Rise in Prevalence of Chronic & Acute Diseases Anticipated to Drive Global Biologics Market over the Forecast Period: Ken Research
Biologics are substances derived from animals, human, and microorganisms through biotechnology. They include genes that control production of vital proteins, proteins that control the action of other proteins & cellular processes, modify human hormones, or cells that produce products that suppress or activate components of an immune system. They are used for treatment of numerous diseases & conditions such as rheumatoid arthritis, ulcerative colitis, and other autoimmune diseases.
Some common side effects include weakness, chills, allergic reactions, nausea, diarrhea, itching, vomiting, injection side reaction, constipation, cough, headache, fever, shortness of breath, fever, dizziness and others.
According to study, “Global Biologics Market Research Report: by Product (Monoclonal Antibody, Interleukins, Vaccines, Growth Factors, Gene Therapy, Others), by Disease Indication (Rheumatoid Arthritis, Psoriasis/Psoriatic Arthritis, Cancer, Diabetes, Others), by Manufacturing (In-house, Sourced), and Region – Forecast to 2023” the key companies operating in the global biologics market are AbbVie, Inc., AstraZeneca, Pfizer Inc., Bayer AG, GlaxoSmithKline Plc., Amgen, Sanofi, Novartis AG, Eli Lilly and Company, F. Hoffman-La Roche AG.
Based on product type, biologics market is segmented into vaccines, gene therapy, interleukins, growth factors and monoclonal antibody. Monoclonal antibody segment includes human, humanized, murine and chimeric. Vaccines segment holds major share in market owing to growth in adoption of vaccines in the treatment of infectious diseases. Monoclonal segment is expected to dominate the market due to its importance in the development of personalized medication during the forecast period. Based on disease indication, market is segmented into psoriasis or psoriatic arthritis, cancer, diabetes, Crohn’s disease, rheumatoid arthritis, ulcerative colitis, ankylosing spondylitis, cardiovascular diseases and juvenile idiopathic arthropathy. In addition, based on manufacturing, market is segmented into sourced and in-house manufacturing.
The biologics market is driven by growth in healthcare expenditure, rise in prevalence of chronic & acute diseases, increase in capital investment from key market players, growth in demand & higher acceptability for innovative therapies, loss of patent exclusivity of the leading biologic drugs, rise in awareness about benefits of biologics in treating conditions, increase in geriatric population and growth in advancements in biologics. However, rise in control and cost for accessing biologics and stringent regulatory process & initial high capital investment may impact the market. Moreover, growth in therapeutical applications and increase in research & development (R&D) activities in the field of pharmaceutical industries are major opportunities for market.
Based on geography, the North-American region holds major share in biologics market owing to growth in competition in the healthcare sector and rise in biotechnology sector in the region. The European and Asian-Pacific regions are predictable to witness higher growth rate due to surge in prevalence of cancer & diabetes and growth in government support over the forecast period. In upcoming years, it is projected that the market will be reached at rapid pace as a result of strong growth prospects of the nascent biotechnology sector and rise in realization of the efficacy of biologics in treating stubborn conditions for instance diabetes, rheumatoid arthritis, and cancer during the forecast period. The global is growing at a CAGR of 6.95% and is anticipated to reach the value of US $285,520.4 million by the end of the forecast period (2018-2023).
For more information on the research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications