by Market Overview:
Biologics are large, complex molecules or products similar to human proteins that are produced from human cells using living cell-based technologies. They are fast-acting, target-specific and have minimal side effects compared to small molecule-based drugs. Being innovative therapies for severe chronic illnesses such as cancer, cardiovascular diseases and arthritis, the demand for biologics is growing rapidly.
Market key trends:
The key trend in the biologics market is the rising penetration of biosimilars. Biosimilars are biological medical products that are developed to have high similarity to an existing approved biological product, known as reference product or originator biologic. Biosimilars offer cost-effective treatment options and have potential for significant cost savings compared to reference biologics. Many blockbuster drugs are expected to lose their patents by 2023, opening up scope for biosimilar competition. This will increase patient access to affordable biologics and drive higher market volume over the forecast period.
The biologics market has been witnessing a rise in demand for biosimilars globally. Biosimilars are biologic medical products that are highly similar to the reference biologic products in terms of quality, safety, and efficacy. They provide comparable clinical benefit to the reference biologic product. With patent expiries of major biologic drugs, several pharmaceutical companies are focusing on developing cheaper biosimilars, which is expected to increase adoption and lower treatment costs. Growing incidence of chronic diseases like cancer and diabetes is also contributing to the growth of the biologics market.
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: Biologics offer high specificity and low toxicity as compared to traditional pharmaceuticals. They can be tailored to treat specific diseases.
Weakness: Biologics have high development costs and regulatory complexities. Their manufacturing is also complicated involving biotechnology.
Opportunity: Patent expiry of major biologic drugs provides opportunities for growth of the biosimilars market. The growing elderly population susceptible to chronic diseases also presents lucrative growth prospects.
Threats: Presence of alternative treatment options and price regulations in certain regions can hamper market revenue. Stringent regulations delay market entry of new biologics.
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. The market size for 2023 is US$ 401.96 Bn.
Regional analysis: North America dominates the biologics market owing to high adoption of biologics in the region. However, Asia Pacific region is expected to witness fastest growth over the forecast period with increasing healthcare expenditure and expansions by key players in emerging countries.
Key players: 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 are some of the key players operating in the biologics market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
