The Biologics Market report offers immense growth opportunities across developing as well as developed economies. The research report intends to provide factors influencing the Biologics Market and gain all possible information with respect to market.
Pune, India - August 5, 2019 /MarketersMedia/ —
Biologics Market – Overview
Market Research Future (MRFR) recently furnished a report that predicts a lucrative future for global biologics market. The report further adds that the market will be reaching the valuation of USD 285,520.4 million by the end of 2023 and is on track to expand at a CAGR of 6.95% during the forecast period (2018-2023).
Key Players
Sanofi (France), Pfizer Inc. (U.S.), Amgen (U.S.), F. Hoffman-La Roche AG (Switzerland), AbbVie Inc. (U.S.), Bayer AG (Germany), AstraZeneca (U.K.), GlaxoSmithKline Plc (U.K.), Novartis AG (Switzerland), Eli Lilly and Company (U.S.), are among some of the leading companies in the global biologics market.
Five players out of these are at the top with over 70% share of the total market, which are Roche, AbbVie, Amgen, GSK and Pfizer.
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Market Drivers and Key Restraints
Data experts are predicting that the biologics market is on track to find greener pastures with increasing efforts and collective investments made towards the development of biologics with certain applications. An investment of more than USD 1.5 bn has been made by top 10 pharmaceutical companies in the past five years, translating into capacity expansion along with a rise in research and development. Numerous drug companies are earning massive profits due to premium prices that increase their profit margins between 20.0% and 40.0%. a predominant factor that is transforming the market dynamics is the growing product approvals on account of biologic’s ability to successfully treat highly complex diseases, which had been almost impossible in earlier times.
Additional drivers for the growth of the biologics market include surging incidence of chronic diseases and their diagnoses, easy availability of advanced diagnostics, increasing government initiatives in healthcare and progressing technological advancements in research and development by established drug makers. These drug companies are striving to maintain their position in the global market by giving stiff competition to their rivals, with one strategy being massive investments in incremental innovations.
Global Biologic Market is Expected to Grow at a CAGR of 8.6% during Forecasted Period 2017-2023.
Recent Developments
April 2019
WuXi Biologics and NBE-Therapeutics (NBE) have entered into a partnership, and are in the process of developing and manufacturing NBE's first ADC lead product known as NBE-002 (anti-ROR1). The product refers to an immune-stimulatory ADC (iADC) treatment that protects against ROR1 cancer target.
Segments for Global Biologics Market
The market for biologics is segmented on the basis of product, disease indication, and manufacturing.
The product-wise segments in the biologics market include monoclonal antibody, interleukins, vaccines, growth factors, gene therapy, and others. Monoclonal antibody market is poised to reach the size of USD 92,597.4 million at a CAGR of 3.44% during the assessment period. The growth of the market has been the result of the growing use of monoclonal antibodies (mAbs) for enhancing the immunity system. On the other hand, vaccines made for about 21% of the total market in the year 2017, and is growing at the fastest rate in the forthcoming years. It is on its way to exhibit 6.75% CAGR, and is predicted to reach the valuation of USD 66,743.5 million by the end of the review period.
Based on disease indication, the market has been considered for cancer, diabetes, rheumatoid arthritis, psoriasis/psoriatic arthritis, ankylosing spondylitis, ulcerative colitis, Crohn’s disease, juvenile idiopathic arthropathy, cardiovascular diseases, and others. Among these, in 2018, cancer controlled close to 19.2% share of the biologics market, whereas the rheumatoid arthritis segment is expected to topple the cancer segment from the top position by 2023. The segment will be representing a CAGR of 8.78% in the coming years, on account of the rapid approval of diverse types of drugs by the regulatory agencies.
Manufacturing-wise, two major methods covered in the report are outsourced and in-house. Out of these, the latter will exhibit a higher growth rate as a result of the presence of pharmaceutical companies, especially emerging companies that are researching the formulations at a very cheap price. Also, the outsourced segment is deemed to garner revenue of almost USD 112,162.4 million by 2023.
Regional Analysis for Global Biologics Market
Europe, Asia Pacific, North America and rest of the world are the regions that are a part of the market. As per the regional analysis of the market, the North American region has the largest biologic drug market. Owing to growing incidence of diseases like cancer and diabetes in the North American region is the main factor for the development of the market. The European region shadows the North American region in the biologic market. The Asia Pacific region is the one of the swiftly growing regions for the market. Japan, China, and India majorly drive the progress of the biologic market in the Asia Pacific region. Furthermore, the huge population base in this region will fuel the growth of the market over the forecast period. The Middle East and Africa region have the least share in the biologic market region among the regions
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