May 18, 2024
Biologics Market

Biologics Market is Expected to be Flourished by Growing Demand for Targeted Cancer Therapies

Biologics are medical products manufactured in biological sources which are used in the treatment of various diseases such as cancer, infectious diseases, immunological diseases, and others. Biologics include vaccines, blood components, allergenics, somatic cells, gene therapies, tissues, and recombinant therapeutic proteins. The rising prevalence of chronic diseases such as cancer, respiratory disorders, heart diseases and growing demand for protein therapies are major factors expected to contribute to market growth over the forecast period.

The global biologics market is estimated to be valued at US$ 401.96 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. The report provides a detailed analysis of top investment pockets, market size & estimations, drivers & opportunities, key market segments, competitive landscape, and changing market trends.

Market Dynamics:
Growing demand for targeted cancer therapies is expected to drive the growth of the biologics market during the forecast period. Targeted cancer therapies are designed to specifically target cancer cells with mutations. Targeted cancer therapies have advantages over conventional chemotherapy as they are more precise and cause less harm to normal cells. They are gaining popularity due to their improved efficacy and lesser side effects. Additionally, approval and commercialization of novel targeted therapies such as antibody drug conjugates and chimeric antigen receptor T-cell therapies for cancer treatment is also expected to support the market growth. For instance, in June 2022, Astellas Pharma received FDA approval for its antibody drug conjugate (ADC) candidate enfortumab vedotin-ejfv for treating advanced urothelial cancer.

Furthermore, increasing prevalence of chronic diseases requiring biologics is expected to propel the market growth over the forecast period. According to Centers for Disease Control and Prevention, in 2021 around 6 in 10 Americans were suffering from at least one chronic disease and 4 in 10 Americans were suffering from two or more chronic diseases. Chronic diseases such as cancer, heart disease, stroke, diabetes and respiratory disorders were the leading causes of death and disability in the U.S. Growing disease burden coupled with rising healthcare expenditure in developing economies is expected to fuel the demand for biologic drugs during the forecast period.

Segment Analysis
The biologics market is dominated by the oncology sub-segment which accounts for more than 35% share of the market. Biologics have revolutionized cancer treatment in recent years with breakthrough therapies such as monoclonal antibodies and immune checkpoint inhibitors. These biologics have shown superior efficacy and improved survival rates for various cancers compared to traditional small molecule drugs.

PEST Analysis
Political: Regulations around approval processes for biologics have been fasttracked in major markets to bring innovative treatment options to patients sooner. However, pricing pressures from governments remain a challenge.
Economic: Growth of the biologics industry has outpaced traditional pharmaceuticals driven by strong demand especially in oncology. However, high development costs of biologics affect pricing and market access.
Social: Increased awareness among patients and physicians has boosted adoption of biologics. However, side effects and high costs remain concerns for certain sections of the population.
Technological: Advancements in engineering of antibody drugs, cell therapies and gene therapies have enabled development of novel categories of biologics. Continuous innovation will expand treatment options in the coming years.

Key Takeaways
The Global Biologics Market Size is expected to witness high growth over the forecast period driven by strong clinical and commercial success of biologics in oncology as well as autoimmune diseases.

Regional Analysis: North America currently dominates the biologics market owing to presence of major players and early adoption of novel therapies. Europe is also a sizable market driven by favorable regulations and funding for innovation.

Key players operating in the biologics market are Advanced Accelerator Applications (AAA), Amgen, Bristol-Myers Squibb, Eli Lilly, GlaxoSmithKline, Merck, Novartis, Pfizer, and Sanofi. These companies are investing heavily in their oncology pipelines leveraging modalities such as bispecific antibodies and cell therapies. Partnerships are also becoming vital for innovation and commercialization in the complex field of biologics.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it