North America dominate the biological market during the forecasting period. This is attributed to the presence of major companies in this region and high investments in research and development by these companies. For instance, in 2021, Roche a healthcare company invested 14.8 billion sans franc in research and development. Additionally, the new product approval by the regulatory authority is augmenting the market growth in this region.
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For instance, FDA Centre for Biological Evaluation and Research (CBER) approved biological license applications (BLA) for 8 new products, followed by BLA for 10 new products in 2021. Additionally, the growing prevalence of diabetes coupled with in increased spending expenditure on diabetes in this region is fueling the segment growth in this region. For instance, according to the diabetes atlas 2021 report, around 51 million adults living in the United States are suffering from diabetes, this no. is expected to reach 57 million by 2030 and 63 million by 2045. Furthermore, as per the above-mentioned source around USD 415 billion were spent on diabetes. Thus, the above-mentioned factors are anticipated to fuel the market growth during the forecasting period.
Biologics Revenue (2020-2028)- USD Mn
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Based on product type, the market is segmented into monoclonal antibodies, interleukins, growth factors and gene therapy. The monoclonal antibodies are expected to witness significant growth during the forecast period owing to their application in the treatment and management of chronic diseases such as cancer, psoriasis, Crohn’s diseases, diabetes, cancer and many more. These act by attacking the target cell, inducing conformational changes in receptors without causing harm to the healthy cells.
Based on application, the market is segmented into diabetes, cancer, autoimmune, and tumor. The segment is expected to witness significant market growth during the forecast period. The ongoing research & development project in the field of cancer such as gene therapies and anti-sera therapies is anticipated to fuel the market growth. Furthermore, the increasing adoption of biologics for cancer treatment owing to its ability of the biologics to enhance the support of the immune system in the detection of tumor cells, and fight cancer by turning off its signals. Thus, preventing the suppression of the immune system.
Global Biologics Market Segmentation
Market Insight, by Product
o Vaccine
o Monoclonal Antibody
o Interleukins
o Growth Factor
o Gene Therapy
Market Insights, by Application
o Diabetes
o Cancer
o Autoimmune
o Tumor
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o UK
o Germany
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o Japan
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
· Amgen Inc.
· Eli Lilly and Company
· GSK plc.
· AbbVie Inc.
· F. Hoffmann-La Roche Ltd
· Sanofi
· Pfizer Inc.
· Novartis Pharmaceuticals Corporation
· Johnson & Johnson Services, Inc.
· Merck & Co., Inc.
