Biologics Market: Surging with 10.40% CAGR Amid Fewer Chronic Cases | SkyQuest Technology
WESTFORD, Mass., July 18, 2024 /PRNewswire/ -- According to SkyQuest, the global Biologics Market size was valued at USD 462 Billion in 2022 and is poised to grow from USD 510.05 Billion in 2023 to USD 1125.55 Billion by 2031, at a CAGR of 10.40% during the forecast period (2024-2031).
Biomedicine has revolutionized treatment, offering targeted and personalized approaches to patients. It is widely used in treating chronic diseases like cancer, immune system and infectious diseases. The market aims to develop and distribute biopharmaceuticals that improve disease control and improve quality of life. The growth factors of the biologics market are the increasing prevalence of chronic diseases across the globe. The increasing incidence of diseases such as cancer, diabetes and arthritis has increased the demand for biopharmaceuticals.
The global biologics market plays an important role in the development of new therapies for various diseases. It aims to improve patient outcomes and improve quality of life. While there are driving forces such as the increasing incidence of chronic diseases and advances in biotechnology, there are also inhibiting factors such as high costs and product development though.
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Biologics Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
USD 510.05 Billion |
Estimated Value by 2031 |
USD 1125.55 Billion |
Growth Rate |
Poised to grow at a CAGR of 10.40% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Product, Source, Application, Disease, Manufacturing and Region |
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
Rising Focus on Personalized Medicine |
Key Market Drivers |
Increasing Prevalence of Cancer |
Segments covered in Biologics Market are as follows:
- Product
- Monoclonal Antibodies, Vaccines, Recombinant Growth Factors, Recombinant Proteins, Recombinant Hormones, Recombinant Enzymes, Synthetic Immunomodulators, Antisense & RNAi, Therapeutics, and Other
- Source
- Microbial, Mammalian, and Others
- Application
- Diagnostic, Therapeutic, Protein Purification, and Others
- Disease
- Oncology, Cardiovascular, Immunological Diseases, Infectious Diseases, Metabolic Diseases, Hematological diseases, Others
- Manufacturing
- Outsourced, and In-house
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Microbial Segment: Dominating the Biologics Industry Due to Extensive Use of Microbial Expression Models
By 2023, the microbial segment will hold the largest market share of 58.23% in the biologics market. Most of the approved drugs available today are developed using the microbial expression models. Key factors such as hematopoietic growth factor, recombinant insulin, granulocyte-macrophage colony-stimulating factor, and recombinant interferon are produced through microbial expression systems.
The mammalian expression systems segment is expected to show significant growth during the forecast period. These expression systems are mainly used for the development of the recombinant proteins and vector-based vaccines.
In-House Segment Dominating the Biologics Market Due to Enabling Daily Monitoring
By 2023, the in-house segment dominated the biologics market with a share of 84.87%. Compared to small molecules, biopharmaceuticals are more complex, involving the use of live microbial cultures and compliance with stringent regulations. For in-house production they gain the advantage of direct monitoring, allowing for better daily monitoring of biopharmaceuticals.
The outsourcing segment is estimated to grow at a compound annual growth rate (CAGR) of 10.7% during the forecast period. Contract development organizations (CDMOs) such as WuXi Biologics, Lonza, Samsung Biologics have established state-of-the-art biological production centers. These CDMOs provide companies with access to manufacturing experts, ensuring success in underwater systems and using new technologies. The center will provide an end-to-end bioscience development strategy including product development, quality control and manufacturing.
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Biologics Market: Transforming the Landscape of Modern Medicine
With the promise of advanced treatment and personalized medicine, the market is set to revolutionize medicine. Vendors invest heavily in R&D to develop the new generics and biosimilars and ensure sustainable treatment innovations. Strategic partnerships, mergers and acquisitions are further strengthening the market, increasing the reach and capacity of these life-changing therapies.
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