NEW YORK, Feb. 7, 2024 /PRNewswire/ — The Biologic Therapeutics Market report has been added to Technavio’s offering. The biologic therapeutics market is estimated to grow by USD 286.12 billion during 2022-2027, growing at a CAGR of 11.34%. North America is poised to lead the global biologic therapeutics market, contributing 57% to its growth during the forecast period. Key factors driving North America’s dominance include the presence of major biopharmaceutical companies like AbbVie, Eli Lilly, and Pfizer, offering highly differentiated products. The region’s market growth is further fueled by increasing chronic disease prevalence, though modest growth is expected due to patent expirations of key biologics.
For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) – View a Sample Report
“The introduction of biosimilars is a significant driver of growth in the biological therapeutics market. Biosimilars closely resemble approved biopharmaceuticals, offering increased competition and reduced treatment costs, potentially expanding access to life-saving medicines and lowering overall medical expenses”, says a Senior Automotive Analyst at Technavio.
The biologic therapeutics market report includes information on the product launches, sustainability, and prospects of leading vendors including AbbVie Inc., Amgen Inc., Apogenix AG, AstraZeneca Plc, Aurobindo Pharma Ltd., Baxter International Inc., Biocon Ltd., BioMarin Pharmaceutical Inc., Celltrion Healthcare Co. Ltd., Eli Lilly and Co., GangaGen Biotechnologies Pvt Ltd., GlaxoSmithKline Plc, Johnson and Johnson Services Inc., Merck and Co. Inc., Novartis AG, Pfizer Inc., Precision Biologics Inc., Samsung Electronics Co. Ltd., Sanofi SA, and Tubulis GmbH.
The biologic therapeutics market is fragmented; the vendors are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products –The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now
The strong R&D pipeline is an emerging trend fueling the growth, however, challenges including the high cost of biologics may hamper the growth.
Technavio has identified key trends, drivers, and challenges, which will help clients improve their strategies to stay ahead of their competitors. – View a Sample Report
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.
- By Application, the cancer segment will be significant during the forecast period.
Applications
The biological therapeutics industry encompasses a wide range of biopharmaceuticals and biological drugs, including therapeutic proteins and monoclonal antibodies. This market, driven by innovation in biologics development, features a growing presence of biosimilars, offering alternatives to established biologic medicines. With advancements in biologic therapy and a thriving biopharmaceutical industry, the biologics market continues to expand globally.
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