As per our research report, the size of the global biologics market is estimated to be growing at a CAGR of 8.1% from 2022 to 2027 and was worth USD 269.1 billion in 2021.
COVID 19’s epidemic has wreaked havoc on practically every industry. Since the World Health Organization designated it a pandemic, the new coronavirus has rapidly spread. COVID 19 infection causes moderate symptoms such as a cold, cough, fever, and a loss of smell or taste in most individuals. However, people aged 65 to 70 can cause severe heart failure symptoms, acute respiratory distress syndrome, and other complications. In the early months of 2020, the biologics market grew slower. The key factors that caused the lower growth are tightening of restrictions and banning flights. As biologics-based treatment operations have been postponed or canceled, market share plummeted. The number of people infected with the coronavirus who receive biological treatment is relatively low. This is a primary reason why the biologics industry is expected to develop slowly in 2020. All activities in hospitals and clinics were resumed after appropriate steps were taken. In the final months of 2020, all of the postponed therapeutic procedures were completed, and biologics were used.
Government initiatives, actions to develop innovative techniques, Y-O-Y growth in the incidence of chronic diseases, rising healthcare cost, and rising prevalence to encourage outstanding treatment processes are propelling the global biologics market forward.
The market’s growth rate is predicted to be aided by expanding acceptance of new medicines, rising demand for biologic medications, and increasing patent expirations. Biologics offers a wide range of uses in targeted therapies and can aid in treating a variety of medical diseases when other treatments are unavailable. In addition, gene-based and cellular biologics are important components in biomedical research, which is predicted to boost the market’s growth pace.
Furthermore, the growing global size of the pharmaceutical industry and government attempts to raise public awareness about the availability of various treatment processes for targeted diseases are all favoring the market’s growth pace. In addition, the efficacy of oral drugs for diseases such as Crohn’s and rheumatoid arthritis has grown, encouraging patients to try new treatments. Eventually, this boosts the biologics market’s growth rate. Furthermore, the rising elderly population and the growing need to reduce the cost of medical operations are driving market demand. Moreover, people’s preference for pills over injections speeds up the market’s expansion. Technological advancements are also accelerating the market’s growth pace. Eli Lilly and Pfizer, for example, improved the effectiveness of simulation models in early drug development using Amazon’s Elastic Compute Cloud (EC2) technology.
The introduction of cutting-edge pharmaceuticals combined with cutting-edge technologies is projected to provide the market with new potential opportunities. A decrease in the market for small molecule medicine R&D efforts is expected to improve biologics demand in the near future.
Some of the primary challenges impeding the global biologics market’s growth rate are a lack of sufficient understanding of biologics in research institutes and the government’s complex regulatory structure for approving new goods. Long-term usage of biologics also causes issues like blood pressure abnormalities, gastrointestinal troubles, respiratory problems, and other steadily reducing market demand. Furthermore, supervising biological therapy methods necessitates the use of modern technology. This is done quietly to keep the market’s demand in check. In addition, the global biologics market’s growth rate is further limited by a scarcity of competent workers in laboratories to assess the results. This market’s demand is further hampered by the high cost of installing and maintaining devices in laboratories.
The manufacturing process for biologics medications is somewhat complicated, which continues to be a significant stumbling block for the biologics market’s growth. In addition, the biologics market’s growth pace is slowing due to lower turnover for clinical studies.
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KEY MARKET INSIGHTS:
- Microbial sources have dominated the source category, which is predicted to develop fastest. Scientists have discovered that microbial source biologics can be used for many beneficial purposes. This rationale is a significant contributor to this sub-segment. This segment is led by a mammalian source, which is predicted to expand at a decent rate but slower than the microbial sub-segment. Scientists are doing more study on this subject, and this source will soon have the same market share as microbiological.
- North America has led the worldwide biologics market, and this trend is expected to continue over the forecast period. The key factors driving the market are the increased prevalence of chronic diseases, well-established pharmaceutical corporations, and growth in the number of biotech companies. With the developing COVID-19 pandemic, firms in the United States are rushing to create COVID-19 vaccinations. For example, in March 2020, Kaiser Permanente Washington Health Research Institute (KPWHRI) in Seattle initiated a Phase 1 clinical trial to assess an investigational vaccination designed to protect against COVID-19. In addition, a vaccine is being developed by scientists from the National Institute of Allergy and Infectious Diseases and collaborators from the biotechnology company Moderna Inc. Semglee was available in the United States from August 2020, according to Biocon Biologics India, a fully integrated biosimilars company and a subsidiary of Biocon Ltd. (insulin glargine injection). As a result, all of these features have been identified as having the potential to boost the region’s overall market growth.
- The European biologics market is likely to grow rapidly throughout the forecast period. The European market is expanding due to a growth in the frequency of chronic diseases, ongoing research and development, and continued investment in biologics. Furthermore, the European population is aging, with one-fifth of the population over 65. As a result, the rise can be linked to the market’s ongoing product diversification and rising demand for biologics in Europe. Furthermore, the biopharmaceutical contract manufacturing market is expanding due to increased outsourcing by pharmaceutical companies in European countries, including Germany, the United Kingdom, and France. The German biologics market is likely to dominate the European market throughout the forecast period. The prevalence of lifestyle diseases has risen dramatically in the country. Diabetes, infectious diseases, cancer, and other disorders are on the rise in Germany, fuelling a market expansion in the following years. The biologics market in the United Kingdom is expected to be another profitable regional market in Europe throughout the forecast period, with a respectable growth rate. Additionally, due to increased biologics drug approvals by regulatory authorities, the United Kingdom is expected to maintain its leadership position in the European biologics market over the projected period.
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SEGMENTS COVERED UNDER THIS REPORT:
- Monoclonal Antibodies
- Recombinant Proteins
- Antisense, RNAi, & Molecular Therapy
By Biologics Manufacturing:
By Disease Category:
- Infectious Diseases
- Immunological Disorders
- Cardiovascular Disorders
- Hematological Disorders
- North America
- Latin America
- Middle East and Africa
Browse Related Reports:
- North America Biologics Market
- Europe Biologics Market
- APAC Biologics Market
- Latin America Biologics Market
- MEA Biologics Market
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