2024 Biologics Market Outlook: Size, Share, and Key Growth Drivers
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What Growth Rate is the Biologics Market Anticipated to Experience from 2024-2033?
The size of the biologics market has experienced significant expansion in the past few years. It is projected to increase from $416.65 billion in 2023 to $454.4 billion in 2024, with a compound annual growth rate (CAGR) of 9.1%. The historical progression is credited to factors such as the aging demographic, governmental strategies, the capability to set elevated prices, and the amplified demand for immunology.
The biologics market is expected to experience a significant expansion in the coming years, with the estimated market value predicted to reach $666.31 billion in 2028. This represents a compound annual growth rate (CAGR) of 10.0%. Factors driving this growth during the forecasted period include increased funding, technological advances, improved healthcare access, heightened focus on research and development for oral biologics, preference for pills over injections, and an overall strong pipeline of biologics. The forecasted period is also expected to see trends like utilization of relaxed and updated regulations to develop new and enhanced biologics, a shift towards biologic drug development to meet the growing demand, increased investment in research and development for novel biologics, and exploratory work on biologics for treatment of complex diseases.
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What Are the Significant Influencers of Growth in the biologics Market?
The worldwide biologics market is experiencing significant growth stimulated by the increasing demand for personalized medicine. Personalized medicine, also termed precision medicine, modifies healthcare and medical treatments based on each patient’s unique characteristics. This medicine, which enables tailoring of biologic treatments to a patient’s distinctive genetic and clinical profile, is reshaping the world of healthcare. To illustrate, in 2021, personalized medicines constituted over one-third of new drug approvals, equivalent to approximately 35% of all newly approved therapeutic molecular entities, according to a report by the Personalized Medicine Coalition. Hence, the escalating demand for personalized medicine propels the growth of the biologics market.
What Key Segments Define the Biologics Market?
1) By Type: Monoclonal Antibodies (MAbS), Therapeutic Proteins, Vaccines
2) By Drug Classification: Branded Drugs, Generic Drugs
3) By Route Of Administration: Oral, Other Route Of Administration
4) By Mode Of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs
5) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Other Distribution Channels
Subsegments Covered: Anti-Cancer MAbS, Immunological MAbS, Anti-Infective Monoclonal Antibodies (MAbs), Neuropharmacological MABS, Cardiovascular And Cerebrovascular MAbS, Other Monoclonal Antibodies (MAbs), Metabolic Disorders Therapeutic Proteins, Cancer Therapeutic Proteins, Cardiovascular Therapeutic Proteins, Immunological Therapeutic Proteins, Other Therapeutic Proteins, Anti-Infective Vaccines, Autoimmunity Vaccines, Other Vaccines
What Are the Key Developments Shaping the Biologics Market?
Leading firms in the biologics industry are channeling efforts towards the creation of revolutionary products such as oncology biosimilars, to fortify their market presence and gain an edge over competitors. Oncology biosimilars refer to a class of biologic medication used to combat cancer and are essentially close replications of established biologic drugs. For instance, Biocon Biologics Limited, an offshoot of the Indian biopharmaceutical entity, Biocon Limited and America based pharmaceutical firm, Viatris Inc., jointly rolled out Abevmy®, an oncology biosimilar, in Canada in May 2022. Abevmy is a biosimilar medication intended for cancer treatment, very similar to an already approved biological drug, it posits equal potency and safety, whilst attending to the same health conditions as the original drug.
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What Regions Are Driving Expansion in the Biologics Market?
North America was the largest region in the biologics market in 2023. Middle East is expected to be the fastest growing region in the forecast period. The regions covered in the biologics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Biologics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the biologics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Biologics Market Include
1. Biologics Market Executive Summary
2. Biologics Market Segments
3. Biologics Market Size And Template Market Growth Rate
4. Key Biologics Market Trends
5. Major Biologics Market Drivers
……
25. Key Mergers And Acquisitions In The Biologics Market
26. Top Biologics Companies
27. Biologics Market Opportunities And Strategies
28. Biologics Market, Conclusions And Recommendations
29. Appendix
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