The size of the European biologics market is forecasted to witness a healthy CAGR during the forecast period.
Biologics, which are used to treat various illnesses and ailments such as anemia, cancer, and autoimmune diseases, is expected to drive the growth of the Europe biologics market. In addition, the market is predicted to develop due to rising demand for innovative therapies, an increase in the prevalence of chronic diseases in this region year on year, and significant changes in people’s social behavior. On the other hand, a greater awareness of disease’s genetic and molecular origins has paved the path for developing several personalized treatments. For example, recombinant proteins help the immune system recognize and bind foreign substances.
Furthermore, rising capital expenditure from key competitors and an expanding population are expected to boost the market expansion. Moreover, the European biologics market is predicted to grow due to strong development efforts and growing markets. Gene-based and cellular biologics, which are utilized to treat various medical conditions, including uncommon disorders, are heavily used in biomedical science. Biologic medications are usually injected into the patient’s body due to their large molecule scale and delicate molecular composition. Therefore, population growth and changes in social behavior are predicted to drive market expansion. In addition, the increased demand for biologics and increasing outstanding by pharmaceutical companies in industrialized countries are driving the Europe biologics market.
Regulatory pricing pressures and a lack of biosimilar expertise among primary care physicians and specialists were two problems that inhibited expansion in the past. In addition, the lack of biologics in low-income nations is projected to restrict industry expansion. On the other hand, the European biologics market is hampered by high costs and a lack of reimbursement.
Impact of COVID-19 on the European Biologics Market:
During the pandemic lockdown, the Europe biologics market was disrupted, and biologics consumer devices and prescription drug production were delayed. Due to the strict COVID-19 rules, no biologics drugs have been extracted during the first quarter of 2020. The rising COVID-19 burden has generated an enormous demand for biologics during the pandemic, propelling the market further. Thus, the COVID-19 pandemic has positively impacted the European biologics market during the pandemic period.
The manufacturers have performed biologics safety testing to detect viruses, Mycoplasma, and bacterial toxins. As a result, the market has experienced specific growth. According to World Health Organization (WHO), by 2020, chronic diseases would develop cardiovascular disease (CVD) cause 3.9 million deaths in Europe Cancer, autoimmune diseases, and over 1.8 million deaths in the EU overall Europe biologics market.
For example, the National Research Council of Canada and CanSino Biologics, based in China, partnered in May 2020 on the clinical production of a COVID-19 vaccine in Canada. In addition, Ad5-nCoV is an adenovirus Type 5 vector-based vaccine currently in Phase II production in Wuhan, China. As a result, comprehensive research and development activities on biologics for the treatment of COVID-19 are expected to fuel the expansion of Europe biologics market.
This research report on the European Biologics Market has been segmented & sub-segmented into the following categories:
By Source:
By Product:
By Biologics Manufacturing:
By Disease Category:
By Country:
Geographically, the European biologics market is expected to rise at a rapid pace during the forecast period. The market growth of the European market is aided by the rising frequency of chronic diseases, continued research and development, and ongoing investment in biologics. In addition, the European population is growing older, with one-fifth of the population over the age of 65. Therefore, the market continued expansion of its product variety and the rising demand for biologics across Europe are credited with the increase. Furthermore, the biopharmaceutical contract manufacturing market is rising due to increased outsourcing by pharmaceutical companies in countries such as Germany, the United Kingdom, and France in the European region.
The German biologics market is expected to have the largest share in the European market during the forecast period. In the country, there has been a significant increase in the burden of lifestyle diseases. In Germany, diabetes, infectious diseases, oncology, and other diseases are rising, which is projected to fuel market growth in the coming years.
The United Kingdom biologics market is predicted to be another profitable regional market in Europe, with a solid growth rate over the projection period. Furthermore, the United Kingdom is anticipated to maintain its leadership position in the Europe biologics market over the forecast period, owing to increased biologics medicine approvals by regulatory bodies.
KEY MARKET PLAYERS:
A few notable companies operating in the European biologics market analyzed in this report are Johnson & Johnson (J&J), F Hoffmann-La Roche, Bristol-Myers Squibb, GlaxoSmithKline, AbbVie, Amgen, Sanofi, Eli Lilly and Company, Merck & Co., and Pfizer Inc
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