Categories: Healthcare

Biologics Market Growth Trajectory Through 2024-2033| Merck & Co., Inc., AbbVie Inc., F. Hoffmann-La Roche AG, Johnson & Johnson, Pfizer Inc.

3D render of a medical background with DNA strands

The Biologics by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Biologics, The biologics market size has grown strongly in recent years. It will grow from $416.65 billion in 2023 to $454.4 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to aging population, government initiatives, ability to command high prices, and increased need for immunology.

The biologics market size is expected to see rapid growth in the next few years. It will grow to $666.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to increase in funding, technological advancements, increase in healthcare access, robust research and development activities for development of oral biologics, lean towards pills over injections, and increasing robust pipeline of biologics. Major trends in the forecast period include leveraging revised and less stringent regulations to develop new and improved biologics, shifting to biologic drug development to capitalize on the growing demand for these drugs, investing in r&d for the development of innovative biologics, and investing in research and development of biologics for the treatment of complex diseases.

The demand for personalized medicine is driving significant growth in the global biologics market. Personalized medicine, also known as precision medicine, is a medical approach that tailors healthcare and medical treatment to the individual characteristics of each patient. The personalized medicine offers the ability to customize biologic treatments to a patient’s specific genetic and clinical profile is transforming the healthcare landscape. For instance, according to the Personalized Medicine Coalition’s report, in 2021 the personalized medicines accounted for over a third of new drug approvals in 2021, representing approximately 35% of all newly approved therapeutic molecular entities. Therefore, the increasing demand for personalized medicine is driving the growth of the biologics market going forward.

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The biologics market covered in this report is segmented –

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

Major companies operating in the biologics industry are focused on developing innovative products, such as, oncology biosimilar to strengthen their position and gain a competitive advantage. Oncology biosimilars are a type of biologic drug that is used to treat cancer. Biosimilars are highly similar copies of existing biologic drugs. For instance, in May 2022, Biocon Biologics Limited, a subsidiary of Biocon Limited, an India-based biopharmaceutical company and Viatris Inc., a US-based pharmaceutical company , launched Abevmy®, an oncology biosimilar, in Canada. Abevmy is a biosimilar medicine used for the treatment of cancer. Biosimilar medicines are biological medicines that are highly similar to another biological medicine that has already been authorized for use. They are used to treat the same conditions as the reference medicine and have the same safety and efficacy.

The biologics market report table of contents includes: