by Biologics are pharmaceutical products derived from biological sources such as microorganisms, animal cells, human cells and genetically engineered proteins. Biologics include antibody therapeutics, recombinant enzymes and vaccines designed to treat diseases such as cancer, infectious diseases, immunological diseases and other medical conditions. The increasing prevalence of chronic diseases and growing demand for antibody therapeutics and vaccines for treatment and prevention of diseases are the major factors driving the growth of biologics market.
The global biologics market is estimated to be valued at US$ 401.96 billion in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth in the antibody therapeutics and vaccines segment is one of the key trends propelling the biologics market. Antibody therapeutics are biologics designed to stimulate or suppress the immune system in specific ways. Antibodies are increasingly being used for treatment of various chronic diseases and disorders. For instance, monoclonal antibodies have become a widely adopted class of biologics for targeted cancer immunotherapy and treatment of autoimmune diseases. Additionally, demand for vaccines for prevention of infectious diseases such as COVID-19, influenza, and pneumonia among others continues to remain high globally thus driving revenue growth of biologics market in the forecast period.
SWOT ANALYSIS
Strength: Biologics such as monoclonal antibodies have revolutionized treatment for various diseases such as cancer. They are highly targeted therapies offering substantial clinical benefits over small molecule drugs.
Weakness: Biologics have much higher development and manufacturing costs compared to small molecule drugs, making them not affordable for many patients. Manufacturing biologics is also a complex process requiring specialized facilities and equipment.
Opportunity: The growing prevalence of chronic diseases such as cancer and diabetes is driving increased adoption of biological therapies worldwide. Emerging areas such as gene and cell therapies hold significant promise for treating currently untreatable conditions.
Threats: Stiff competition from biosimilars poses pricing challenges for innovator biologics. Dependence on biological sources also makes biologics production vulnerable to supply issues. Stringent regulations add to compliance burdens.
KEY TAKEAWAYS
The Global Biologics Market Size is expected to witness high growth over the forecast period.
Regional Analysis: North America commanded the largest share in 2023 owing to strong demand and healthcare infrastructure. However Asia Pacific is emerging as the fastest growing regional market with improving access and awareness.
Key players operating in the Biologics market are Advanced Accelerator Applications (AAA). Biologics are biologically produced therapeutic drugs used majorly for treating chronic diseases such as cancer. The market is expected to grow at a CAGR of 8.2% through 2030 driven by aging population and rising disease burden globally. Large pharmaceutical players are investing heavily in development of novel biologics for greater efficacy and affordability.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
