The global biologics market is expected to display a healthy CAGR of 10.9% between 2016 and 2024. the market is expected to reach a valuation of US$479,752 mn by 2024, says a research report by Transparency Market Research.
Albany, NY -- (SBWIRE) -- 05/15/2017 -- Over the last decade, significant advances in developing treatments for medical conditions that do not respond to traditional chemically synthesized drugs is leading to the development of cutting-edge biological products. Biological Products Market, also known as biologics are derived from a variety of natural sources – microorganism, human, or animal – and may be manufactured by biotechnology and other cutting-edge technologies.
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The global pharmaceutical industry has displayed impressive growth over the last couple of years. The exponential rise in research and developmental activities has led to the development of new product varieties, which, in turn, has led to breakthrough progress in the treatment for chronic and life-threatening diseases. Not only this, large pharmaceuticals companies are expanding their operational set-ups and have funds directed towards the development of newer and more effective drug variants for complex diseases. This includes the development of biologics, wherein a large number of international players are participating in the global biologics market.
The global biologics market is expected to display a healthy CAGR of 10.9% between 2016 and 2024. If the figure holds true, the market is expected to reach a valuation of US$479,752 mn by 2024, says a research report by Transparency Market Research.
Monoclonal Antibodies to Remain Dominant Product Segment in Future
The product type segments of the global biologics market include monoclonal antibodies, recombinant hormones/proteins, gene therapy, vaccines, cell therapy, and other products. Among these, monoclonal antibodies is expected to lead the market in the near future; the segment is expected to expand at a double-digit CAGR of 11.9% between 2016 and 2024 and account for 46% share in the global market by the end of 2024.
The segments of recombinant hormones/proteins and vaccines are also expected to be attractive for manufacturers, although these segmnets will display stationary growth in the near future. Vaccines will exhibit a slight decline in the coming years predominantly due to the low prices of most vaccines and patent expiration of most manufacturers in developed markets. Recombinant hormones/proteins will exhibit a slightly increased market share by 2024 on account of sustainable sales in both developed and emerging markets.
Asia Pacific to Emerge Attractive for Investments in Biologics Market
At present, North America is the largest regional market for biologics holding a massive 40% of the global market. Accounting for a share of more than 40% by 2024, the region is anticipated to contribute the largest revenue to this market.
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The Asia Pacific biologics market is anticipated to display a massive 15.6% CAGR between 2016 and 2024. Thus, the region is expected to supersede Europe and emerge as the second most profitable regional market for biologics by the end of 2024. The presence of a large patient base, availability of raw material at low costs, and low manufacturing costs are encouraging multi-national pharmaceutical companies to expand their production and sales capacities in Asia Pacific. In particular, regulatory reforms in the emerging economies of the region will attract foreign direct investment over the next few years. Hence, the Asia Pacific biologics market is expected to display immense growth over the next couple of years.
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