Newark, April 25, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 469.7 billion biologic therapeutics drugs market will reach USD 1485.0 billion by 2033. Biologic therapeutics drugs are composed of proteins that have been genetically engineered using human DNA. They could be biological entities like tissues and cells or complex mixes of different substances like proteins, carbohydrates, and nucleic acids. Moreover, biologics therapeutics drugs originate from naturally occurring sources such as humans, animals, and microorganisms, from which various therapeutic products such as blood components, vaccines, and recombinant therapeutic proteins are produced. The frequency and diagnosis of chronic illnesses have increased the need for sophisticated diagnostics and treatment medications, driving the global biologics therapeutics drugs market. Biologics are genetically modified drugs directly targeting an immune system component that causes inflammation. In addition, several clinical trials and innovative R&D techniques to produce novel drugs drive the market's growth. The market for biologic therapeutic drugs is anticipated to grow as a result of several factors, such as the ageing population and the rise in chronic diseases like cancer, diabetes, and coronary heart disease.
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North America will account for the largest market size during the forecast period.
Numerous factors, including the high prevalence of chronic illnesses, several eminent biopharmaceutical companies, favourable reimbursement policies, and significant R&D expenses, are responsible for this. A JAMA Network study states that biologics accounted for 37% of all pharmaceutical spending in the United States. The growing number of prescriptions for biologics and the growing sums of money spent on developing targeted drugs are some of the factors propelling the market expansion. Furthermore, approval of other cutting-edge biologic therapeutics drugs, such as gene therapy, antisense, and RNAi treatments, is expected to encourage further market growth.
The monoclonal antibodies segment dominated the market with the most significant revenue of USD 117.4 billion.
The monoclonal antibodies segment dominated the market, with the most significant revenue of USD 117.4 billion. Monoclonal antibodies have a substantial market share due to their widespread therapeutic application. Owing to monoclonal antibodies, it is possible to target sick cells without putting healthy cells at risk.
The cancer segment dominated the market with the most significant revenue of USD 159.6 billion.
The cancer segment dominated the market with the most significant revenue of USD 159.6 billion. It is anticipated that the number of cancer patients and their incidence will rise, driving up demand for biologic therapeutics drugs.
Market Dynamics:
Drivers: Development of drugs for arthritis
Even while traditional medications like DMARDs and opioids are frequently used to manage arthritis pain, their effectiveness has not been demonstrated. This creates a need for effective arthritis medication. Biologics are made from living things and target particular immune system components that are engaged in inflammatory processes. Biologics have become more widely used in treating arthritis as medical experts have begun to accept them. Furthermore, the continued dedication to the advancement of arthritis treatment acts as a catalyst for market expansion.
Restraint: Regulatory hurdles
The biologics therapeutics drugs market is expanding; many players are investing in research and development on an international level. As biologics advance, regulatory agencies may face uncertainty in defining appropriate regulatory pathways. All these factors, including scientific and technological challenges, hamper the market's growth by limiting the entry of manufacturers and researchers.
Opportunity: Rising research and development activities
Research and development efforts in the biotechnology and pharmaceutical sectors result in identifying and creating novel treatment alternatives encompassing a broad spectrum of biologics for various medical ailments. Because biologics may be engineered to specifically target particular biochemical pathways and receptors, their therapeutic approach is more individualised and precise.
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Some of the major players operating in the biologic therapeutics’ drugs market are:
● Amgen Inc.
● F. Hoffmann-La Roche AG
● Johnson & Johnson
● Pfizer Inc.
● Bayer AG
● Novartis AG
● AbbVie Inc.
● Eli Lilly and Company
● GlaxoSmithKline PLC
● Merck & Co.
● Sanofi SA
● AstraZeneca PLC
Key Segments covered in the market:
By Product:
● Vaccines
● Cellular-based Biologics
● Monoclonal Antibodies
● Recombinant Hormones/Proteins
● Gene-based Biologics
● Others
By Application:
● Autoimmune Diseases
● Infectious Diseases
● Cancer
● Others
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About the report:
The global biologic therapeutics drugs market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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