Biologics Market is Segmented by Product (Monoclonal Antibodies, Vaccines, Recombinant Hormones/Proteins, Cellular-based Biologics, Gene-based Biologics, and Other Products), Application (Cancer, Infectious Diseases, Autoimmune Diseases, and Other Applications), and By Region (Asia Pacific, North America, Europe, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030
The biologics market is estimated to be valued at US$ 461.74 billion in 2022 and is expected to exhibit a CAGR of 10.3 % over the forecast period, as highlighted in a new report published by Coherent Market Insights. Market Overview: Biologic medicines consist particles that have been made by utilizing living cells or organisms. Some instances of biologic medicines consist gene therapies, transplant cells, recombinant proteins, stem cell therapies, and MonAb. They are generally utilized to cure many serious and life-threatening disorders. Biologics are drugs derived from blood, proteins, viruses, or living organisms. And they are utilized to inhibit, treat, and cure several health problems. Tumor necrosis factor inhibitors; Interleukin inhibitors; B-cells inhibitors and T-cells inhibitors are some kinds of biologics. Competitive Landscape: Key players involved in the growth of the global biologics market are Abbvie Inc., Amgen, Inc., GlaxoSmithKline PLC., and Eli Lilly and Company Market Key Drivers: The increasing prevalence of cancer cases are projected to propel the growth of the global biologics market. For instance, as per the Globocan Report 2020, over 19,292,789 new cancer cases were reported across the globe. Rising initiatives and awareness regarding cancer is anticipated to drive the growth of global biologics market. For instance, in February 2022, the Health Minister of Tamil Nadu, India, declared that the Government of Tamil Nadu is pandered in framing the policy to detect 66% of cancer people in the first and second stages by 2030 to offer suitable treatment. Covid-19 Impact Analysis: The Covid-19 had an adverse impact on the growth of global biologics market due to the worldwide lockdowns and stringent restrictions, along with the distribution and production sector also got effected. This shortage of supply led to the lack of drugs in the market and also several market players faced huge financial loss. Key Takeaways: The global biologics market is expected to exhibit a CAGR of 10.3 % during the forecast period owing to rising frequency of key players to expand the biologics product. For instance, in May 2022, Biocon Biologics and Viatris introduced the cancer drug Bevacizumab in the brand name Abevmy in Canada. Among regions, North America, Europe, Asia Pacific is anticipated to witness robust growth in the global biologics market due to rise in collaborators and acquisitions, rise in FDA launches and presence of key players, increasing cancer cases, rising mergers and acquisitions. For instance, as per the American Cancer Society, the United States had around 1,918,030 new cancer cases and 609,360 cancer fatalities in 2022.
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