Visiongain has published a new report entitled Biologics Market Report 2024-2034: Forecasts by Product (Monoclonal Antibodies, Vaccines, Recombinant Proteins, Regenerative Medicine, Others), by Application (Oncology, Infectious Diseases, Autoimmune Disease, Haematological Disorder, Cardiovascular Disorders, Others), by Manufacturing Type (Outsource, In-house), by End-users (Hospitals, Speciality Centres, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The biologics market is estimated at US$447.0 billion in 2023 and is projected to grow at a CAGR of 8.5% during the forecast period 2024-2034.
Rising Geriatric Population Propelling Market Growth
By 2030, the World Health Organization expects 1 in 6 people globally to be aged 60 or older, with the 60-and-over population rising from 1.2-1.4 billion (2024) to 2.1 billion (2050). The demographic shift creates a significant market for biologics to support older adults. As the aging population grows, demand for biologics will rise, prompting increased investment in research. The World Bank predicts the global population will surpass 10 billion by 2050, with those over 60 constituting over 56%. This, coupled with an increase in chronic diseases and government focus on healthcare is anticipated to drive market growth over the forecast period.
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How has COVID-19 had a Mixed Impact on the Biologics Market?
The impact of the COVID-19 pandemic on the biologics market has been twofold. On the downside, challenges such as supply chain disruptions, delayed procedures, and financial constraints have emerged. Global supply chains have suffered from restrictions on international trade, closures of manufacturing facilities, and reduced workforce availability, causing delays in the production and delivery of biologics and hindering overall market growth. Additionally, the overwhelming pressure on healthcare systems has led to the postponement or cancellation of many therapies involving biologics, as resources are prioritized for COVID-19 patients, resulting in a short-term decrease in demand for these treatments.
How will this Report Benefit you?
Visiongain’s 312-page report provides 127 tables and 213 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the biologics market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Biologics. Get financial analysis of the overall market and different segments including scale of operation, size of contract manufacturer, and source of stem cells, type of stem cells, and end-user and capture higher market share. We believe that there are strong opportunities in this fast-growing biologics market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Continuous Research and Development Boosting Market Growth
Continuous research and development endeavors are broadening the spectrum of conditions treatable with biologics, leading to an increased demand for these drugs as new indications and therapeutic options emerge. Ongoing advancements in biotechnology, encompassing genetic engineering and cell therapy, contribute to the development of innovative biologics, thereby expanding the overall biologics market. Among the notable biologics, Herceptin (Trastuzumab), developed by Genentech, has been instrumental in transforming the treatment landscape for HER2-positive breast cancer, showcasing its efficacy against this aggressive cancer type. Another prominent example is Avastin (Bevacizumab), also developed by Genentech, which serves as a biologic drug for treating various cancers, including colorectal cancer.
Developing Economies Projected to Spur Industry Growth
Brazil, Russia, India, China, South Africa, Mexico, South Korea, Indonesia, and Turkey are key emerging economies in the biologics industry, experiencing a more than quadrupled pharmaceutical sales growth in five years and capturing a 20% global market share. This trend is attributed to their large populations, increasing income, and rising life expectancy, as established markets face challenges like patent expirations and stringent regulations. Singapore, a notable hub for biopharmaceutical activities, has become a center for research and development, attracting major pharmaceutical players like GlaxoSmithKline and Novartis. With a thriving startup ecosystem, Singapore's pharmaceutical sector contributes about 5% to its GDP, hosting over 350 biotech companies, including successful fundraisers like RVAC Medicines and Tessa Therapeutics.
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Where are the Market Opportunities?
Increasing Importance of Genomics and Proteomics
The biologics market is propelled by the increasing importance of genomics and proteomics. These scientific disciplines play a pivotal role in discovering, developing, and producing biologics by enabling the identification and validation of molecular targets in disease pathways. Genomics and proteomics research aids in pinpointing biomarkers associated with diseases, crucial for patient stratification, disease diagnosis, and monitoring biologics' efficacy in clinical trials. The data derived from these disciplines provides vital insights for drug discovery, facilitating the design of biologics like monoclonal antibodies to interact with specific proteins or nucleic acids. Genomics allows for personalized biologic therapies tailored to an individual's genetic makeup, enhancing treatment effectiveness and safety in healthcare. Illustratively, Imatinib (Gleevec) targets the BCR-ABL fusion protein in chronic myeloid leukemia, while Trastuzumab (Herceptin) addresses HER2-positive breast cancer by targeting the overexpressed HER2 protein, identified through genomic testing.
Competitive Landscape
The biologics market is characterized by a high degree of fragmentation, featuring numerous companies and products. In 2023, key players such as Pfizer Inc., AbbVie Inc., Johnson & Johnson, Bristol-Myers Squibb Company, Merck & Co., Gilead Sciences, Inc., AstraZeneca plc, F. Hoffmann-La Roche Ltd., Sanofi, Regeneron Pharmaceuticals, Inc., Eli Lilly and Company, Novo Nordisk A/S, Amgen Inc., Biogen Inc., and Celltrion, Inc. are anticipated to collectively hold a market share of 65.9%. These major players have implemented various strategies, including mergers and acquisitions, substantial investments in research and development, collaborative initiatives, partnerships, regional business expansion, and the introduction of innovative products to enhance their positions in the market.
Recent Developments
- In October 2023, Amgen successfully completed the acquisition of Horizon Therapeutics, a biotechnology company based in Ireland, in a deal valued at $27.8 billion (£22.76 billion). This transaction received approval from the US Federal Trade Commission (FTC). The strategic acquisition is poised to strengthen Amgen's inflammation portfolio by incorporating Horizon's medications designed for the treatment of rare inflammatory conditions.
- In August 2023, Novo Nordisk has enlisted Thermo Fisher Scientific as a contract manufacturer for the production of their weight-loss drug. This move comes after the FDA granted approval for Novo Nordisk's Wegovy injection in June 2021.
- In August 2023, Bristol Myers Squibb acquired Mirati Therapeutics to expand its oncology portfolio.
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