Global Biologics Market Opportunities And Strategies 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s biologics market report forecasts the biologics market size to grow to $599.62 Billion by 2027, with a CAGR (compound annual growth rate) of more than 9%.
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Biologics Market Size Forecast
The global biologics market is expected to grow from $382.04 billion in 2022 to $416.65 billion in 2023 at a compound annual growth rate (CAGR) of 9.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The biologics market is expected to reach $599.62 billion in 2027 at a CAGR of 9.5%.
North America held the largest biologics market share, and Middle East was the fastest-growing region in 2022.
Key Biologics Market Driver – Increase In Technology
For example, Eli Lilly and Pfizer have adopted Amazon’s Elastic Compute Cloud (EC2) platform to conduct simulation models in early drug discovery that have been operational within hours, whereas traditional models would have taken weeks to conduct simulations. The Open Innovation Drug Discovery program is another initiative by Lilly to enhance the research and development of biologics. Such technological advances are likely to reduce costs and expedite the development phase of biologics, allowing companies to launch their products early.
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Key Biologics Market Trend – New Manufacturing Technologies
The US Food and Drug Administration (FDA) has revised its regulations to eliminate outdated biologics requirements, thus allowing drug manufacturers to employ new manufacturing technologies and testing capabilities. Standard preparations (standard solutions containing a precisely known concentration of an element), which help to ensure the safety, purity, and potency of biologics can now be obtained from sources other than FDA’s Center for Biologics Evaluation and Research (CBER) or can be developed internally by the biologics license applicant. The FDA has also removed a rule (Section 610.21 of FDA code) that specifies minimal potency limits to be met for certain antibodies and antigens. In addition, FDA is also updating regulations (Section 610.53 of FDA code) regarding storage periods and storage conditions for biologics. These amendments in regulations are expected to increase regulatory flexibility by allowing the pharmaceutical industry and the FDA to incorporate current scientific technologies in the manufacture of licensed biological products.
Biologics Market Segment
1) By Type: Monoclonal Antibodies (MAbS), Therapeutic Proteins, Vaccines
2) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies/ Drug Stores, Other Distribtuion Channels
3) By Route Of Administration: Oral, Parenteral, Other Route Of Administration
4) By Drug Classification: Branded Drugs, Generic Drugs
5) By Mode Of Purchase: Prescription-Based Drugs, Over-The-Counter Drugs
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
Biologics Market Major Players and Strategies
Major players in the biologics market are AbbVie, Johnson & Johnson, Amgen, Sanofi S.A, F. Hoffmann-La Roche Ltd., GlaxosmithKline, Novartis AG, Pfizer Inc., Teva Pharmaceuticals and CSL.
The Biologics Global Market Report 2023 covers regional data on biologics market size, biologics market trends and drivers, opportunities, strategies, and biologics market competitor analysis. The countries covered in the biologics market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Biologics are medications made from organic materials that can be used to treat a wide range of illnesses, and they are frequently used to treat immune-related illnesses such Crohn’s disease, psoriasis, ankylosing spondylitis, and rheumatoid arthritis. The interesting aspect is that biologics are separated from various natural sources, whether they be carbohydrates, proteins, nucleic acids, or a complex mixture of these materials.
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