by The biologics market comprises a variety of protein-based therapeutics used to treat various chronic and life-threatening diseases. Biologics such as monoclonal antibodies, vaccines, and recombinant proteins have revolutionized the treatment of cancers, autoimmune disorders, infectious diseases, and other conditions. They provide targeted intervention, greater efficacy, and fewer side effects than conventional small-molecule drugs. The growing prevalence of chronic diseases globally due to changing lifestyle habits has accelerated clinical research on biologics and subsequent regulatory approvals.
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 from 2024 to 2031.
Key Takeaways
Key players operating in the Biologics Market Demand 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. With the rising burden of chronic diseases, the demand for cost-effective and targeted biologics therapeutics is growing rapidly. This growing demand provides opportunities for existing as well as new market players to expand their product portfolios.
The increasing prevalence of cancer, cardiovascular diseases, diabetes, and other chronic conditions is expected to drive the demand for biologics globally. According to WHO estimates, chronic diseases accounted for over 70% of global deaths in 2020, necessitating effective therapeutic solutions. Biologics promote early disease intervention, superior treatment outcomes, and reduced healthcare costs in the long run.
Key players in the market are focusing on geographic expansion through acquisitions and partnerships to augment their global presence and tap emerging markets with high growth potential in Asia Pacific and Latin America. Manufacturers are also investing in R&D to develop novel biologic therapies for underserved indications.
Market Key Trends
One of the key trends gaining traction in the Biologics Market is increased adoption of targeted therapies. Earlier drugs tried to eliminate cancer cells but also harmed healthy cells, causing side effects. Targeted therapies focus directly on molecular changes involved in cancer development like abnormal protein production or DNA mutations. They provide more effective treatment with less collateral damage. With advancements in genomics and biomarkers, more targeted biologics are being designed to treat various cancer subtypes with improved outcomes. This trend is expected to significantly drive the future growth of the biologics industry.
Porter’s Analysis
Threat of new entrants: The biologics market requires large capital investments and complex research and development activities in order to successfully produce biologic drugs, limiting threat of new entrants.
Bargaining power of buyers: Biologic drugs often treat serious medical conditions, so buyers have less bargaining power compared to suppliers as treatment options are limited.
Bargaining power of suppliers: A few large biopharmaceutical companies such as Amgen, Novo Nordisk, and Roche dominate the supply of biologics, giving them strong bargaining power over prices.
Threat of new substitutes: No clear chemical substitutes currently exist for most biologics making this threat relatively low at present.
Competitive rivalry: Competition is intense as leading biopharma companies develop newer, patent-protected versions of top-selling drugs and invest heavily in research to discover novel biologic treatments.
Geographical Regions
North America currently accounts for the largest share of the global biologics market in terms of value owing to favorable reimbursement policies, established healthcare infrastructure, and presence of major players in the region.
Asia Pacific is projected to be the fastest growing regional market for biologics during the forecast period driven by rising healthcare expenditure, large patient pool, and increasing focus of international players on emerging countries in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
