Albany, New York, March 1, 2017: Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Biologics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.” According to the report published by Transparency Market Research (TMR), the market is projected to expand at an impressive CAGR of 10.9% during the period between 2016 and 2024 and attain a value of US$479.7 bn by 2024.
Expanding Scope of Therapeutic Biologics Applications and Increased Competitive make Asia Pacific Lucrative Avenue
Based on geography, other key regions in the global biologics market are Europe, Latin America, Asia-Pacific, and Middle East and Africa. Currently, North America is the leading regional market and estimated to contribute a revenue of over 40% in the global market by the end of 2024. However, owing to the presence of a wide patient base and low cost of drug manufacturing compared to other regions, there have been considerable investment in biologics development tipping the scales in favor of Asia Pacific. The region is expected to replace Europe as the second most attractive region for the growth of the biologics market. Asia Pacific is expected to rise at a significant CAGR of 15.6% from 2016 to 2024. The regional growth is driven by favorable regulatory changes in biologics approval and the influx of foreign investments in the development of large molecule drugs.
Promises of Profitable Returns through Higher Prices to Propel Investments in Biologics Development
Over the past few years, the pharmaceutical industry has witnessed several companies making substantial investment toward R&D activities, innovative formulations for drug making, novel therapies, and clinical trials focused on drug discovery. The vast potential of biologics to treat a range of chronic and rare diseases has motivated leading drug makers to invest in developing large complex molecules. This has led to innovations in biologics thereby increasing the drug development costs. Drug makers demand premium pricing for these biologics-usually at a significant profit margin of 20–40%-for biologics that can treat rare diseases. The promise of high returns has spurred considerable investments by pharmaceutical companies.
Furthermore, the speedy approval of biologics by the FDA has smoothened and expedited the launch of biologic drugs in the market, and hence has offset some of their development costs. As a result, investments by private players has soared in major regions such as North America and Asia Pacific.
Monoclonal Antibodies to Remain Most Profitable Product Variety
On the basis of product types, the market is majorly segmented into monoclonal antibodies, cell therapy, vaccines, recombinant hormones/vaccines, and gene therapy. Amongst these, monoclonal antibodies is expected to dominate the market along the forecast period. The growth is propelled by increasing demand for personalized medicine and researches in therapeutic antibodies to provide targeted therapies for various diseases, particularly cancers, infections, and immunological disorders.
Browse Full Global Biologics Market Report with TOC:https://www.mrrse.com/global-biologics-market
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