July 15, 2020
According to the research report titled ‘Global Biologics Market Analysis, 2020’, available with Market Study Report LLC, global biologics market is expected to showcase a y-o-y growth rate of 10% between 2020 and 2025.
Rising adoption of sedentary lifestyle and increased pervasiveness of chronic conditions are prime factors driving the growth of global biologics markehttps://www.marketstudyreport.com/request-a-sample/2767203/ t. In fact, according to WHO (World Health Organization), worldwide deaths due to chronic diseases is expected to account for 75% by the end of 2020. Escalating healthcare expenditure and favorable regulatory scenario are other factors aiding the market expansion.
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High occurrence of COVID-19 has increased the number research activities in biologics in order to discover a cure for the virus, which in turn is stimulating the industry outlook. Surging utilization of monoclonal antibodies for treating various diseases and technological advancements in biotechnology and healthcare sectors are also contributing towards popularity of biologics across the globe. However, development of biosimilars, scarcity of oral absorption procedures for biologics and other operational challenges may act as restraining factors to the overall market expansion.
Based on product landscape, worldwide biologics market is classified into recombinant therapeutic products, cellular & gene therapy, blood and blood components, vaccines and oligonucleotides. The recombinant therapeutic product segment is further categorized into enzymes, cytokines, hormones and monoclonal antibodies.
The report states that vaccines segment accounted for a significant share in global biologics market in the year 2019 and is expected to grow substantially during the forecast period. Development of pentavalent and bivalent vaccines help in preventing individual from multiple diseases. Moreover, rising initiatives by public and private entities towards R&D activities to curb the spread of various infectious diseases is fueling the segmental growth.
Regionally, the report cites that North America held a substantial market share in 2019 and is expected to register steady growth during the study period. Surging number of COVID-19 fatalities has compelled various pharmaceutical companies and government bodies to invest in biologics. Additionally, increased pervasiveness of diabetes, growing geriatric population and mounting number of research facilities are favoring the market scenario in North America.
Middle East & Africa biologics market, on the other hand, is also expected to generate considerable returns in the ensuing years, owing to favorable regulatory scenario.
Sanofi SA, Pfizer Inc., Novartis AG, Bristol Myers Squibb, AstraZeneca Plc., Merck & Co., Samsung Electronics Co. Ltd., F. Hoffman La Roche AG, Amgen Inc. and AbbVie Inc. are the major companies in global biologics market.