The Global Biologics Market is set to touch USD 285,520.4 million by 2023, according to Market Research Future (MRFR). It can achieve this benchmark at a CAGR of 6.95% over the forecast period (2018-2023). Presence of various chronic diseases is one of the primary drivers of the market. Rising awareness regarding the performance and efficacy of biologics is projected to boost market volume exponentially till 2023.The inflated healthcare expenditure of nations to combat acute diseases and improve the mortality rate is likely to trigger the demand for biologics. South Africa and UAE are prime instances of countries which have increased their healthcare budget to promote quality care in hospitals. Rapid urbanization and improvements in healthcare infrastructure are likely to influence market demand in the coming years.
Investments in R&D by pharmaceutical manufacturing companies to enhance the performance of biologics are likely to act as a catalyst in the market. Advances in biologics owing to emergence of personalized medicines and orphan drugs can bolster the biologics market volume considerably till 2023. But emergence of biosimilars owing to the patent expiration of various drugs can threaten the market growth.
Global Biologic Market is Expected to Grow at a CAGR of 8.6% during Forecasted Period 2017-2023.
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Key Players for Global Biologics Market
Unilife Corporation (US), Sanofi (France), Retractable Technologies Inc. (US), Smiths Medicals (UK), Becton, Dickinson & Company (Germany), Terumo Corporation (Japan), Pfizer Inc. (US), Roche Diagnostics (Switzerland), Amgen (US), GSK Biologicals (UK), Lundbeck (Denmark), Novartis AG (Switzerland), AstraZeneca (UK), Bayer AG (Germany), Genzyme (US), Merck KGaA (Germany), Samsung Biologics (South Korea), Celltrion (South Korea), Addgene (US), Johnson & Johnson Inc. (US), Eli Lilly & Company (US), Bristol-Myers Squibb (US), Biogen Inc. (US).
Global Biologics Industry Competitive Analysis
The market trends have also necessitated the need to ensure financial sustainability to invest in growth opportunities as and when they arise. The objective of the firms in the market to grow their shareholder’s value, while enhancing the capability to power their competitive edge has enabled the company’s growth to a great extent. Challengers are also investing a certain amount in innovation so as to provide a certain degree of innovation in the market and expand the avenues for growth especially in the duration of the forecast period. The escalating interest in diversification within the business has indirectly allowed the businesses to utilize several situations obtainable in the market. The chances for increasing revenue inflow in the business are expected to multiply through the forecast period. Companies are also continually attempting to create financial leverage, so as to be better positioned to capitalize on market gains.
Segments for Global Biologics Market
By product, monoclonal antibody segment accounted for 33% share of the biologics market in 2017. It can reach a size of USD 92,597.4 million by 2023 at a CAGR of 3.44% during the forecast period. This can be credited to the increased use of monoclonal antibodies (mAbs) to enhance the immunity system of the body. Vaccines accounted for 21% of the market in 2017 but is touted to grow the fastest till 2023. It can exhibit 6.75% CAGR to reach USD 66,743.5 million by the end of the assessment period.
By disease indication, cancer had nearly 19.2% share of the biologics market in 2018. But the rheumatoid arthritis segment might dethrone its hold as lead contributor in the market by 2023. It can exhibit 8.78% CAGR over the forecast period owing to the rapid approval of various drugs by regulatory agencies.
Two major manufacturing methods in the biologics market include in-house and outsourced. The latter is predicted to grow at a rapid pace as compared to the former. This can be credited to presence of pharmaceutical companies in developing companies which can research formulations at a fractional price. The outsourced segment is bound to generate close to USD 112,162.4 million by 2023.
Regional Analysis for Global Biologics Market
By region, the Biologics Market is segmented into Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The APAC region is anticipated to experience the highest CAGR of 5.53% over the forecast period. This can be attributed to the presence of various contract manufacturing organizations (CMOs). The increasing geriatric populace and the changing healthcare sector are other factors predicted to augment market size till 2023. The Indian market can heavily contribute to regional market revenue owing to its huge strides in manufacturing biologics.
The Americas accounted for a large share of the biologics market in 2017 owing to rapid adoption of manufacturing technologies and strong economic growth of U.S. and Canada. Investments in new facilities to produce drugs for clinical trials is likely to boost regional market growth till 2023. For instance, CRB USA built a state-of-the-art unit for stage I-III clinical trials in 2017. The region can expand at 4.31% CAGR over the forecast period to reach USD 129,652.7 million by 2023.
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