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Albany, New York, Aug. 13, 2019 (GLOBE NEWSWIRE) -- According to a recent report by Transparency Market Research (TMR), the global Biologics Market is prognosticated to witness a significant growth in the coming years. This is majorly attributed to the phenomenal development in the field of pharmaceutical and biotechnology, which is resulting in the treatment of several chronic diseases. These genetically engineered drugs are composed of several natural sources to treat the illnesses. Biologics is a major field being studied and experimented in biomedical research.
The global biologics market, according to the analyst at TMR, is expected to register a robust expansion with a CAGR of 10.9% within the forecast period from 2016 to 2024. Owing to consistent research activities by players in the market, the market is anticipated to be valued around worth US$479,752 mn by 2024 end, maintaining a consistently elevated growth graph.
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Increasing Need for Disease Diagnosis to Fuel Market Demand
Expiry of patent drugs by the big brands is one of the key factors contributing to the growth in the global biologics market. Urgent need for the diagnosis of diseases, prevalence of various chronic diseases, and advancement in technology are some more aspects stimulating the growth in biologics market.
Apart from this, increasing initiatives by the governments in the field of healthcare and funding by several leading companies and investors are also likely to help biologics market flourish. Improved access to healthcare, better healthcare infrastructure in developed nations and increasing regulatory policies are as well the important factors behind the market growth.
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Nevertheless, the biologics market is bogged down by some of the factors such as, manufacturing of the complex drugs. These drugs need an advanced processing, under highly controlled surroundings all through the production procedure. The surrounding and atmosphere required for such process is not found easily in the under developed nations. Moreover, biologics are highly susceptible to heat and light conditions. They are need a proper refrigeration which is not easily available across the world.
Innovative Drug Formulation in North America to make it a Leading Region
Geographically, the global biologics market is led by North America, due to advanced healthcare facilities. The region is foreseen to account for 40% share of global market by the end of forecast period. Innovative drug formulation, extensive research activities, and increased number of clinical trials are some of the major factors bolstering the demand in North America biologics market.
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Nevertheless, Asia Pacific is also not far behind in terms of revenue. Pressing need for novel treatment methods for a huge patient base and cost-effective drug manufacturing are some of the key factors behind the growth in Asia Pacific. The region is expected to project development with a moderately high CAGR of 15.6% within the forecast period from 2016 to 2024. In addition, the supportive regulations regarding the approval of biologics has accelerated the regional demand.
Some of the key players operating in the global biologics market are AstraZeneca, AbbVie Inc., Amgen Inc., Bayer AG, F. Hoffmann-La Roche Ltd, and Sanofi. These players depict an aggressive competitive landscape, with several pharmaceutical companies across the world. The players are adopting various strategies to sustain their current leading position in the market along with launching more effective biologics for the treatment of chronic diseases. Companies are also working on increasing their manufacturing services and units all over the world.
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The information presented in this review is based on a TMR report, titled “Biologics Market (Product - Monoclonal Antibodies, Vaccines, Cell Therapy, Recombinant Hormones/Proteins, and Gene Therapy; Application - Infectious Diseases, Oncology, Immunology, and Autoimmune Diseases) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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