PUBLISHER: The Business Research Company | PRODUCT CODE: 1429343
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429343
Biologics are medications derived from organic materials and are utilized to treat a diverse range of illnesses, particularly immune-related conditions such as Crohn's disease, psoriasis, ankylosing spondylitis, and rheumatoid arthritis. One intriguing aspect is that biologics are sourced from various natural materials, including carbohydrates, proteins, nucleic acids, or complex mixtures of these substances.
The primary types of biologics include monoclonal antibodies (MAbs), therapeutic proteins, and vaccines. Monoclonal antibodies, or mAbs, are engineered in laboratories to target specific infections. These biologics can be administered through various routes, including oral, parenteral, and others, and are distributed through channels such as hospital pharmacies, retail pharmacies/drug stores, and others.
The biologics market research report is one of a series of new reports from The Business Research Company that provides biologics market statistics, including biologics industry global market size, regional shares, competitors with a biologics market share, detailed biologics market segments, market trends, and opportunities, and any further data you may need to thrive in the biologics industry. This biologics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The biologics market size has grown strongly in recent years. It will grow from $416.65 billion in 2023 to $454.4 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed during the historic period can be attributed to several factors, including an aging population, government initiatives, the ability to command high prices, and an increased need for immunology.
The biologics market size is expected to see rapid growth in the next few years. It will grow to $666.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The forecasted growth is driven by increased funding, technological advancements, improved healthcare access, robust research and development activities for oral biologics, a preference for pills over injections, and a growing pipeline of biologics. Key trends include leveraging revised regulations for enhanced biologics development, a shift towards capitalizing on the demand for these drugs, increased investment in innovative biologics R&D, and research focused on biologics for treating complex diseases.
The increasing demand for personalized medicine is indeed a key driver behind the growth of the biologics market. Personalized medicine, also known as precision medicine, tailors medical treatment and healthcare to individual patient characteristics. This approach allows for the customization of biologic treatments based on a patient's specific genetic and clinical profile, marking a transformative shift in the healthcare industry. As evidenced by the Personalized Medicine Coalition's report, a substantial portion, approximately 35%, of new drug approvals in 2021 were personalized medicines, showcasing the rising significance of this sector within the broader pharmaceutical landscape. Consequently, this surge in demand for personalized medicine is expected to drive the growth of the biologics market.
Technology stands out as a continued driving force behind market expansion in this period. Physiology simulation modeling, in particular, is poised for significant development and is anticipated to contribute to market growth. Advances in this field promise greater efficiencies, and companies within the biologics market are likely to benefit from such advancements. Notable instances include the adoption of Amazon's Elastic Compute Cloud (EC2) platform by pharmaceutical giants such as Eli Lilly and Pfizer. These companies utilize this technology for conducting simulation models in early drug discovery, significantly reducing the time required for simulations. For instance, tasks that traditionally took weeks can now be completed within hours. Initiatives such as Lilly's Open Innovation Drug Discovery program further underscore efforts to enhance biologics research and development. These technological advancements are expected to streamline processes, lower costs, and accelerate the development phase of biologics, enabling companies to introduce their products to market more swiftly.
The focus of major companies in the biologics industry on developing innovative products, such as oncology biosimilars, reflects their strategic initiatives to strengthen market positions and gain competitive advantages. Oncology biosimilars, specifically designed to treat cancer, are akin to existing biologic drugs and offer highly similar alternatives in terms of efficacy and safety. An example of this pursuit is seen in the collaboration between Biocon Biologics Limited and Viatris Inc., which led to the launch of Abevmy in Canada in May 2022. Abevmy is an oncology biosimilar utilized for cancer treatment, exhibiting similarity to an already authorized biological medicine.
The revisions made by the US Food and Drug Administration (FDA) in its regulations concerning biologics signify a shift toward eliminating outdated requirements. The alterations allow drug manufacturers to adopt new manufacturing technologies and testing capabilities. Specifically, the FDA has amended regulations to enable the sourcing of standard preparations, critical in ensuring the safety, purity, and potency of biologics, from sources beyond the FDA's Center for Biologics Evaluation and Research (CBER). Additionally, the FDA has removed the minimal potency limits rule (Section 610.21 of FDA code) pertaining to certain antibodies and antigens. Furthermore, updates in regulations (Section 610.53 of FDA code) concerning storage periods and conditions for biologics have been introduced. These regulatory amendments aim to enhance flexibility and promote the adoption of contemporary scientific technologies in the manufacturing processes of licensed biological products, fostering innovation and progress in the biologics industry.
Major companies operating in the biologics market report are Merck & Co., Inc., AbbVie Inc., F. Hoffmann-La Roche AG, Johnson & Johnson, Pfizer Inc., Bristol Myers Squibb Company, Sanofi S.A., GlaxoSmithKline Plc., Eli Lilly and Company, Amgen Inc., Wockhardt, Zydus Cadilla, Asahi Glass Co. Ltd., China Biologic Products Holdings Inc., China Regenerative Medicine International, ABLbio, Adimmune, Henlius, Innovent Biologics, Bio-Thera, Hisun Pharma, 3SBio, Beijing ShuangLu Pharmaceuticals, Qilu Pharmaceutical, Shanghai Fosun Pharmaceuticals, Biocon, Dr.Reddy's, Mylan, Kyowa Hakko Kirin, Takeda, Mitsubishi Tanabe, AGC Biologics, Tonghua Dongbao Pharmaceutical Co., China Regenerative Medicine International, Shanghai Fosun Pharmaceuticals, Bayer AG, Novartis AG, BiosanaPharma, WuXi, Teva UK Limited, AstraZeneca, Abbott Laboratories, Vectura Group, Fujifilm, Lonza, Seqens, Piramal Pharma Solutions, Corden Pharma, Procos SpA and BSP Pharmaceuticals., Microgen, Geropharm, Valenta, NovaMedica, SynBi, Rani Therapeutics, Emisphere Technologies Inc., Enteris BioPharma, Allena Pharmaceuticals, Biogen Inc., Emisphere Technologies Inc., Biogen Inc., Novartis, Apotex, Gilead Sciences, Bayer, Abbott Laboratories
North America was the largest region in the biologics market in 2023. Middle East is expected to be the fastest growing region in the forecast period. The regions covered in the biologics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the biologics market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The biologics market consists of sales of tumor necrosis factor inhibitors, Interleukin inhibitors, B-cells inhibitors, and T-cells inhibitors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Biologics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on biologics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for biologics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The biologics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.