Biologics Market to be at Forefront by 2024

Posted by Aman Jaiswar on June 12th, 2019

The Biologics Market is expected to grow at an impressive pace during the forecast period. The gains will be driven by substantial investments in research and developmental activities in the biotechnology and pharmaceutical sector and the soaring demand for novel therapies for various rare diseases. Recent intensive researches in novel therapies and combination therapies have established the efficacy of biologics for treating a wide range of chronic diseases such as cancer, rheumatoid arthritis, macular degeneration, and hematological malignancies.

The introduction of recombinant DNA technology has expanded the potential of the biologics market. The emergence of promising drug candidates has made several global and regional pharmaceutical players venture into the biologics market. The increasing rate of approval of biologics by various regulatory agencies such as the US Food and Drug Administration (FDA) and European Medicines Agency (EMA) has positively impacted the market.

The global biologics market is forecast to expand at a CAGR of 10.9% over the period 2016 – 2024. Maintaining a steady pace of growth, the market is anticipated to attain a valuation of US9, 752 mn by the end of the forecast period.

Several players are making large investments in expanding their biologics facilities across major geographic regions to gain a stronghold in this market. Leading players are launching novel therapies approved by the FDA to gain a competitive edge over others. The top biotechnology and pharmaceutical companies are forging partnerships to consolidate their shares across various regions.

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On the basis of geography, the global biologics market is segmented into Europe, North America, Latin America, the Middle East and Africa, and Asia Pacific. Of these, currently, North America leads the global biologics market and is anticipated to occupy a revenue share of over 40% by the end of 2024. The growth in this regional market is attributed to intensive R&D activities, innovative drug formulations, and a large number of clinical trials focused on large-molecule drug discovery. In addition, the promise of profitable returns due to the premium pricing of biologics will stimulate investment in the coming years.

However, owing to a wide patient base in need of novel therapies for chronic diseases and low cost involved in drug manufacturing, Asia Pacific has been brought to the forefront. The spiraling growth of the regional market is anticipated to outpace Europe as the second most prominent market for biologics. The Asia Pacific market is poised to expand at a tremendous CAGR of 15.6% during 2016–2024. Rise in favorable regulations for the approval of biologics has triggered the growth of the regional market. In addition, the influx of global pharmaceutical companies setting up their biologics production facilities in emerging markets, particularly China, is expected to propel the regional market.