The global biologics market is segmented on the basis of product type into monoclonal antibodies, vaccines, recombinant hormones/vaccines, cell therapy, gene therapy and other products.
Albany, NY -- (SBWIRE) -- 02/27/2017 -- Global Biologics Market: Snapshot
The global pharmaceutical industry has charted growth at an impressive rate in the past few years owing to a vast increase in research and developmental activities, development and launch of new product varieties, breakthrough progress in treatment options for chronic and rare diseases. A significant rise in big pharmaceutical companies' operational setups and funds directed towards novel and more effective drug varieties for complex diseases has also been observed across the globe in the past few years. The scenario has led to an increased focus on the development of biologics and a large number of international players are venturing into the global biologics market.
Transparency Market Research estimates that the market will tread along a healthy growth path in the next few years. The market is anticipated to exhibit a CAGR of about 10.9% over the period between 2016 and 2024. If the number holds true, the market is expected to rise to a valuation of US$479, 752 mn by 2024.
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Monoclonal Antibodies to Remain Most Profitable Product Variety
The global biologics market is segmented on the basis of product type into monoclonal antibodies, vaccines, recombinant hormones/vaccines, cell therapy, gene therapy and other products. Monoclonal antibodies segment is anticipated to dominate the market throughout the forecast period; the segment is expected to stand for an annual share of 46% by 2024 and expand at a favorable 11.9% CAGR over the period between 2016 and 2024.
The segments of vaccines and recombinant hormones/proteins are also expected to attractive for manufacturers, although growth of these segments will be relatively stationary over the forecast period. The segment of vaccines will exhibit a slight decline by 2024, chiefly owing to the lower pricing of most vaccines and many key contenders on the verge of going off patent in the developed market. The segment of recombinant hormones/proteins will witness a slight rise in its share in the global market by 2024 owing to sustainable sales in developed and emerging markets.
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Vast Growth Opportunities in Asia Pacific to Bring in More Investment
Geographically, the global biologics market is segmented into North America, Europe, Latin America, Asia-Pacific, and Middle East and Africa. North America is presently the dominant regional market, holding a share of over 40% in the global market. The region is expected to continue its dominance in terms of revenue contribution to the global market, expected to account for over 40% by 2024 as well.
However, the biologics market in Asia Pacific is expected to emerge as the most attractive regional market, exhibiting a massive 15.6% CAGR from 2016 through 2024. By the end of the forecast period, the region is expected to replace Europe and become the second most profitable region for biologics.
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Owing to the presence of an enormous patient-base and low costs of raw material and manufacturing, an increased number of multi-national pharmaceutical companies are expanding their manufacturing and sales capacities in Asia Pacific. Changes in the regulatory scenario in Asia Pacific are also expected to attract many foreign investors in the Asian markets in the next few years. As a result, the biologics market in Asia Pacific is expected to witness highly positive growth in the next few years.
The highly fragmented global market for biologics features the presence of a large number of international pharmaceutical companies and many domestic players. Some of the key vendors in the market are AstraZeneca, AbbVie Inc., Amgen Inc, Bayer AG, F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Johnson & Johnson Services, Inc., GlaxoSmithKline Plc., Merck & Co., Inc., Pfizer Inc., Novartis AG, and Sanofi.
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