Biologics offer several advantages over conventional small molecule drugs such as high specificity and efficacy in complex disease conditions. The increasing prevalence of chronic and rare diseases has augmented the demand for biologics. Moreover, patent expiry of blockbuster biologics has accelerated the growth of biosimilars market, providing more affordable treatment options.
The global Biologics Outsourcing Market is estimated to be valued at US$ 19.67 Bn in 2023 and is expected to exhibit a CAGR of 12.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The emergence of biosimilars has been a key trend spurring growth of the biologics outsourcing market over the forecast period. Biosimilars are biologic medical products that are approved based on demonstrating similarity to an existing approved biologic product, known as the reference product. Development of biosimilars is more cost effective as it eliminates the need to undergo extensive pre-clinical and clinical trials. It is estimated that the production cost of biosimilars is around 30% lower than original biologics. This has prompted many biopharmaceutical companies to outsource biosimilar development and commercial manufacturing activities to contract development and manufacturing organizations (CDMOs). This trend is expected to intensify competitive pressure and accelerate commercialization of cost-effective biosimilars.
Segment Analysis
The Global Biologics Outsourcing Market Size is segmented by service type into new drug application filing and post approval work. The post-approval work segment dominated market share in 2023 due to increasing launch of new biologics molecules and need to cut down rising project development costs. Emergence of biosimilar molecules after patent expiry of blockbuster drugs and need for efficacy and safety testing/post marketing surveillance is driving this segment growth.
Key Takeaways
The global biologics outsourcing market is expected to witness high growth. Regional analysis related content comprises: North America dominated the global biologics outsourcing market in 2023 due to presence of well-established CROs, rising demand for biosimilars driving outsourcing of quality control testing. Asia Pacific is expected to grow at fastest pace due to lower manufacturing costs, increasing pharmaceutical outsourcing activities, and improving regulatory guidelines.
Key players related content comprises: Key players operating in the biologics outsourcing market are Thermo Fisher Scientific Inc., Abzena Ltd. Fujifilm Diosynth Biotechnologies, KBI Biopharma, EirGenix, Inc., Curia Global, Inc., Bionova Scientific, Inc., Boehringer Ingelheim International GmbH., STC Biologics., Abbvie Inc., Avid Bioservices, Inc., Catalent Inc., Emergent, Eurofins Scientific, Genentech, Inc., Genscript Biotech Corporation, JSR Corporation, Lonza, Merck KGaA, Rentschler Biopharma SE. The global biologics outsourcing market is fragmented in nature with the presence of several global as well as local players. Large pharmaceutical companies are focusing on partnering with CROs for new drug development to cut down costs and integrate core competencies.
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