Biologics Market Size To Reach $1,793.9 Billion By 2031 | CAGR 18.2%: The Insight Partners
Biologics Market Experiences Growth Due to Preference for Outsourcing Manufacturing Operations, full analysis by Product, Application, Source, Manufacturing, and Geography
NEW YORK, Oct. 24, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the global biologics market is expected to reach U.S.$ 1,793.9 billion by 2031 from U.S.$ 469.2 billion in 2023, at a CAGR of 18.2% during the forecast period.
The global biologics market observing significant growth owing to the increasing occurrence of chronic diseases globally and surging preference for outsourcing biologics manufacturing operations. The biologics market entails an array of platforms and services that are expected to dominate the market in the coming years. The report carries out an in-depth analysis of market trends, key players, and future opportunities.
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Overview of Report Findings
- Biologic drugs, also known as biologics, are pharmacological substances derived from living organisms. These substances are biologically stable and produced using recombinant DNA technology. Biologics are emerging as a dynamic and promising therapeutic field in the pharmaceutical industry, offering a unique approach to treating a range of diseases and medical conditions. The biologics market is growing continuously owing to enormous spending by pharmaceutical and biotechnology companies on improving their production facilities. The geriatric population is at a high risk of developing chronic diseases such as cancer and autoimmune diseases, resulting in a need for biologics and drugs for treatment.
- Preference for Outsourcing Manufacturing Operations: Biologics manufacturing is a complex process whose success depends on the proper execution and monitoring of all operations. The manufacturing facilities require skilled personnel with technical knowledge of bioprocessing and process engineering. Thus, manufacturers choose to work with contract development and manufacturing organizations (CDMOs) to accelerate their clinical studies and commercialization operations. CDMOs provide product development, clinical trial assistance, manufacturing, and commercialization services to biologics companies on a contract basis. Partnering with a CDMO enables scalability and access to technical expertise without overhead costs, along with higher speed to market and greater cost efficiencies for biologics manufacturers. In April 2022, ThermoGenesis established its own CDMO facility in California, U.S., to provide CDMO services to cell and gene therapy manufacturers. Thus, the surging preference for outsourcing biologics manufacturing operations to CDMOs fuels the biologics market growth.
- Growth of Biotechnology in Developing Regions: In the realm of modern biotechnology, antibodies play a pivotal role in a variety of uses, ranging from fundamental research to innovative medical therapeutic approaches. The development of therapeutic antibodies has paved the way for new avenues in treating different illnesses, showcasing the remarkable potential of these molecules. Antibodies are also essential in the field of diagnostics, offering precise and dependable methods for identifying diseases. The growing support from governments, the increase in public–private collaborations, the evolving nature of diseases, and the expansion of research funding are all significantly boosting the capabilities of biotechnology industries in regions such as Asia Pacific, South & Central America, and the Middle East & Africa. Nations such as the UAE, Saudi Arabia, Malaysia, India, China, Singapore, and Japan stand out as lucrative markets for the biotechnology sector. Progress in biotechnology, genetics, and cell biology has led to the discovery of numerous potential drugs for targeted therapies. Biotechnology is a key area for China, with the Made in China 2025 strategy focusing on research capabilities that support the production of high-tech products, including new medications. This strategy has encouraged pharmaceutical companies in China to explore new areas for biotechnology innovation and enhance their exports. Asian countries are concentrating more on the use of genomics, proteomics, and biomarker advancements for both diagnostics and therapeutics. As a result, the continuous growth of the biotechnology industry in developing regions is anticipated to create opportunities for the biologics market.
- Geographical Insights: In 2023, North America led the biologics market with a substantial revenue share, followed by Europe and APAC, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on product, the biologics market is segmented into monoclonal antibodies, vaccines, recombinant hormones/proteins, cell and gene therapies, and others. The monoclonal antibodies segment held the largest share of the market in 2023.
- By application, the biologics market is categorized into cancer, infectious diseases, autoimmune diseases, and others. The cancer segment accounted for the largest share of the biologics market in 2023.
- In terms of source, the biologics market is bifurcated into mammalian and microbial. The mammalian segment held a larger market share in 2023.
- Based on manufacturing, the biologics market is divided into outsourced and in-house. The outsourced segment dominated the biologics market with the largest share in 2023.
- The biologics market is segmented into five major regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: A few of the major companies operating in the biologics market are AbbVie Inc., Pfizer Inc., Samsung Biologics, ADMA Biologics Inc., WuXi Biologics, Catalent Inc., AGC Biologics, AstraZeneca, Amgen Inc., and Avecia Biologics.
- Trending Topics: Innovations in biomanufacturing processes, growing interest in developing biologics for rare and orphan diseases, personalized biologics and precision medicine, and integration of biologics with regenerative medicine, among others.
Global Headlines on Biologics
- India's Biocon Biologics launches biosimilar for AbbVie's Humira in the U.S.
- AGC Biologics launches BravoAAV and ProntoLVV platforms
- Amgen's IMDELLTRA receives FDA approval for lung cancer treatment.
- AbbVie and Tentarix announce collaboration to develop conditionally active, multi-specific biologics for oncology and immunology.
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The report from The Insight Partners lists several stakeholders—including contract manufacturing organizations, healthcare providers, supply chain partners, and biopharmaceutical companies—along with valuable insights on how to successfully navigate this evolving market landscape and unlock new opportunities.
Conclusion
The rising prevalence of chronic diseases, such as cancer and autoimmune disorders, triggers the need for innovative and effective treatments that biologics offer. Moreover, advancements in biotechnology have led to the development of new therapies, including monoclonal antibodies and gene therapies. Biologics, including monoclonal antibodies (MAbs), vaccines, recombinant proteins, antisense, and molecular therapies, are being studied for their potential to treat chronic medical conditions. MAbs are gaining popularity in therapeutic applications due to their specificity and effectiveness in targeting antigens. Additionally, the increasing acceptance of biosimilars provides cost-effective alternatives while ensuring therapeutic efficacy. A supportive regulatory environment and substantial investments in research and development further boost market expansion. Market players in the industry are actively focusing on making substantial investments in the development of superior biological products that significantly support market growth.
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