Market Overview:
Biologics are medicinal products manufactured in biological systems. They help treat various complex diseases like cancer, chronic diseases, and autoimmune disorders. They exploit biological pathways within cells to fight diseases.
Market key trends:
The rising prevalence of chronic diseases is one of the key trends contributing to the growth of the biologics market. Chronic diseases like cancer, diabetes, and cardiovascular diseases are increasing globally. As per the World Health Organization (WHO), chronic diseases accounted for approximately 60% of global deaths in 2001. Biologics provide effective treatment solutions for chronic diseases.
Segment Analysis
The biologics market is segmented based on product type into monoclonal antibodies, vaccines, recombinant hormones/proteins, gene therapy, and cell therapies. Among these, the monoclonal antibodies segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. Monoclonal antibodies have specific mechanisms of action and are highly effective in targeting chronic and life-threatening diseases. In addition, the wide acceptance of monoclonal antibodies for the treatment of various cancers and autoimmune disorders is driving the growth of this segment.
The global Biologics Market Demand 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.
Key Takeaways
The global biologics market is expected to witness high growth, exhibiting a CAGR of 9.3% over the forecast period, due to increasing prevalence of chronic diseases and growing demand for antibody therapies and targeted drugs for treating cancer and other life-threatening conditions.
Regional analysis: North America dominated the global biologics market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to the highly developed healthcare sector, rising biologics R&D spending, and increasing adoption of biologics in the US for treating various chronic diseases. Asia Pacific is anticipated to exhibit the highest CAGR during the forecast period, owing to rapidly developing biologics production capabilities and increasing investments by key players in countries including 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. These players are focusing on new product developments and acquisitions to strengthen their market position. For instance, in 2022, Novartis acquired Xeva Biologics GmbH to strengthen its biosimilars pipeline.
