The global biologics market has been
displaying an aggressive competition divided among a handful of household
organizations and a decent count of world’s best pharmaceutical companies. You
could see such players competing among themselves to win an offer in this
highly productive market. Transparency Market Research (TMR) has foreseen top
players to upgrade their product portfolios with the help of bargains and
co-improvement exercises as they get involved in strategic mergers and
acquisitions. Players have also been observed to grow their assembling units
and services across the globe. Biologics has witnessed billions of dollars put
in by pharmaceutical behemoths such as AstraZenca, Novartis, and Eli Lilly and
Co.
If the expected CAGR of
10.9% holds true for the global biologics market between 2016 and 2024, the
revenue valuation could ascend to a US$479.7 bn by the end of the forecast
tenure, as per a TMR report. In 2017, the market had paraded a valuation of
US$231.2 bn. By product, the segment of monoclonal antibodies has been envisaged
to rank higher while growing at an 11.9% CAGR. By 2024, North America could bag
a share of more than 40.0% of the market.
Biologics
Specificity Attracts Investment from Large Pharmaceutical Giants
Analysts authoring the
report have foretold the world biologics market to find greener pastures
created with constant efforts and collective investments directed toward the
development of biologics with specific applications. An over US$1.5 bn have
been invested by top 10 pharmaceutical giants in the past five years, which has
translated into capacity expansion and focused research and development. Drug
companies have been earning strong profits through premium prices increasing
their profit margins somewhere between 20.0% and 40.0%. Factors such as product
approvals and the ability of biologics to successfully treat significantly
complex diseases, which was close to impossible earlier, have been key for
market growth.
Pharmaceutical firms
patenting biologics products have been anticipated to make healthy gains in the
coming years. With the robust growth in the biopharmaceutical industry, an over
13% of biomolecules that enter phase I of clinical trials have been expected to
be likely approved as a drug. Increasing annual product approvals and strong
biologics pipeline has been an indication of a robust development of the world
biologics market.
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Expensive Initial
Capital Investment and Stringent Approval Process Deter Growth
Compared to conventional
drugs, biologics have had a higher success rate in terms of approval. However,
high capital investment required for research and development could hamper the
demand in the international biologics market. Only biopharmaceutical firms have
been observed to enter the market due to costly initial setup. A success
product launch primarily requires an over US$1.0 bn investment and takes
approximately 9 years. Moreover, the regulatory approval of biologics is quite
detailed since the molecules are complex.
On the other hand, the
approval process of substitutes such as biosimilars has been made easily
accessible by regulatory agencies. Furthermore, biosimilars offer cost savings
while being priced at a 30.0% to 40.0% lesser cost than the original products.
Taking advantage of patented timeframes, biologics manufacturers usually sell
their products at high prices, which most of the patient population may not be
able to afford. During such a time, manufacturers could face some competition
due to the lower cost of generics.
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Nevertheless, the report
has shed light on key trends and opportunities that have been predicted to help
gain profit in the near future. For instance, establishing integrated
facilities in high potential markets, the presence of contract manufacturing
organizations (CMOs), and the use of biologics as a preventive medicine could
help players to sustain their growth in the market.
The information presented
in this review is based on a TMR report, titled “Biologics Market (Product -
Monoclonal Antibodies, Vaccines, Cell Therapy, Recombinant Hormones/Proteins,
and Gene Therapy; Application - Infectious Diseases, Oncology, Immunology, and
Autoimmune Diseases) - Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast 2016 - 2024.”
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