Drivers and Trends Benefits Biologics Market to Grow at 8.25% CAGR, projected to Reach USD 412 billion in 2024
The Global Biologics Market is experiencing a dynamic shift, driven by technological advancements, evolving consumer preferences, and changing economic landscapes. This market has become a focal point for stakeholders, including manufacturers, suppliers, and investors, who are keen on exploring growth opportunities in this evolving industry. As businesses strive to adapt to these changes, understanding the market's key drivers, segmentation, and regional dynamics becomes crucial. This blog provides an in-depth analysis of the Biologics Market, examining the market overview, dynamics, segment analysis, and regional projections.
Market Overview
The Global Biologics Market size is valued at USD 412 billion in 2024 and is projected to grow at a CAGR of around 8.25% during the forecast period, i.e., 2024-30. The surging expenditures in healthcare, a hike in the sedentary lifestyles of individuals, and the rising number of chronic disease patients are some of the highlighting aspects promoting the industry growth. Other factors driving the demand for biologics across the global scale include enhanced usage of monoclonal antibodies for disease treatment, innovation & advancement in the healthcare & biotechnology sectors, and to cure diseases, including anemia, rheumatoid arthritis, osteoporosis, Alzheimer's, etc. Also, diseases like cancer and autoimmune disorders, which pose significant healthcare challenges, underscore the importance of targeted therapeutic interventions, and hence, have been driving the need for biologics over the historical years.
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Biologics Market Dynamics
Several dynamics are shaping the Biologics Market. On the demand side, the growing consumer focus on quality and sustainability is driving the need for advanced solutions. On the supply side, market players are intensifying competition by launching innovative products and expanding their geographic presence.
Global Biologics Market Driver:
Increasing Inclination Towards Gene Therapy & Cellular Therapy to Boost the Market Growth – Due to their ability to repair or substitute damaged tissues, gene and cellular treatments have experienced considerable growth in adoption over the historical years. Moreover, the rising investments in research & development of cell and gene therapies have been further bolstering their adoption, owing to the improved efficacy of new drugs. Additionally, there has been increased funding and investments for R&D purposes of cell and gene therapies by companies like Ori Biotech, AstraZeneca Plc, GlaxoSmithKline Biologicals, etc., for the launch of innovative products.
Thus, with enhanced investment, the process of pre-commercialization and market launch has been accelerated, which has been contributing to the market growth. Also, over the historical years, the approvals of these medicines have been accelerated by government organizations like the United States Food and Drug Administration (FDA), the European Medicines Agency (EMA), etc. Consequently, as approvals for cell and gene therapies would accelerate in the coming years, it would create an opportunity for their enhanced adoption in the coming years as well.
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Biologics Market Segment Analysis
The Biologics Market is segmented based on:
By Therapeutic Application
- Oncology- Market Size & Forecast 2019-2030, (USD Million)
- Infectious Disease- Market Size & Forecast 2019-2030, (USD Million)
- Autoimmune Disease- Market Size & Forecast 2019-2030, (USD Million)
- Diabetes- Market Size & Forecast 2019-2030, (USD Million)
- Cardiovascular Diseases- Market Size & Forecast 2019-2030, (USD Million)
- Others (Inflammatory Bowel Diseases, Respiratory Disorders, Ophthalmic Disorders, etc.)- Market Size & Forecast 2019-2030, (USD Million)
By Drug Class
- Recombinant Proteins- Market Size & Forecast 2019-2030, (USD Million)
- Monoclonal Antibodies- Market Size & Forecast 2019-2030, (USD Million)
- Blood & Blood Components- Market Size & Forecast 2019-2030, (USD Million)
- Cellular & Gene Therapy- Market Size & Forecast 2019-2030, (USD Million)
- Vaccines- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
By Source
- Microbes- Market Size & Forecast 2019-2030, (USD Million)
- Humans- Market Size & Forecast 2019-2030, (USD Million)
- Others (Rodents, Plants, etc.)- Market Size & Forecast 2019-2030, (USD Million)
By Region
- North America
- South America
- Europe
- Asia-Pacific
- Rest of the World
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Key Players in the Market
Several key players dominate the Biologics market, each striving to capture a larger share through product innovation, strategic partnerships, and expansion. Leading players include:
- Bristol-Myers Squibb
- Pfizer
- Sanofi
- Janssen Biotech, Inc.
- Bayer AG
- Merck & Co.
- Amgen Inc.
- Others
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