Global Biologics Market, By Product (Monoclonal Antibodies, Vaccines, Recombinant Hormones/Proteins, Cellular-based Biologics, Gene-based Biologics, and Others), By Application (Cancer, Infectious Diseases, Autoimmune Diseases, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 401.96 Billion in 2023, exhibiting a CAGR of 9.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing awareness of cancer, infectious diseases, autoimmune diseases and other such as breast cancer is expected to drive the market growth over the forecast period. For instance, National Breast Cancer Foundation, engaged in improving awareness regarding the breast cancer to ensure every woman has access to the screenings, support, and care
Global Biologics Market – Impact of Coronavirus (COVID-19) Pandemic
The unexpected breakout of the COVID-19 pandemic has negative impact on the pharmaceutical and life sciences industries. COVID-19 has affected the treatment of various diseases. Rapid increase in COVID-19 cases led to cancellation and rescheduling of appointments associated with treatment. In some countries, screening, diagnosis and treatment was delayed at hospitals and thereby restrain the growth of market.
Global Biologics Market- Key Developments
In January 2022, AbbVie, Pharmaceutical company has received the U.S. Food and Drug Administration (FDA) approval for Skyrizi for the treatment of adults with active psoriatic arthritis.
In December 2021, AbbVie, Pharmaceutical Company has received U.S. Food and Drug Administration (FDA) approval for its Rinvoq, a biologic drug, for the treatment of adults with active psoriatic arthritis who have had an inadequate response or intolerance to one or more tumor necrosis factor (TNF) blockers.
On January 19, 2023, Bayer, German multinational pharmaceutical and Biotechnology Company, has announced collaboration with Oerth Bio for PROTAC protein degradation technology.
Browse 42 Market Data Tables and 35 Figures spread through 210 Pages and in-depth TOC on “Global Biologics Market”- Forecast to 2030, by Product (Monoclonal Antibodies, Vaccines, Recombinant Hormones/Proteins, Cellular-based Biologics, Gene-based Biologics, Others.), by Application (Cancer, Infectious Diseases, Autoimmune Diseases, Others,) by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Biologics Market:
- Global biologics market is expected to exhibit a CAGR of 9.3% during the forecast period due to increasing product launches by key market player. For instance, in September 2022, Alkem laboratories, an India-based multinational pharmaceutical company, announced that it had received regulatory approval from Drug Control Government Of India (DCGI) for the brand name StemOne in India. It can be used to treat the knee osteoarthriti
- Among application, diabetes segment is expected to drive at strong CAGR over the forecast period. Increase in product launches to treat cancer is anticipated to drive the growth of segment. For instance, in July 2022, Glenmark Pharmaceuticals Ltd., a India-based manufacturing company, announced the launch of sitagliptin and its fixed dose combinations (FDCs) for adults with Type-2 diabetes in India under the brand name SITAZIT.
- Major players operating in the global biologics market include Novartis AG, AstraZeneca PLC, Bayer AG., Sanofi SA, Pfizer Inc, Merck & Co., Johnson and Johnson, GlaxoSmithKline PLC, Amgen Inc., AbbVie Inc, F. Hoffmann-La Roche AG, Eli Lilly and Company, and AGC Biologics