Biologics such as monoclonal antibodies, vaccines, and recombinant factors are becoming increasingly important for treating various chronic ailments including cancer, autoimmune disorders, infectious diseases, and other medical conditions. With the patent expiration of major biologics, biosimilars provide an affordable alternative to existing biologics and expand access to life-saving biologic treatments.
The global Biologics Market is estimated to be valued at US$ 401.96 billion in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The emergence of low cost biosimilars is one of the key trends driving the growth of the biologics market. Biosimilars offer significant cost savings compared to their reference biologics and expand access to biologic treatments. As biologics lose patent protection, several biosimilar products including biosimilar monoclonal antibodies, vaccines, and recombinant factors are being approved and commercialized. This is creating healthy competition and lowering treatment costs. For instance, biosimilar versions of adalimumab, infliximab and trastuzumab have captured significant market share in the US and Europe after losing exclusivity of the reference products. The entry of affordable biosimilars is expected to further drive the growth of the overall biologics market during the forecast period.
Segment Analysis
The global biologics market is dominated by oncology as a therapeutic segment. Cancer is one of the leading causes of death worldwide and the demand for innovative and targeted oncology drugs is increasing rapidly. Biologics have revolutionized the treatment of various types of cancers and many blockbuster biologics have been approved in the recent years for indications like breast cancer, lung cancer, blood cancer, etc. This has driven the growth of the oncology segment in the biologics market.
Key Takeaways
The Global Biologics Market Size is expected to witness high growth.
Regional analysis: The North America region currently dominates the global biologics market due to established healthcare infrastructure, high adoption of biologics and presence of major biologics players in the region. The US accounts for the major share in the North America as well as global biologics market.
Key players related content comprises Key players operating in the biologics market are Advanced Accelerator Applications (AAA), Amgen, AstraZeneca, Bayer, Biocon, Bristol-Myers Squibb, Eli Lilly, GlaxoSmithKline, Johnson & Johnson, Merck, Novartis, Pfizer, Roche, Samsung Bioepsis.
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