The Biologics Market is Expected to Witness a CAGR of 9.9% to reach $441.5 billion by 2024
Bangalore, India, June 20, 2018: With its recently published study “Biologics Market Research– Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2024”, Infoholic Research forecasts that the global market for biologics will continue to grow, owing to the increasing disease incidence across the globe, increasing number of recent biologics approval, and emergence of next generation biologics. Increasing reseach activities and strong product pipeline are providing market growth oppurtunity.
Various products covered in the report includes monoclonal antibodies, recombinant proteins/hormones, vaccines, cell and gene therapy and others. Among these, monoclonal antibodies occupied major market share of global biologics market in 2017, and cell and gene therapy segment is expected to grow at high CAGR during the forecasted period. Wide application of monoclonal antibodies in treatment of various diseases makes this segment, a major shareholder of biologics products market.
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North America is the major shareholder in the global biologics market, followed by Europe. Increasing product approvals, increasing demand for the product to treat various disease conditions, and presence of established players in this region makes it a major shareholder for biologics global market. Asia-Pacific region is expected to have the fastest growth rate during the forecasted period due to increasing research activities, flexible regulatory environment for clinical trials, growing awareness about biopharmaceutical therapeutics, and rising healthcare expenditure.
Various applications covered in the biologics market includes, cancer, cardiovascular disease, immunological disorders, infectious disease, hematological disorders and others. The cancer application occupied the largest share in 2017 and is expected to grow at fastest rate during the forecasted period. Growing elderly population, changing lifestyle, increasing disease prevalence makes cancer, the fastest growing application segment during the forecasted period.
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“ The biologics market is growing steadily with huge number of ongoing clinical trials and strong pipeline of products. The key market players are taking the advantage of strategic deals and product approvals to increase their share in the market. Almost half of the FDA new chemical entity approvals in 2016 were for biologics. Cancer, autoimmune and diabetes are the matured application areas whereas, asthma and allergy are found to be nascent application areas for biologics.” said Arpitha Shetty, Research Analyst, Infoholic Research
Key insights of the report include:
- Major Product:
- Monoclonal antibody
- Recombinant proteins/Hormones
- Cell and Gene therapy
- Key Application Areas:
- Infectious disease
- Immunological disorders
- Hematological disorders
- Cardiovascular disease
- Key Geographical Areas:
- North America
- Asia Pacific
- Rest of the world
- Industry outlook: Market trends, drivers, restraints, and opportunities