LONDON–(BUSINESS WIRE)–The global biologic therapeutics market size is expected to grow by USD 190.94 billion as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. Moreover, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 12%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on “Biologic Therapeutics Market Analysis Report by Product (Antibody therapeutics, Vaccines, Cell therapy, Gene therapy, and Other therapies) and Geography (North America, Europe, Asia, and ROW), and the Segment Forecasts, 2020-2024”.
The market is driven by the strong R&D pipeline. In addition, the introduction of biosimilars is anticipated to boost the growth of the Biologic Therapeutics Market.
The efficiency of biologics in the treatment of severe infections, malignancies, and immunological and hormonal disorders is encouraging manufacturers to invest in R&D for the development of biologics. Monoclonal antibodies constitute one of the fastest growing segments amongst biological therapies. To date, 88 monoclonal antibodies have been approved for different indications. The pipeline of vendors such as AbbVie, Amgen, Johnson & Johnson, and F. Hoffmann-La Roche clearly indicates huge investments in R&D. Apart from manufacturers that are actively involved in research on biologics, many research institutes are also engaged in developing novel biologics through industrial collaborations. Thus, the strong R&D pipeline is expected to drive the biologic therapeutics market growth during the forecast period.
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Major Five Biologic Therapeutics Companies:
AbbVie Inc. operates in only one business segment that focuses on the discovery, development, manufacture, and commercialization of drugs for the treatment of various indications. The company’s key offerings in the market include HUMIRA, CREON, and SURVANTA.
AstraZeneca Plc generates revenue by developing and manufacturing pharmaceutical products. The company offers IMFINZI, which is a human immunoglobulin G1 kappa monoclonal antibody that blocks the interaction of PD-L 1 with the PD-1 and CD80 molecules.
Bristol-Myers Squibb Co.
Bristol-Myers Squibb Co. operates in only one segment. This segment is responsible for the discovery, licensing, manufacture, marketing, distribution, and sales of medicines required to cure serious diseases. The company’s key offerings include OPDIVO and YERVOY.
F. Hoffmann-La Roche Ltd.
F. Hoffmann-La Roche Ltd. has business operations under two segments: pharmaceuticals and diagnostics. The company offers atezolizumab, a monoclonal antibody, sold under the brand name TECENTRIQ for treating various cancers.
GlaxoSmithKline Plc operates its business through three segments: pharmaceuticals, consumer healthcare, and vaccines. The company’s key offerings include NUCALA, BENLYSTA, and BEXXAR.
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Biologic Therapeutics Market Product Outlook (Revenue, USD bn, 2020-2024)
- Antibody therapeutics – size and forecast 2019-2024
- Vaccines – size and forecast 2019-2024
- Cell therapy – size and forecast 2019-2024
- Gene therapy – size and forecast 2019-2024
- Other therapies – size and forecast 2019-2024
Biologic Therapeutics Market Regional Outlook (Revenue, USD bn, 2020-2024)
- North America – size and forecast 2019-2024
- Europe – size and forecast 2019-2024
- Asia – size and forecast 2019-2024
- ROW – size and forecast 2019-2024
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