Biologics Market To Expand At A Noteworthy CAGR of 7.6% During 2023-2030

Pune, India, July, 2022/press release/- Market Research Future Published a Half Cooked Research Report on Global Biologics Market Research Report.

Biologics are biologic drugs that are derived or semi-synthesized from natural sources such as humans, animals and micro-organisms with the use of biotechnology. As per the report that has been published by Market Research Future (MRFR), the global biologics market is anticipated to expand at a noteworthy CAGR of 7.6% during the forecast period 2023-2030.

Market Drivers and Restraints:

The Biologics Market is expected to reach USD 710.53 billion at 7.6% CAGR during the forecast period 2023-2030

The global market for biologics is majorly driven by the availability of wide range of biologics such as vaccines, allergenics, blood, blood components, somatic cells, tissues, gene therapies, living cells used in cell therapy and recombinant therapeutic protein. The increasing number of individuals with chronic and acute diseases, such as cancer, diabetes, anemia and others, that involves biologics in their treatment is inducing demand for biologics or biologic drugs in the global market.

The growing approval of patient-centric and personalized medicines and increasing resistance towards conventional drugs are impacting positively on the expansion of the global biologics market. The increasing inclination towards the adoption of medicines that are derived from natural sources owing to the high rate of side-effects caused by the conventional chemically synthesized drugs is creating traction for biologics in the global market, resulting in the expansion of the global biologics market.

The high success rate in terms of approval of biologic drugs has created a broad pathway of opportunities for the manufacturers, which in turn is fueling the growth of the global biologics market. The increased research and development expenditure by the pharmaceutical companies has led to the introduction of new and efficient biologic drugs in the global market, leading to the expansion of the global biologics market. However, the high capital investment for research and development of biologics, high cost of biologics and development of biosimilars are likely to act as a restraint on the growth of the global biologics market.

Market Segmentation:

The global biologics market has been segmented on the basis of type, application and source. Based on type, the biologics market is segmented into vaccines, blood products, proteins, gene therapy, monoclonal antibodies and others. Significant development and high adoption of vaccines are leading to the expansion of vaccine segment in the global biologics market.

Based on application, the biologics market is segmented into anemia, cancer, diabetes and others. Among these, the cancer segment is anticipated to dominate the global biologics market during the forecast period. Based on source, the biologics market is segmented into human, animals and micro-organisms.

Regional Analysis

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The global biologics market is geographically segmented into four major regions such as America, Europe, Asia Pacific and the Middle East and Africa. Among these, the Americas is anticipated to dominate the global biologics market owing to the high prevalence of diseases such as cancer and diabetes. The Europe region accounts for the second largest share of the global biologics market owing to the increasing healthcare expenditure and rise in government support for research and development of biologics in this region. The increasing geriatric population and demand for biologic products are driving the expansion of the biologics market in the Asia Pacific region. However, the low penetration of advanced medications and poor healthcare facilities in the underdeveloped regions of the Middle East and Africa are leading to the steady growth of the biologics market in this region.

Competitive Analysis:

The increasing research and development expenditure for new product launch by the manufacturers in the global market is strengthening the competition in the global biologics market. The players in the market are focusing on the expansion of their business through strategic mergers and acquisitions in order to sustain the highly competitive environment of the global biologics market.

In July 2018, the European Union and Japan have extended their current mutual recognition agreement. This extension has led to the inclusion of certain biologic medicines, sterile medicines and APIs which suggests that these medicines will no longer be inspected once they are delivered to the others’ territory.

Some of the prominent players of the global biologics market are Sanofi, Smiths Medical, Eli Lily & Company, Lundbeck, AstraZeneca, Terumo Corporation, Becton, Dickinson, & Company, Amgen, GlaxoSmithKline Biologics S. A., Pfizer Inc., Novartis International AG, Bayer AG, Merck KGaA, Johnson & Johnson Inc., Bristol-Myers Squibb, Biogen Inc., and others.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Biologics Market Research Report