Disease Prevalence and Technological Advancements to Drive the Biologics Market
The Global Biologics market size was valued at US$328.617 billion in 2020 and is anticipated to increase at a Compound Annual Growth Rate of 12.19% over the predictive period to reach US$735.219 billion by 2027. A biological drug is a substance made from biological organisms or containing living organism components. Biologic medications are a broad category of biotechnology-derived pharmaceuticals originating from humans, animals, or microbes. Vaccines, blood components, cells, genes, tissues, and recombinant proteins are examples of biological medications. Biologic medications are the most sophisticated treatments available and are used to treat a wide range of illnesses and disorders. Crohn's disease, ulcerative colitis, rheumatoid arthritis, heart attacks, diabetes, anemia, and other disorders are all treated using biological medications. Biologics have improved cancer therapy, slowed or reversed the progression of immune-related disorders, and given hope to countless patients who previously had no effective treatment alternatives.
Increasing Prevalence of Diseases among People
The healthcare industry has reported a significant increase in cases of fatal diseases. Most of these diseases are reportedly related to an unhealthy and inactive lifestyle. Diseases such as cancer, heart diseases, and other chronic diseases have been rising rapidly in the last few years.
According to the World Health Organization, cancer is the biggest cause of mortality globally, with approximately 10 million fatalities in 2020, accounting for roughly one in every six deaths. Breast, lung, colon, rectum, and prostate cancers are the most frequent malignancies. Tobacco use, a high BMI, alcohol use, a low fruit and vegetable intake, and a lack of physical activity account for almost one-third of cancer fatalities.
According to the 2022 Heart Disease and Stroke Statistics, released by the American Heart Association, 7.08 million people died globally as a result of cerebrovascular illness in 2020 (3.48 million from ischemic stroke, 3.25 million from intracerebral hemorrhage (ICH), and 0.35 million from subarachnoid hemorrhage). Additionally, cardiovascular diseases were responsible for around 19.05 million deaths worldwide.
The American Heart Association also reported that high BMI was responsible for 2.40 million deaths worldwide in 2020, an increase of about 131.46% from 1990, while 4.51 million fatalities worldwide were due to high levels of low-density lipoprotein cholesterol 2020, an increase of about 19% from 2010.
This growing increase in chronic diseases can be addressed by the increasing developments in the biologics industry. Most of these diseases can be effectively treated by biological medicines and vaccines that are readily available on prescription. Treatments and drugs such as Bacillus Calmette-Guerin therapy, Biochemotherapy, and Cancer vaccines have been effectively-known to show a positive impact on cancer-causing cells. Insulin, Victoza, and Trulicity have been known to be effective in diabetes cases. Moreover, with advancements in biological technology, the market is anticipated to grow.
Biological Advancements to Drive the Market
With the increasing advancements in healthcare technology and equipment, the biologics sector has also reported significant improvements.
As reported by FDA in a release dated 17th May 2022, the Pfizer-BioNTech COVID-19 Vaccine has received Emergency Use Authorization (EUA) from the FDA. Pfizer is directed to provide two primary doses of this vaccine to individuals aged 5 to 11 years. Also, a third primary dose is to be provided to children that possess certain kinds of immunocompromise. Additionally, a single booster dosage is also to be given to children who have completed the first series of vaccination.
As reported by the Asthma and Allergy Foundation of America on 20th December 2021, TezspireTM (tezepelumab-ekko) injection has been authorized by the FDA as an add-on maintenance therapy for severe asthma symptoms when taken in conjunction with a patient's existing asthma medication. Tezspire is for adults and children aged 12 and above who have severe asthma that is not resolved by their existing asthma medication. Tezspire is the first asthma medication to target the chemical thymic stromal lymphopoietin, which plays a role in airway inflammation. Tezspire is also the first severe asthma medicine that isn't restricted to a single form of severe asthma.
As reported by Eli Lilly and Company in a press release dated 24th June 2021, The US Food and Drug Administration (FDA) has designated Donanemab, an experimental antibody treatment for Alzheimer's disease, developed by Eli Lilly and Company, as a Breakthrough Therapy. The Breakthrough Therapy designation seeks to speed the research and evaluation of medications intended to treat a severe illness where early clinical evidence shows that the treatment may demonstrate significant improvement on a clinically meaningful endpoint(s) over existing approved therapies.
North American Region to lead the market
The North American region is expected to hold the largest market share in the biologics market throughout the forecast period. The market is predicted to grow as a result of factors such as rising innovations in healthcare technology and the rising cases of chronic diseases. Moreover, the presence of major healthcare companies and research centers has increased the demand for the biologics market in the region. The increasing expansion of fast food companies has also contributed to the increasing number of heart diseases and diabetes cases in the region. Moreover, the COVID-19 pandemic also played a vital role in uplifting the market, since most healthcare research centers were focused on producing effective medications to control the spread of viral infection. Moreover, with the increasing government initiatives and spending in the region, the biologics market is anticipated to rise significantly.
The outbreak of the COVID-19 pandemic triggered a global economic crisis. Since most countries adopted lockdown and social isolation rules, most enterprises had experienced significant losses. This had an impact on people's lifestyles and well-being as well. The increasing infection cases worldwide resulted in a state of chaos in healthcare organizations. This led to an increase in demand for vaccines, which was fulfilled by the biologics market. Organizations like Pfizer, Johnson & Johnson, Bharat Biotech, Gamaleya Research, etc, reported rapid progress in the development of the COVID-19 vaccine. Moreover, with the introduction of government initiatives to boost COVID-19 vaccine production, the market reported significant development.