Market Research Future (MRFR) in its recently published study report asserts that the Global Biologics Market will reach a valuation of USD 285,520.4 MN by 2023, registering a CAGR over 6.95% throughout the forecast period (2018-2023).
Biologics Industry 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.
Some of the prominent players of the global biologics market are
- Smiths Medical,
- Eli Lily & Company,
- Terumo Corporation,
- Dickinson, & Company,
- GlaxoSmithKline Biologics S. A.,
- Pfizer Inc.,
- Novartis International AG,
- Bayer AG,
- Merck KGaA,
- Johnson & Johnson Inc.,
- Bristol-Myers Squibb,
- Biogen Inc., and others.
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Biologics Market – Overview
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.
Owing to the burgeoning healthcare sector that is proliferating vigorously over the past decades, the biologics market is too growing rapidly. The rising regulatory convergence and better access to healthcare led by improving economic conditions worldwide are key driving forces behind the market growth. Moreover, the huge demand for biologics in the production of pharmaceuticals and vaccines is escalating the market on the global platform.
Additional factors supporting the market to grow rapidly, include the growing incidences of chronic diseases and their diagnoses across the globe, increased availability of advanced diagnostic procedures, rising government initiatives in healthcare, and the growing technological advancements in research. Also factors such as the expansion of key producers and the investments they made in R&D for the incremental innovation and to sustain competition foster the market growth to an extent.
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.
Introduction of Personalized Medicines Supports Market Growth
With drastic developments in gene and cell therapies, antibody drug conjugates and immunotherapies, the expected growth of biologics in the future is touted to be excellent. Trade pundits predict that biopharmaceuticals are poised to maintain their growth trend backed by innovative technologies and therapies. Personalized medicine and regenerative therapy are two areas that are developing at a speedy rate. Furthermore, personalized medicines that are based on immunotherapies, antibody drug conjugates and gene therapies are exhibited to be introduced in following years, which will offer lot of promise for regenerative medicine and focused disease remission. Key Players for Global Biologics Market
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.
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
The North American region, heading with its well-developed healthcare sector accounts for the leading position in the global biologics market followed by the European and Asia Pacific region, respectively. Simultaneously, factors such as the high-volume production of pharmaceuticals and the huge demand for biologics led by the high healthcare expenditure.
Undoubtedly, the availability and the wide uptake of new technologies to develop advanced production methods is positively impacting market growth. The US, backed by the huge technological advancements in the field of manufacturing biologics leads the regional market.
The European region owns the next largest share in the global biologics market, following the North American market closely. Factors propelling the growth of the regional market include the resurging economy that is availing the best possible healthcare & substantially high healthcare expenditures and the government support that encourages manufacturers of biologics to develop new and effective biologics.
The Asia Pacific region is emerging as a profitable market for biologics due to the rapidly improving healthcare infrastructure. Moreover, factors such as the ever-increasing population that is continually dictating the demand for quality healthcare and the spreading awareness towards the availability and benefits of biologics are positively impacting the growth in the regional market.
Rapidly developing economies are expected to provide immense opportunities for the growth of biologics. Also, the increasing adoption of technologies is positively impacting market growth in the region. Furthermore, rising healthcare concerns along with the fast-proliferating healthcare sector, increase the market size of the biologics market in the APAC.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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