Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Biologics Market – which is forecasted from 2020 to 2027”.
The prime factor driving the growth of the biologics market is chronic disease incidence and diagnosis are on the rise, necessitating the availability of sophisticated diagnostics and treatment medications. With the start of coronavirus disease, governments initiatives in the healthcare industry for the assurance of the availability of biologics. To improve the production of biological products, researchers and scientists are studying species and developing and bring in-depth.
As per the report, the Biologics Market is expected to grow at a CAGR of 12.19% to reach US$735.219 billion by 2027, from US$328.617 billion in 2020.
Biologics are medications that are obtained from live organisms or are made up of living organism components. It comes in the form of genetically modified proteins. These medications aid in the treatment of chronic illnesses such as cancer, neurology, and cardiovascular disease. The market's expansion is attributed to a number of factors, including rising healthcare expenditures, an increase in people's sedentary lifestyles, spike in the proportion of monoclonal and chronic disease patients, for disease treatment, and innovation and advancement in the healthcare and biotechnology sectors. Furthermore, regulatory approval from governments in various nations is helping to drive the Biologics market forward.
Due to high costs and a lack of compensation for biologics, there is an insufficient supply of biologics. As a result, the biologics market is likely to be hampered by lesser accessibility and cost of biologics in medium and lower-income nations during the forecasted period.
Based on product type, the market is categorized into recombinant Therapeutic Products, Monoclonal Antibodies, Hormones, Cytokines, Enzymes, Blood & Blood Components, Cellular & Gene Therapy, Vaccines, and Oligonucleotides based on the Product/Drug Class. In recent years, the vaccines segment has gained significant market share in the Global Biologics Market. The expanding government and non-government initiatives for vaccine R&D and the prevention of various infectious illnesses are responsible for the segment's rise. Furthermore, the development of bivalent and pentavalent vaccines that can protect a person from multiple diseases around the world is another factor that is expected to boost the segment's growth.
Based on application, the segment is categorized into oncology, neurology, cardiology, hematology, autoimmune diseases, infectious Diseases and Others. The rising number of cancer-related mortality worldwide, as well as increased research and development activities in cancer treatment, are expected to propel the biologics market for oncology forward in the future. In addition, the fact that biological treatments have fewer side effects than standard radiotherapy and chemotherapies in some types of tumors is a major reason to expect biologics to increase in the oncology industry. Furthermore, as technology advances, a number of biological therapeutics are now available to treat a variety of tumors, which could be another key driver of future biologics market growth in the oncology segment.
Based on geography segmentation, the market of canned food is segmented into Asia Pacific, North America, South America, Europe, the Middle East and Africa regions. The Asia Pacific region is expected to outstand the market as the need for generic medications has increased as the population has grown while the North America region is expected to project exponential growth prospects.
As a part of the report, the major players operating in the biologics market, that have been covered are Hoffmann-La Roche AG, Amgen Inc., AbbVie Inc., Novo Nordisk A/S, Johnson & Johnson, Takeda Pharmaceutical Company, Alexion Pharmaceuticals, Samsung Biologics, UCB S.A., Merck & Co. Inc, Eli Lilly and Company, Sanofi SA.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-biologics-market.
This analytics report segments the biologics market on the following basis:
- By Product Type
- Monoclonal Antibodies
- Recombinant Proteins
- Gene Therapy
- Cellular-based Biologics
- By Application
- Autoimmune Diseases
- Infectious Diseases
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- South Africa
- Asia Pacific
- South Korea
- North America