Growth of the global biologics market is being Accelerated by High Demand for Biosimilars

Biologics are widely used for treating deadly diseases like cancer, arthritis, Crohn's disease and others due to their high target specificity and negligible side effects. However, their high costs prohibit patients in many developing and underdeveloped nations from accessing these life-saving drugs.

The global Biologics Market is estimated to be valued at US$ 401.96 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The biosimilar market has emerged as one of the key trends in the biologics industry. Biosimilars are biotherapeutic products that have been thoroughly demonstrated to be similar to an existing approved biological product, known as the reference product or originator biologic, in terms of quality, safety, and efficacy. As biosimilars offer nearly identical medicinal products at considerably lower costs, their demand is increasing. As patents for several blockbuster biologics are expiring, multiple biosimilar manufacturers are launching affordable biosimilar versions that are fueling competition in the market. This in turn is promoting higher adoption of biologics therapy, thereby accelerating growth of the biologics market over the forecast period.

Segment Analysis

The global biologics market is dominated by monoclonal antibodies sub segment which holds around 68% market share. Monoclonal antibodies are utilized in the treatment of various chronic conditions like cancer, infectious diseases and autoimmune disorders. The high preference for monoclonal antibodies is due to their high target specificity and excellent safety profile.

Key Takeaways

The global biologics market is expected to witness high growth. The global Biologics Market is estimated to be valued at US$ 401.96 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030.

Regional analysis related content comprises the North American region currently dominates the global biologics market with a share of around 45% in 2023. This is owing to the rising prevalence of chronic diseases in countries like US and increasing demand for monoclonal antibodies based therapies.

Key players related content comprises Key players operating in the biologics market are Novartis AG., AstraZeneca PLC., Bayer AG., Sanofi SA., Pfizer Inc., Merck & Co., Johnson and Johnson, GlaxoSmithKline PLC., Amgen Inc., AbbVie Inc., F. Hoffmann-La Roche AG., Eli Lilly and Company., and AGC Biologics. Novartis AG and Roche AG collectively account for around 25% share in terms of revenue. The domination of these players can be attributed to their robust oncology and immunology portfolio and strong pipeline of biosimilars and biobetters.

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