by The biologics market comprises advanced therapies that have revolutionized the treatment of chronic and life-threatening diseases. Biologics are complex large molecule drugs produced from living cells and have an intricate 3D structure, offering precision and targeted treatment benefits over small molecule drugs. Conditions such as cancer, autoimmune disorders, infectious diseases, and others have seen improved outcomes with the advent of monoclonal antibodies, vaccines, blood components, gene therapies, and recombinant proteins.
The Global Biologics Market is estimated to be valued at US$ 463.06 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the biologics market are Novartis AG; Pfizer Inc; Dickinson & Company; Smith’s Medicals; Roche Diagnostics; AstraZeneca; Bayer AG; GSK Biologicals; Samsung BioLogics; Merck & Co., Inc.; Eli Lilly and Company; Hoffmann-La Roche Ltd; AstraZeneca. Key players are investing aggressively in R&D of novel biological drugs and undertaking various strategies such as mergers and acquisitions to strengthen their product portfolios.
The growing prevalence of chronic diseases along with the rising geriatric population globally is fueling the demand for biological drugs in the market. Biologics have significantly improved clinical outcomes in cancer, reducing mortality rates. Their targeted approach has benefits over conventional chemotherapy and radiation.
The Biologics Market Demand industry is expanding rapidly around the world. Regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are witnessing considerable growth. Strategic investments by industry players to establish manufacturing and distribution networks across countries will aid their global commercialization. Developing economies offer lucrative opportunities given the increasing healthcare expenditure and demand for quality treatment of diseases.
Market key trends
The key trend gaining traction in the biologics market is thepipeline of advanced therapies such as cell therapies and gene therapies for treating rare genetic disorders. Companiesare developing gene therapies targeting CNS disorders, hemophilia, and retinal diseases. Increased funding is facilitating R&D in this area. Other major trends include biosimilars reducing healthcare costs, growing preference for biologics in cancer immunotherapy, and adoption of personalized biologics tailored to an individual’s genetic code.
Porter’s Analysis
Threat of new entrants: The Biologics Companies requires massive R&D investments and compliance with strict regulatory approvals which acts as a deterrent for new companies.
Bargaining power of buyers: Individual consumers have little bargaining power however, large pharmaceutical companies and hospitals can negotiate lower prices for high volume purchases.
Bargaining power of suppliers: Key raw material suppliers enjoy some bargaining power due to limited availability of specialized components and reagents used in biologics manufacturing.
Threat of new substitutes: Potential substitute options are limited as biologics have targeted mechanisms of action.
Competitive rivalry: Intense competition exists among major players to gain market share through new product launches and strategic collaborations.
The United States represents the most lucrative market for biologics, accounting for over 40% of the global market value due to high adoption and healthcare spending. Biologics uptake is also concentrated in developed countries across Western Europe owing to greater accessibility and affordability.
The Asia Pacific region is poised to be the fastest growing market during the forecast period driven by increasing disposable incomes, expanding healthcare infrastructure, and growing focus of global players on emerging Asian markets like China and India through joint ventures and acquisitions. Regulatory changes to streamline biologics approval pathways will further support market growth in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
