Biologics Market Growth – at a CAGR of 8.4% by 2028
Increasing funds from public and private organizations, rising demand for vaccines and molecular therapy, and rapid advancements in biomedical technology are key factors expected to drive global Biologics market revenue growth.
Emergen Research has published its latest report titled, “Biologics Market By Source (Microbial, Mammalian, Others), By Product (Monoclonal Antibodies, Vaccines, Recombinant Hormones/Proteins, Cellular-Based Biologics, Gene-Based Biologics), By Application (Cancer, Infectious, Immunological, Cardiovascular, Hematological Diseases), and By Region Forecast to 2028”
According to Emergen Research, the global biologics market size was USD 299.72 billion in 2020 and is expected to reach USD 567.96 billion in 2028 and register a revenue CAGR of 8.4% during the forecast period, 2021-2028.
Biologics, also known as biological drug is a product derived from living organisms including animals, humans, and microorganisms, using various techniques. Biologics include a wide range of products such as allergenics, vaccines, somatic cells, monoclonal antibodies, gene therapy, recombinant therapeutic drugs that are used for treating a variety of conditions including cancer, chronic kidney disease, rheumatoid arthritis, psoriasis, and inflammatory bowel disorders. One of the key factors driving global market revenue growth is rising prevalence of chronic, infectious diseases, and autoimmune disorders across the globe.
Other factors such as rising adoption of sedentary lifestyles and increasing biological approvals, rising number of pharmaceutical companies and rapid advancements in diagnostics and treatments are expected to fuel market growth during the forecast period. In addition, high demand for innovative and effective drugs, recombinant proteins and gene-based biologics, improving healthcare infrastructure, rising healthcare spending, and increasing investments in research and development activities are expected to boost market growth going ahead.
However, high capital investments, stringent regulations for clinical trials, high risk of side effects associated with biologics such as chest pain, breathing problems, and gastrointestinal complications are some factors that could hamper overall market growth during the forecast period. In addition, lack of skilled healthcare professionals and inaccessibility to latest treatment options especially in developing countries may hamper global market growth going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Vaccine Segment to Register Rapid Revenue Growth:
The vaccine segment is expected to register rapid revenue growth over the forecast period owing to increasing need for effective vaccines to cater to rising prevalence of infectious diseases worldwide, increasing investments to limit the spread of coronavirus, and ongoing research and development activities.
Cancer Segment to Account for Largest Revenue Share:
The cancer segment is expected to account for largest revenue share between 2021 and 2028 owing to factors such as rising prevalence of cancer across the globe, increasing funds for developing novel drugs, improving healthcare infrastructure, and increasing adoption of advanced products.
North America To Lead In Terms of Revenue:
North America is expected to account for largest revenue share in the global market over the forecast period owing to factors such as increasing prevalence of chronic disorders and infectious diseases, rising number of biologics drug approvals, increasing demand for personalized medicine, and increasing investments in research and development activities. Other factors such as presence of leading market players, availability of advanced treatments, and ongoing research on proteomics are expected to boost North America market growth during the forecast period.
Major Companies in the Market Include:
- Novo Nordisk A/S
- Pfizer Inc.
- Samsung Biologics
- Merck & Co. Inc.
- Celltrion Healthcare
- AbbVie Inc.
- Johnson & Johnson Services Inc.
- Eli Lilly & Company
- F Hoffman La Roche
- Novartis AG
For the purpose of this report, Emergen Research has segmented the global biologics on the basis of source, product type, application, and region:
Source Outlook (Revenue, USD Billion; 2018-2028)
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Monoclonal Antibodies
- Recombinant Hormones/Proteins
- Cellular-Based Biologics
- Gene-Based Biologics
Application Outlook (Revenue, USD Billion; 2018-2028)
- Infectious Diseases
- Immunological Diseases
- Cardiovascular Diseases
- Hematological Disorders
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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