Westford USA, June 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Biologics Market will attain a value of USD 1125.55 Billion by 2031, with a CAGR of 10.40% over the forecast period (2024-2031). Biologics are genetically engineered medications which target inflammation points resulting from immune system reactions to harmful stimuli. In addition, global response to the pandemic has seen governments provide support for the healthcare industry and ensure that biologics are available. The expectation is that increased market growth will be facilitated by creation of cell lines and reagents that enhance biologics’ productivity.
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Biologics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $510.05 Billion |
| Estimated Value by 2031 | $1125.55 Billion |
| Growth Rate | Poised to grow at a CAGR of 10.40% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Source, Application, Disease, Manufacturing |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing adoption of biosimilars |
| Key Market Opportunities | Increase in the number of research and development activities |
| Key Market Drivers | Increasing prevalence of chronic diseases |
Microbial Source is Estimated to Dominate the Global Market Owing to Rapid Growth Rates and Ease of Genetic Manipulation
The worldwide biologics market is dominated by microbial sources due to their quick rates of development, simplicity of genetic modification, and economical production methods. Biologics such as insulin and vaccines are produced efficiently that are why they are cheaper in terms of prices and their development cycle is quick. This has encouraged widespread usage and made them dominant in the market.
In-House Manufacturing is Dominant Sub-Segment, Owing to Reduced Dependency on Third-Party Suppliers
Most of the world's biologics market is covered by in-house manufacturing as it provides greater control over production quality, less dependence on external vendors, and prevents unique innovations. The fact that these controls exist makes the biologics market more reliable and competitive, ensuring uniformity in products and compliance with the law.
Numerous Pharmaceutical Companies Contributing to North America’s Dominance
With a 44.37% market share, North America dominated the market. There are various reasons behind this situation; to start with, biological medicine is in great demand in this region due to high rates of chronic diseases; besides, North America hosts some of the leading pharmaceutical firms globally which back up the expansion of markets. Additionally, significant funding for research purposes and favourable reimbursement policies have propelled its growth.
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Biologics Market Insight
Drivers:
- Increasing Prevalence of Chronic Diseases
- Advancements in Biotechnology
- Increasing Investment for Healthcare Infrastructure
Restraints:
- Regulatory Challenges
- Integration of Biosimilars in the Industry
- Infrastructure, and Distribution Barriers in the Market
Prominent Players in Biologics Market
The following are the Top Biologics Companies
- Eli Lilly and Company (US)
- Gilead Sciences (US)
- Biogen (US)
- Celgene (US)
- Novo Nordisk (Denmark)
- Takeda Pharmaceutical Company (Japan)
- Bayer (Germany)
- GlaxoSmithKline (UK)
- Boehringer Ingelheim (Germany)
- Vertex Pharmaceuticals (US)
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Key Questions Answered in Global Biologics Market Report
- What is the estimated market size for biologics worldwide by 2031, and what is the predicted compound annual growth rate (CAGR) for the 2024–2031 projection period?
- Why is the global biologics market dominated by microbial sources?
- What elements support the dominance of North America in the biologics market?
This report provides the following insights:
- Analysis of key drivers (Rising prevalence of autoimmune disorders & diabetes, biologics offer targeted & personalized treatments, FDA approved several biologics for the treatment of various cancers and cell therapy enabling the development of more sophisticated biologic drugs), restraints (Development of biologics remains expensive, complex manufacturing processes & stringent regulatory requirements and meeting regulatory standards being time-consuming & costly), opportunities (Increase in the number of research & development activities, increase in the efficacy of oral medications and beneficial opportunities for the growth of the biologics market during the forecast period), and challenges (Lack of harmonization among regulatory agencies from different countries and scientific and technological challenges hamper entry of manufacturers as well as researchers) influencing the growth of biologics market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the biologics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the biologics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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