The Biologics Market Is Estimated To Witness High Growth Owing To Growing Demand For Monoclonal Antibodies
Market Overview:
Biologics are medicinal products manufactured in living systems such as microorganisms or animal cells. They find major applications in treating autoimmune diseases, cancer, and chronic conditions such as diabetes and heart diseases. Monoclonal antibodies dominate the global biologics market as they target specific proteins and cells involved in various diseases.
Market Dynamics:
The global biologics market is primarily driven by the growing demand for monoclonal antibodies to treat various chronic and life-threatening illnesses. For instance, monoclonal antibodies such as Humira, Keytruda, and Remicade are widely used for treating autoimmune diseases and some forms of cancer. Furthermore, expiry of patents of blockbuster drugs and increasing investments in research and development of biosimilars by emerging players is another major factor projected to fuel the market growth over the forecast period. However, high costs associated with biologic drugs and stringent regulations for their approval remain significant challenges for market players.
The global Biologics Market Demand is estimated to be valued at US$ 401.96 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The biologics market has high growth potential due to its unique advantage over conventional drugs. It provides targeted therapy with higher efficacy and lesser side effects. Many biologics have been approved for the treatment of chronic diseases. Weakness: Huge capital is required for R&D and manufacturing of biologics. High costs associated with biologics limit their access and affordability. Regulatory hurdles and production challenges also hinder the growth of biologics market.
Opportunity: Increasing prevalence of chronic diseases and rising geriatric population presents lucrative growth opportunities. Emerging economies provide significant growth prospects due to expanding healthcare infrastructure and patient access. Threats: Presence of alternative treatment options and patent expiries of key biologics pose major threats. Stringent regulations and pricing pressures from governments further challenge the growth of biologics market.
Key Takeaways
The global biologics market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period, due to increasing prevalence of chronic diseases. Rising geriatric population susceptible to various diseases also drives the market. The global market size for biologics is projected to reach US$ 401.96 Billion in 2023.
Regional analysis: North America currently dominates the global biologics market owing to rising healthcare expenditure and rapid adoption of novel biologics. Asia Pacific is anticipated to be the fastest-growing market during the forecast period due to increasing patient population, rising awareness about biologics, and improving healthcare infrastructure in emerging economies.
Key players operating in the biologics market are Novartis AG., AstraZeneca PLC., Bayer AG., Sanofi SA., Pfizer Inc., Merck & Co., Johnson and Johnson, GlaxoSmithKline PLC., Amgen Inc., AbbVie Inc., F. Hoffmann-La Roche AG., Eli Lilly and Company., and AGC Biologics. These players are focusing on partnerships, new product launches, and expanding production capacities through strategic expansions to strengthen their market position.
Read More: https://blogger-veritas.blogspot.com/2023/11/biologics-are-fastest-growing-segment.html
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