When GlaxoSmithKline acquired Swiss company Okairos AG for 250 million euros ($325 million), GSK’s objective was to enable it to develop vaccines in-house; similarly, when CSL acquired the influenza vaccine business of Novartis, a much bigger company and when, in November 2016, Eagle Pharmaceuticals acquired Arsia Therapeutics, another relatively small pharma business, for $30 million.
The global biologics market is fairly concentrated, with ten companies accounting for over 80% of sales. The US’s Johnson & Johnson is in the lead, closely followed by Swiss company Hoffman-La Raoche. Bristol-Myers Squibb, Glaxo Smith-Kline and AbbVie Inc. are other key players. All the same, consolidation, rationalization and development-driven M&A are major trends in the biologics industry.
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North America is the leading region for both biologic and other pharma sales but the story is different in second and third place. Asia Pacific has overtaken Western Europe in small-molecule drug sales but in biologics, Western Europe is still well ahead of Asia Pacific. The high cost of biologics, making them more affordable in affluent Western Europe, the greater prevalence there of the age-related diseases that many current biologics are designed to treat, and the more rapid growth of the biosimilars market in Asia Pacific account for this difference.
The USA’s biologics market is by far the world’s largest, worth seven times that of the second largest, Japan. Growth, however is widespread, with the BRICs (Brazil, Russia, India and China) in the lead. For instance, growth in India’s tiny market has surged recently, from the 12.4% CAGR it was achieving up to 2017, to 21%. Growth has also accelerated in the European markets – the UK, France, Spain, German and Italy are all now seeing double-digit growth, as is the otherwise often somnolent market of Japan. Growth in the US market, though a little slower in percentages, is of course worth most in dollars.
Where To Learn More
Read the Biologics Global Market Report 2018 from The Business Research Company for information on the following:
Markets Covered: Biologics,healthcare services, pharmaceutical drugs, medical equipment.
Biologics Market Companies Covered: Johnson & Johnson, F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, GlaxoSmithKline Plc., AbbVie, Amgen, Sanofi S.A., Eli Lilly and Company, Merck & Co., Pfizer
Regions: North America, Asia Pacific, Western Europe, South America, Eastern Europe, Middle East, Africa.
Countries: USA, China, UK, Japan, France, Germany, Australia, India, Spain, Russia, Italy, Brazil
Time Series: Five years historic (2013-17) and forecast (2017-21).
Data Segmentations: Biologics market historic and forecast size and growth rates for the world, 7 regions and 12 countries, therapeutic proteins, monoclonal antibodies (MAbS), and vaccines segments historic and forecast size, segment share, and growth rates for the world, 7 regions and 12 countries, global competitor sales and market shares.
Healthcare market segment shares for the world, 7 regions and 12 countries.
Other Data: Per capita average biologics expenditure, global and by country, biologics market size as a percentage of GDP across countries, biologics and biosimilars drugs sales proportion, number of general practitioners for 12 countries.
Other Information: Drivers and restraints of the global biologics market, PESTEL analysis, company profiles including products, strategy and financial performance for 10 biologics companies, biologics market trends and strategies, biologics market key mergers and acquisitions
Sourcing and Referencing: Data and analysis throughout the report are sourced using end notes. Sources include primary as well as extensive secondary research.
Number of Figures in the report: 84
Number of Tables in the report: 82
Interested to know more? Here is a list of reports similar to “Biologics Global Market Report 2018”:
Pharmaceutical Drugs Global Market Report 2018
Bio-Pharmaceutical Logistics Global Market Report 2018
Table of Contents
Executive Summary……………………………………………………………………………………………………………………………… 17
Biologics Market Characteristics…………………………………………………………………………………………………………….. 18
Market Overview…………………………………………………………………………………………………………………………….. 18
Market Segmentation……………………………………………………………………………………………………………………….. 20
Market Value Chain………………………………………………………………………………………………………………………….. 22
Biologics Market Size And Growth………………………………………………………………………………………………………….. 24
Biologics Historic Market Growth………………………………………………………………………………………………………… 24
Drivers Of The Market………………………………………………………………………………………………………………………. 25
Restraints On The Market………………………………………………………………………………………………………………….. 26
Biologics Market Forecast Growth……………………………………………………………………………………………………….. 27
Drivers Of The Market………………………………………………………………………………………………………………………. 28
Increase In Healthcare Access………………………………………………………………………………………………………….. 28
Restraints On The Market………………………………………………………………………………………………………………….. 29
PESTLE Analysis…………………………………………………………………………………………………………………………………… 30
Political………………………………………………………………………………………………………………………………………. 31
Economic……………………………………………………………………………………………………………………………………. 31
Social…………………………………………………………………………………………………………………………………………. 31
Technological………………………………………………………………………………………………………………………………. 32
Legal………………………………………………………………………………………………………………………………………….. 32
Environmental……………………………………………………………………………………………………………………………… 32
Biologics Market Segmentation……………………………………………………………………………………………………………… 33
Global Biologics Market, 2017, Split By Segments, $ Billion……………………………………………………………………….. 33
Monoclonal Antibodies (mAbs)……………………………………………………………………………………………………….. 34
Therapeutic Proteins…………………………………………………………………………………………………………………….. 34
Vaccines……………………………………………………………………………………………………………………………………… 34
Global Biologics Market, Historic and Forecast Growth Rates, Split By Segments, 2013-2021…………………………… 35
Global Biologics Market Trends And Strategies………………………………………………………………………………………….. 36
Demand For Biologics In The Treatment Of Complex Diseases…………………………………………………………………… 36
Development And Increasing Demand For Next Generation Biologics…………………………………………………………. 36
Revised FDA Regulations To Facilitate Biologics Drug Development……………………………………………………………. 37
Higher Profit Margins For Biologics……………………………………………………………………………………………………… 37
Higher Investments………………………………………………………………………………………………………………………….. 37
Global Biologics Market Compared With Similar Markets, 2017…………………………………………………………………….. 38
Healthcare Market Segmentation, By Region, 2017……………………………………………………………………………… 38
Healthcare Market Segmentation, By Country, 2017……………………………………………………………………………. 39
Global Biologics Market Segment Details………………………………………………………………………………………………. 41
Monoclonal Antibodies (mAbs)…………………………………………………………………………………………………………… 41
Monoclonal Antibodies Market Characteristics…………………………………………………………………………………… 41
Global Monoclonal Antibodies Market, 2017, By Source……………………………………………………………………….. 41
Global Monoclonal Antibodies Market, 2017, By Therapeutic Area………………………………………………………….. 43
Monoclonal Antibodies Market Trends And Strategies………………………………………………………………………….. 45
Therapeutic Proteins………………………………………………………………………………………………………………………… 46
Therapeutic Proteins Market Characteristics………………………………………………………………………………………. 46
Global Therapeutic Proteins Market, 2017, By Type……………………………………………………………………………… 46
Global Therapeutic Proteins Market, 2017, By Therapeutic Area…………………………………………………………….. 47
Therapeutic Proteins Market Trends And Strategies…………………………………………………………………………….. 49
Vaccines………………………………………………………………………………………………………………………………………… 50
Vaccines Market Characteristics………………………………………………………………………………………………………. 50
Global Vaccines Market, 2017, By End User………………………………………………………………………………………… 50
Global Vaccines Market, 2017, By Therapeutic Area…………………………………………………………………………….. 51
Vaccines Market Trends And Strategies…………………………………………………………………………………………….. 53
Biologics Market Geography Regional and Country Analysis…………………………………………………………………………. 54
Biologics Market, 2017, By Region……………………………………………………………………………………………………….. 54
Biologics Market, Historic And Forecast Growth Rates, Split By Region, 2013-2021………………………………………… 56
Biologics Market, Split By Country, 2017…………………………………………………………………………………………….58
Biologics Market, Historic And Forecast Growth Rates, Split By Country, 2013-2021………………………………………..60
Global Biologics Market Comparison With Macro Economic Factors………………………………………………………………. 62
Biologics Market Size, Percentage Of GDP, Global…………………………………………………………………………………… 62
Per Capita Average Biologics Expenditure, Global…………………………………………………………………………………… 63
Biologics Market Comparison With Macro Economic Factors Across Countries…………………………………………………. 64
Biologics Market Size, Percentage of GDP, By Country……………………………………………………………………………… 64
Per Capita Average Biologics Expenditure, By Country……………………………………………………………………………… 65
Biologics Market Comparison With Industry Metrics…………………………………………………………………………………… 66
Biologics & Biosimilars Sales Proportion By Country (Value), 2017, By Country……………………………………………… 66
Global Biologics Under Development, 2017…………………………………………………………………………………………… 68
New Biologics Approvals, 2017…………………………………………………………………………………………………………… 69
Number Of General Practitioners 2016, By Country………………………………………………………………………………… 70
Average Revenue Per General Practitioner 2016, By Country…………………………………………………………………….. 71
Biologics Market Regional And Country Analysis………………………………………………………………………………………… 72
Asia-Pacific Biologics Market…………………………………………………………………………………………………………………. 72
Asia-Pacific Biologics Market Overview…………………………………………………………………………………………………. 72
Region Information……………………………………………………………………………………………………………………….. 72
General Information……………………………………………………………………………………………………………………… 72
Government Initiatives………………………………………………………………………………………………………………….. 72
Regulations…………………………………………………………………………………………………………………………………. 73
Regulatory Bodies…………………………………………………………………………………………………………………………. 73
Investments………………………………………………………………………………………………………………………………… 73
Associations………………………………………………………………………………………………………………………………… 74
Competitive Landscape………………………………………………………………………………………………………………….. 74
Asia Pacific Biologics Market………………………………………………………………………………………………………………. 74
Asia-Pacific Biologics Historic Market, 2013-2017……………………………………………………………………………………. 74
Asia-Pacific Biologics Forecast Market, 2017-2021………………………………………………………………………………….. 75
Asia-Pacific Biologics Market, 2017, By Segment…………………………………………………………………………………….. 76
Asia-Pacific Biologics Market: Country Analysis………………………………………………………………………………………. 78
China Biologics Market Overview………………………………………………………………………………………………………… 78
Country Information……………………………………………………………………………………………………………………… 78
General Information……………………………………………………………………………………………………………………… 78
Government Initiatives………………………………………………………………………………………………………………….. 78
Regulations…………………………………………………………………………………………………………………………………. 78
Regulatory Bodies…………………………………………………………………………………………………………………………. 78
Investments………………………………………………………………………………………………………………………………… 78
Associations………………………………………………………………………………………………………………………………… 79
Competitive Landscape………………………………………………………………………………………………………………….. 79
China Biologics Market……………………………………………………………………………………………………………………… 79
China Biologics Historic Market, 2013-2017…………………………………………………………………………………………… 80
China Biologics Forecast Market, 2017-2021………………………………………………………………………………………….. 81
China Biologics Market, 2017, By Segment……………………………………………………………………………………………. 82
India Biologics Market Overview…………………………………………………………………………………………………………. 83
Country Information……………………………………………………………………………………………………………………… 83
General Information……………………………………………………………………………………………………………………… 83
Government Initiatives………………………………………………………………………………………………………………….. 83
Regulations…………………………………………………………………………………………………………………………………. 83
Regulatory Bodies…………………………………………………………………………………………………………………………. 84
Investments………………………………………………………………………………………………………………………………… 84
Associations………………………………………………………………………………………………………………………………… 84
Competitive Landscape………………………………………………………………………………………………………………….. 84
India Biologics Market………………………………………………………………………………………………………………………. 85
India Biologics Historic Market, 2013-2017……………………………………………………………………………………………. 85
India Biologics Forecast Market, 2017-2021…………………………………………………………………………………………… 86
India Biologics Market, 2017, By Segment…………………………………………………………………………………………….. 87
Japan Biologics Market Overview………………………………………………………………………………………………………… 88
Country Information……………………………………………………………………………………………………………………… 88
General Information……………………………………………………………………………………………………………………… 88
Government Initiatives………………………………………………………………………………………………………………….. 88
Regulations…………………………………………………………………………………………………………………………………. 88
Regulatory Bodies…………………………………………………………………………………………………………………………. 88
Investments………………………………………………………………………………………………………………………………… 88
Associations………………………………………………………………………………………………………………………………… 89
Competitive Landscape………………………………………………………………………………………………………………….. 89
Japan Biologics Market……………………………………………………………………………………………………………………… 89
Japan Biologics Historic Market, 2013-2017…………………………………………………………………………………………… 89
Japan Biologics Forecast Market, 2017-2021………………………………………………………………………………………….. 90
Japan Biologics Market, 2017, By Segment……………………………………………………………………………………………. 91
Australia Biologics Market Overview……………………………………………………………………………………………………. 93
Country Information……………………………………………………………………………………………………………………… 93
General Information……………………………………………………………………………………………………………………… 93
Government Initiatives………………………………………………………………………………………………………………….. 93
Regulations…………………………………………………………………………………………………………………………………. 93
Australia Biologics Market…………………………………………………………………………………………………………………. 93
Australia Biologics Historic Market, 2013-2017………………………………………………………………………………………. 94
Australia Biologics Forecast Market, 2017-2021……………………………………………………………………………………… 95
Australia Biologics Market, 2017, By Segment………………………………………………………………………………………… 96
Western Europe Biologics Market…………………………………………………………………………………………………………… 97
Western Europe Biologics Market Overview………………………………………………………………………………………….. 97
Region Information……………………………………………………………………………………………………………………….. 97
General Information……………………………………………………………………………………………………………………… 97
Government Initiatives………………………………………………………………………………………………………………….. 97
Regulations…………………………………………………………………………………………………………………………………. 97
Regulatory Bodies…………………………………………………………………………………………………………………………. 98
Investments………………………………………………………………………………………………………………………………… 98
Associations………………………………………………………………………………………………………………………………… 99
Competitive Landscape………………………………………………………………………………………………………………….. 99
Western Europe Biologics Market……………………………………………………………………………………………………… 100
Western Europe Biologics Historic Market, 2013-2017…………………………………………………………………………… 100
Western Europe Biologics Forecast Market, 2017-2021………………………………………………………………………….. 101
Western Europe Biologics Market, 2017, By Segment…………………………………………………………………………….. 103
Western Europe Biologics Market: Country Analysis………………………………………………………………………………. 104
UK Biologics Market Overview………………………………………………………………………………………………………….. 104
Country Information……………………………………………………………………………………………………………………. 104
General Information……………………………………………………………………………………………………………………. 104
Government Initiatives…………………………………………………………………………………………………………………. 104
Regulations……………………………………………………………………………………………………………………………….. 104
Regulatory Bodies……………………………………………………………………………………………………………………….. 104
Investments……………………………………………………………………………………………………………………………….. 104
Associations………………………………………………………………………………………………………………………………. 105
Competitive Landscape………………………………………………………………………………………………………………… 105
UK Biologics Market……………………………………………………………………………………………………………………….. 106
UK Biologics Historic Market, 2013-2017…………………………………………………………………………………………….. 106
UK Biologics Forecast Market, 2017-2021……………………………………………………………………………………………. 107
UK Biologics Market, 2017, By Segment………………………………………………………………………………………………. 108
Germany Biologics Market Overview………………………………………………………………………………………………….. 109
Country Information……………………………………………………………………………………………………………………. 109
General Information……………………………………………………………………………………………………………………. 109
Government Initiatives…………………………………………………………………………………………………………………. 109
Regulations……………………………………………………………………………………………………………………………….. 109
Regulatory Bodies……………………………………………………………………………………………………………………….. 109
Investments……………………………………………………………………………………………………………………………….. 109
Associations………………………………………………………………………………………………………………………………. 110
Competitive Landscape………………………………………………………………………………………………………………… 110
Germany Biologics Market……………………………………………………………………………………………………………….. 111
Germany Biologics Historic Market, 2013-2017…………………………………………………………………………………….. 111
Germany Biologics Forecast Market, 2017-2021……………………………………………………………………………………. 112
Germany Biologics Market, 2017, By Segment……………………………………………………………………………………… 113
France Biologics Market Overview……………………………………………………………………………………………………… 114
Country Information……………………………………………………………………………………………………………………. 114
General Information……………………………………………………………………………………………………………………. 114
Government Initiatives…………………………………………………………………………………………………………………. 114
Regulations……………………………………………………………………………………………………………………………….. 114
Regulatory Bodies……………………………………………………………………………………………………………………….. 114
Investments……………………………………………………………………………………………………………………………….. 114
Associations………………………………………………………………………………………………………………………………. 115
Competitive Landscape………………………………………………………………………………………………………………… 115
France Biologics Market…………………………………………………………………………………………………………………… 116
France Biologics Historic Market, 2013-2017………………………………………………………………………………………… 116
France Biologics Forecast Market, 2017-2021………………………………………………………………………………………. 117
France Biologics Market, 2017, By Segment…………………………………………………………………………………………. 118
Italy Biologics Market Overview………………………………………………………………………………………………………… 119
Country Information……………………………………………………………………………………………………………………. 119
General Information……………………………………………………………………………………………………………………. 119
Regulations……………………………………………………………………………………………………………………………….. 119
Regulatory Bodies……………………………………………………………………………………………………………………….. 119
Investments……………………………………………………………………………………………………………………………….. 119
Competitive Landscape………………………………………………………………………………………………………………… 119
Italy Biologics Market……………………………………………………………………………………………………………………… 121
Italy Biologics Historic Market, 2013-2017…………………………………………………………………………………………… 121
Italy Biologics Forecast Market, 2017-2021………………………………………………………………………………………….. 122
Italy Biologics Market, 2017, By Segment…………………………………………………………………………………………….. 123
Spain Biologics Market Overview……………………………………………………………………………………………………….. 124
Country Information……………………………………………………………………………………………………………………. 124
General Information……………………………………………………………………………………………………………………. 124
Government Initiatives…………………………………………………………………………………………………………………. 124
Regulations……………………………………………………………………………………………………………………………….. 124
Regulatory Bodies……………………………………………………………………………………………………………………….. 124
Associations………………………………………………………………………………………………………………………………. 124
Competitive Landscape………………………………………………………………………………………………………………… 124
Spain Biologics Market…………………………………………………………………………………………………………………….. 125
Spain Biologics Historic Market, 2013-2017…………………………………………………………………………………………. 125
Spain Biologics Forecast Market, 2017-2021………………………………………………………………………………………… 126
Spain Biologics Market, 2017, By Segment…………………………………………………………………………………………… 127
Eastern Europe Biologics Market…………………………………………………………………………………………………………… 128
Eastern Europe Biologics Market Overview………………………………………………………………………………………….. 128
Region Information……………………………………………………………………………………………………………………… 128
General Information……………………………………………………………………………………………………………………. 128
Government Initiatives…………………………………………………………………………………………………………………. 128
Regulations……………………………………………………………………………………………………………………………….. 128
Regulatory Bodies……………………………………………………………………………………………………………………….. 128
Investments……………………………………………………………………………………………………………………………….. 128
Associations………………………………………………………………………………………………………………………………. 128
Competitive Landscape………………………………………………………………………………………………………………… 128
Eastern Europe Biologics Market……………………………………………………………………………………………………….. 129
Eastern Europe Biologics Historic Market, 2013-2017…………………………………………………………………………….. 129
Eastern Europe Biologics Forecast Market, 2017-2021……………………………………………………………………………. 130
Eastern Europe Biologics Market, 2017, By Segment……………………………………………………………………………… 131
Russia Biologics Market Overview……………………………………………………………………………………………………… 132
Country Information……………………………………………………………………………………………………………………. 132
General Information……………………………………………………………………………………………………………………. 132
Government Initiatives…………………………………………………………………………………………………………………. 132
Regulations……………………………………………………………………………………………………………………………….. 132
Regulatory Bodies……………………………………………………………………………………………………………………….. 132
Investments……………………………………………………………………………………………………………………………….. 132
Associations………………………………………………………………………………………………………………………………. 132
Competitive Landscape………………………………………………………………………………………………………………… 132
Russia Biologics Market…………………………………………………………………………………………………………………… 132
Russia Biologics Historic Market, 2013-2017………………………………………………………………………………………… 133
Russia Biologics Forecast Market, 2017-2021……………………………………………………………………………………….. 134
Russia Biologics Market, 2017, By Segment………………………………………………………………………………………….. 135
North America Biologics Market……………………………………………………………………………………………………………. 136
North America Biologics Market Overview…………………………………………………………………………………………… 136
Region Information……………………………………………………………………………………………………………………… 136
General Information……………………………………………………………………………………………………………………. 136
Regulations……………………………………………………………………………………………………………………………….. 136
Regulatory Bodies……………………………………………………………………………………………………………………….. 136
Investments……………………………………………………………………………………………………………………………….. 137
Competitive Landscape………………………………………………………………………………………………………………… 137
North America Biologics Market………………………………………………………………………………………………………… 137
North America Biologics Historic Market, 2013-2017……………………………………………………………………………… 137
North America Biologics Forecast Market, 2017-2021……………………………………………………………………………. 138
North America Biologics Market, 2017, By Segment………………………………………………………………………………. 140
North America Biologics Market: Country Analysis………………………………………………………………………………… 141
USA Biologics Market Overview…………………………………………………………………………………………………………. 141
Country Information……………………………………………………………………………………………………………………. 141
General Information……………………………………………………………………………………………………………………. 141
Regulations……………………………………………………………………………………………………………………………….. 141
Regulatory Bodies……………………………………………………………………………………………………………………….. 141
Investments……………………………………………………………………………………………………………………………….. 141
Competitive Landscape………………………………………………………………………………………………………………… 141
USA Biologics Market………………………………………………………………………………………………………………………. 141
USA Biologics Historic Market, 2013-2017…………………………………………………………………………………………… 142
USA Biologics Forecast Market, 2017-2021………………………………………………………………………………………….. 144
USA Biologics Market, 2017, By Segment…………………………………………………………………………………………….. 145
South America Biologics Market……………………………………………………………………………………………………………. 146
South America Biologics Market Overview…………………………………………………………………………………………… 146
Region Information……………………………………………………………………………………………………………………… 146
General Information……………………………………………………………………………………………………………………. 146
Government Initiatives…………………………………………………………………………………………………………………. 146
Regulations……………………………………………………………………………………………………………………………….. 146
Regulatory Bodies……………………………………………………………………………………………………………………….. 146
Associations………………………………………………………………………………………………………………………………. 146
Competitive Landscape………………………………………………………………………………………………………………… 146
South America Biologics Market………………………………………………………………………………………………………… 147
South America Biologics Historic Market, 2013-2017……………………………………………………………………………… 147
South America Biologics Forecast Market, 2017-2021……………………………………………………………………………. 148
South America Biologics Market, 2017, By Segment………………………………………………………………………………. 149
South America Biologics Market: Country Analysis………………………………………………………………………………… 151
Brazil Biologics Market Overview……………………………………………………………………………………………………….. 151
Country Information……………………………………………………………………………………………………………………. 151
General Information……………………………………………………………………………………………………………………. 151
Government Initiatives…………………………………………………………………………………………………………………. 151
Regulations……………………………………………………………………………………………………………………………….. 151
Regulatory Bodies……………………………………………………………………………………………………………………….. 151
Associations………………………………………………………………………………………………………………………………. 151
Competitive Landscape………………………………………………………………………………………………………………… 151
Brazil Biologics Market……………………………………………………………………………………………………………………. 152
Brazil Biologics Historic Market, 2013-2017…………………………………………………………………………………………. 152
Brazil Biologics Forecast Market, 2017-2021………………………………………………………………………………………… 153
Brazil Biologics Market, 2017, By Segment…………………………………………………………………………………………… 154
Middle East Biologics Market……………………………………………………………………………………………………………….. 155
Middle East Biologics Market Overview………………………………………………………………………………………………. 155
Region Information……………………………………………………………………………………………………………………… 155
General Information……………………………………………………………………………………………………………………. 155
Regulations……………………………………………………………………………………………………………………………….. 155
Regulatory Bodies……………………………………………………………………………………………………………………….. 155
Investments……………………………………………………………………………………………………………………………….. 155
Competitive Landscape………………………………………………………………………………………………………………… 155
Middle East Biologics Market……………………………………………………………………………………………………………. 156
Middle East Biologics Historic Market, 2013-2017…………………………………………………………………………………. 156
Middle East Biologics Forecast Market, 2017-2021………………………………………………………………………………… 157
Middle East Biologics Market, 2017, By Segment………………………………………………………………………………….. 159
Africa Biologics Market……………………………………………………………………………………………………………………….. 160
Africa Biologics Market Overview………………………………………………………………………………………………………. 160
Region Information……………………………………………………………………………………………………………………… 160
General Information……………………………………………………………………………………………………………………. 160
Regulations……………………………………………………………………………………………………………………………….. 160
Regulatory Bodies……………………………………………………………………………………………………………………….. 160
Investments……………………………………………………………………………………………………………………………….. 161
Associations………………………………………………………………………………………………………………………………. 161
Competitive Landscape………………………………………………………………………………………………………………… 161
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