Gene biologics are growing predominantly with a CAGR of 14.3% followed by vaccines and cellular biologics.
- On the basis of application, Cancer is expected to be the fastest growing market segment during forecast period 2019-2026 with a CAGR of 12.4%.The key factor responsible for the growth of the segment is predominant rise in cancer and geriatric population worldwide.
- Cancer application segment holds a market share of 42.2% followed by autoimmune diseases and infectious diseases holding 35.9% and 14.6% respectively.
- Asia Pacific is expected to account for the 21.4% of the global Biologics market due to the large prevalence of target diseases in countries like India and China.
- Stringent government regulations and associated side effects like gastrointestinal complications, change in blood pressure, chest pain, breathing problems etc. are the key challenges faced by the Biologics market players.
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For the purpose of this report, Reports and Data has segmented the Biologics market on the basis of product, application, end use and region:
Product type Outlook (Revenue, USD Million; 2018-2028)
- Monoclonal Antibodies
- Recombinant Hormones/Proteins
- Cellular Based Biologics
- Gene Based Biologics
Application Outlook (Revenue, USD Million; 2018-2028)
- Infectious Diseases
- Autoimmune diseases
End use Outlook (Revenue, USD Million; 2018-2028)
- Diagnostic Centers
Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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