Global Biologics Market, By Drug Class (Monoclonal Antibody, Vaccine, Recombinant Insulin, Human Growth Hormone, Blood Factor, Fusion Protein, Erythropoietin, Recombinant Enzyme, Interferon, Colony-stimulating Factor, Cell Therapy, Gene Therapy, Oligonucleotides and Others (Peptide, Botulinum Toxin, and Others), By Therapeutic Application (Oncology, Metabolic Disorders, Autoimmune/Immunologic Diseases, Ophthalmic Diseases, Inflammatory Bowel Diseases (IBDs), Respiratory Disorders, Neurological Disorders, Musculoskeletal Disorders (MSDs), Cardiovascular Diseases (CVDs), Infectious Diseases, and Others.), By Distribution Channels (Hospitals Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global biologics market was valued US$ 294.4 Bn at the end of 2020 and expected to reach at a value of US$ 529.3 Bn by 2028 with a significant CAGR of 7.6%.
Biologics can be comprehended as strong and effective antidotes that are made of minute constituents like proteins, sugars, or DNA or can be whole tissues or cells. These drugs also come from all sorts of living sources — birds, mammals, plants, insects, and even bacteria. Biological medications are likely to be at the cutting-edge of medical advances in the present times. Cellular biologics and gene-based, for instance, are right away rendering it possible to treat some chronic diseases where no other treatments are effective or available. Owing to which, biologics is witnessing massive demand in the global markets, thereby estimated to boost the growth of the global biologics market in the near future.
Adoption of poor lifestyle by the population, in the current times, due to hectic schedule and desk-bound jobs, further escalates the count of chronic illnesses among the masses, which in turn stimulates the demand of biologics across the world.
Moreover, there is also abundant government support, initiatives, and capital investment for research activities, and further development of biologics, which also plays a crucial role in elevating the demand of biologics all around the world. Attributing to which, the global biologics market is expected to shoot up in the years to come.
However, insufficient reimbursements for biologics as well as lack of availability of biologics due to huge cost are anticipated to hold back the growth of the global biologics market to the bounds in the forthcoming years.
Furthermore, there is a crucial requirement for an advanced health system to monitor the treatment with biologics, elevated R&D investment, and the complications of the manufacturing method of biologics are some other major constraints of the future market growth of the global biologics market.
MMC Study identifies some of the key participating players in the biologics market globally are Bristol-Myers Squibb Company (BMS), Merck & Co., Inc., Roche AG, Merck KGaA, AstraZeneca Plc, Regeneron Pharmaceuticals, Inc, Novartis International AG, Pfizer, Inc., Amgen, Inc., AbbVie, Inc., Sanofi S.A., Eli Lilly & Company, Novo Nordisk A/S, Johnson & Johnson, GlaxoSmithKline Plc, Teva Pharmaceutical Industries Ltd., Ipsen S.A., and Allergan Plc., among others.
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