Biologics Market size is projected to experience significant growth from 2018 to 2024.
Biologics market size should witness significant growth due to increasing prevalence of chronic diseases. Biologics market find applications in chronic diseases that include diseases caused from infections, genetic defects and pre-birth defects and others. Growing population has led to an emergence for developing biologics market consisting of medicines made from genetically engineered proteins derived from human genes and complex combinations of substances.
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Patent expiry of drugs associated with big brands will enhance the market for biologic medicines. These drugs are used in many therapeutic segments like arthritis, cancer, anemia and other diseases. Rising prevalence of these diseases depict lucrative growth for biologics drug market. Also, increasing expenditures in research and development by the companies will prove beneficial for the biologics market.
Increasing government initiatives support the biologic drugs market and allows investments and funding in research and development facilities that will enhance the quality of biologic drugs eventually generating maximum demand for this market. Availability of advanced diagnostics have further increased the potential for market development.
Biologic drugs being complex in nature due to presence of proteins, human cells, avian cells and bacteria used in therapies and treatments make it difficult for maintaining consistency of quality of biologics that are manufactured. Also, there are chances of contamination in these drugs that can cause manufacturing defects and hamper the quality of drugs being supplied. This will affect the biologics drug market.
Monoclonal antibodies are the major part of product segment and it will show more demand in future due to variety of applications and increasing prevalence of diseases such as cancer. Major applications of monoclonal include detection of infectious diseases, diagnostic imaging for localizing specific sites to detect the tumors, for detection of blood clots, locating malignant tumors.
Owing to increasing prevalence of cancer in many countries due to genetic and other factors have significantly impacted the application segment positively. Growing demand for biologics that find applications in cancer, diabetes and other infectious diseases is boosting growth of the market.
U.S. will dominate biologics market in North America with robustness in research and development and huge investment capacity to enhance and develop technology to improvise this market. Growing awareness and rising concerns in areas of oncology and subsequent treatments will help segment to grow in North America.
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Saudi Arabia is on the verge of showing great demand for biopharmaceutical drugs market in upcoming years. Middle East Asia is anticipated to grow with highest rate on an account of investment capacity and increasing rates of occurrence of diseases with continuously growing population.
Some of the major players in biologics market are Alkermes, Astra Zeneca, Bayer AG, Becton Dickinson & company, Gensight, GSK biologics, J&J, Lundbeck, Merck KGaA, Novartis AG, Pfizer, Regeneron Pharmaceuticals, Roche. In February 2018, Astra Zeneca declared development of biologics segment by introducing six new molecules. The company will be focusing on addressing issues related to autoimmune diseases by developing new drugs that will help achieve sustainable profits.
Global Biologics Market by Product Type, 2013-2024 (USD Million)
- Gene Therapies
- Cellular Therapies
- Monoclonal Antibodies
Global Biologics Market by Application, 2013-2024 (USD Million)
- Rheumatoid arthritis
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa