The latest market report published by Credence Research, Inc. “Biologics Market Growth, Future Prospects, and Competitive Analysis, 2018 -2026” the biologics market was valued at US$ 254.9 Bn in 2017, and expected to reach US$ 580.5 Bn by 2026 at a CAGR of 9.5 % during the forecast period from 2018 to 2026.
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Global biologics market exhibits remunerative growth during the forecast period from 2018 to 2026 due to presence of around 800 biologics in pipeline. The growth attributed is due to incessant expansion in product portfolio with increasing demand for biologics across the globe. Rising prevalence of chronic diseases, unremitting research and development activities and continuous investment in biologics contribute to the overall market growth. According to World Health Organization (WHO), by 2020 chronic diseases would account for 75% of deaths globally. Cancer, autoimmune diseases, and diabetes contribute above 60% of the overall biologics market. In 2016, approximately 50% of new molecular entities approved by the FDA were biologics. Continuous development in cellular & gene therapy further catalyzes the market owing to its high efficacy and therapeutic outcome. CAR-T cell therapies are the latest therapies approved by the FDA for oncology indications.
The therapeutic expansion of biologics across various indications such as asthma, allergic conditions, dyslipidemia and other non-traditional disease areas attributed to the forecasted growth. However, the expedited expansion of biosimilars has a negative impact on the overall growth of biologics market. Biosimilars being cost-effective with similar efficacy would gain higher demand in developing countries. Biologics approved in the U.S comprise longer patent protection in comparison to those approved in Europe. Additionally, EMA has less stringent policies for biosimilars in comparison to the U.S FDA, thus North America owns larger market share than Europe and will maintain its dominance throughout the forecast period. Growing prevalence of cancer, autoimmune diseases & diabetes, presence of leading market players, and continuous research activities drive the North American market. Asia Pacific is the fastest growing market accounting to double digit CAGR during the forecast period. Expansion of international players in developing nations contribute to the biologics market growth in this region. Novartis AG wishes to launch its FDA approved treatment Kymriah in Japan. However, discussions on the pricing of the treatment in Japan is still under negotiations with Ministry of Health, and Labor & Welfare (MHLW).
Biologics entering the market contest with similar indications and with more or less similar mechanism of action. Biologics market is thus highly competitive comprising established and leading market players such as Abbvie, Inc., Amgen, Inc., AstraZeneca Plc., Celgene Corporation, Janssen Pharmaceuticals, Inc., Merck & Co. Inc., Novartis AG, Pfizer, Inc., Roche Holding AG, Sanofi S.A and Takeda Pharmaceutical Co., Ltd.
Browse the full report Biologics Market Growth, Future Prospects, and Competitive Analysis, 2018 -2026 report at http://www.credenceresearch.com/report/biologics-market
Key Market Movements:
- Globally, biologics market continues to witness a lucrative growth with a CAGR of 9.5% for the period from 2018 to 2026
- Presence of an extensive product portfolio and above 800 pipeline molecules, contributed to the overall growth of the market
- Among all the products available, recombinant therapeutic proteins maintains dominancy comprehending larger market share during the period from 2016 to 2026
- The introduction of new cellular and gene therapy namely CAR-T cell provides better therapeutic outcome. Furthermore, research activities in this area contributes to the overall market growth during the forecast period.