July 06, 2020
As per the report titled ‘Global Biologics Market: Analysis By Product Type, Application Type, Product Pipeline, End User, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global biologics market was worth USD 281.69 billion in 2019 and is expected to accrue substantial returns through 2025.
Rising prevalence of chronic diseases, escalating demand for low cost biologics and medical services, ongoing development of several pipeline products, and surging economic growth are fueling the growth of global biologics market.
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Effectiveness and safety of biologics, along with its ability to treat previously grave diseases is boosting the product demand. Moreover, increasing initiatives by all leading pharmaceutical companies to provide novel and improved biologics could fulfill the burgeoning demand for efficient, productive, and inexpensive medicine for several incurable chronic diseases.
Based on the product type, global biologics market is split into monoclonal antibodies, vaccine, recombinant hormones & proteins, cellular & gene based, and others. Monoclonal antibodies will witness considerable gains in the coming years, followed by recombinant hormones and proteins. The growth can be attributed to easy accessibility and development of medicines & technology, in consort with availability of highly efficient manufacturing process.
Elaborating on the application scope, the market is categorized into cancer, infectious diseases, rare & autoimmune diseases, and others. Cancer segment is likely to see significant growth over the forecast duration, attributable to the ever-growing number of cancer patients.
Speaking of the end user spectrum, hospitals segment currently holds a significant share of global biologics market, on account of sustaining investment by hospitals for treating some chronic illness, including cancer, Crohn's disease, psoriasis, rheumatoid arthritis, and ankylosing spondylitis.
As per the regional analysis, biologics industry in North America will register substantial growth over the projected timeframe. Growing prevalence of diabetes, cancer, hypertension, heart disease, stroke, respiratory diseases, obesity, arthritis, and oral diseases, coupled with increasing investment by various global manufacturers is projected to the drive the regional market.
Key players operating in global biologics market are Johnson & Johnson, Bristol-Myers Squibb Company, Novo Nordisk, Merck & Co., Amgen Inc., AbbVie Inc., Roche Holding AG, Pfizer, Sanofi SA, and Eli Lilly and Company.