Biologics are drugs derived from living organisms or comprised of components of a living organism. It is available in the form of genetically engineered proteins. These drugs help in the treatment of chronic diseases, including cancer, neurology, and cardiovascular disorders.
According to MarkNtel Advisors’ research report, “Global Biologics Market Analysis, 2021,” the market is likely to grow at a CAGR of around 9% during 2021-26. The growth of the Biologics market is associated with several factors, such as the surging expenditures in healthcare, a hike in the sedentary lifestyles of individuals, and the rising number of chronic disease patients. Other factors driving the demand for biologics in the market include monoclonal antibodies for disease treatment and innovation & advancement in the healthcare & biotechnology sectors. Moreover, regulatory approval from the governments in different countries is also contributing to the growth of the Biologics market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, The UK, France, Spain, Italy|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil, and Argentina|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Abbive Inc., Amgen Inc., F. Hoffman La Roche, Samsung Electronics, Merck & Co., AstraZeneca Plc, Bristol-Myers Squibb, Novartis, Pfizer, Sanofi|
|Unit Denominations||USD Million/Billion|
COVID-19 Pandemic Positively Impacted the Market Growth
The impact of COVID-19 has been leading to numerous research initiatives in biologics to find a suitable cure. Due to the pandemic, the global investments in biologics increased due to continuous demand for producing small molecule drugs. Thus, with the increasing number of COVID-19 cases, the need for biologics increased significantly. All the postponed treatments and consultations resumed in the last few months of 2020, which has resulted in aiding the number of treatment procedures using biologics. Hence, the Global Biologics Market is very likely to witness a significant surge in its growth rate in the forthcoming timeframe.