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Global Biologics Market Size, Share, Trends, COVID-19 Impact and Growth Analysis Report – Segmented By Source, Product, Biologics Manufacturing Type, Disease Category and Region (North America, Europe, Asia Pacific, Latin America, The Middle East and Africa) – Industry Forecast (2021 to 2026)
As per the research report published by Market Data Forecast, the global biologics market size is forecasted to hike at a CAGR of 8.1% from 2021 to 2026.
The biological drug is a product that consists of living organisms or includes things of living organisms. Biologic drugs include a wide variety of products derived from humans, animals, or microorganisms through biotechnology. For example, vaccines, blood, blood products, cells, allergens, chromosomes, tissues, and recombinant proteins include biologic medicines. Biologics is not new; human growth hormone, insulin, and red blood cell stimulating agents developed decades ago, but the targets have increased exponentially with new genetic information. Biologic medicines are used to treat many disorders and diseases and are the most advanced therapies available.
Impact of COVID-19 on the global biologics market:
The novel Coronavirus Disease 2019 (COVID-19) has been spreading for more than 5 months since the World Health Organization declared a Pandemic of COVID-19 in March 2020. As the possibility of prolonged spread without sudden termination of this scenario increases, in the dermatological region, the risk of infection in patients treated with biologics becomes crucial. The COVID-19 pandemic was particularly challenging for patients with rheumatic diseases because both immune-mediated diseases and their treatment could adversely affect the susceptibility or severity of a viral infection. A recent study in 86 patients with COVID-19 infection and a history of the immune-mediated disease in New York City showed that methotrexate, oral glucocorticoids, or hydroxychloroquine increased the risk of hospitalization. Health care also provides chronic diseases for patients and elderly patients on the Internet through telehealth or phone calls. It is virtually expected to boost the growth of the biologics market in the forecast period. Online delivery of biologic drugs to the end-user market and the supply chain. It has both positive and negative impacts on the biologics market.
KEY DRIVING FACTORS:
The market for biologics is mainly driven by an increase in the burden of chronic diseases, a loss of patent exclusivity for leading biologic drugs, an increase in demand and acceptability for innovative therapies, and a cost of capital investment from key market players. In addition, increased demand for biologics is also proving to be effective in treating rheumatoid arthritis and Crohn's disease, further boosting the market.
Available biologics have revolutionized cancer treatment. Cancer is the second leading cause of death worldwide and is responsible for an estimated 9.6 million deaths in 2018. Around one in six deaths were due to cancer globally. The prevalence ranges from 0.3% to 1% and is more common in women and developing countries. In developing countries, at least 50 percent of patients cannot hold a full-time position within 10 years of onset. An estimated 1.3% of US adults (3 million) reported being diagnosed with IBD (either Crohn's disease or ulcerative colitis) in 2015. This has been a large increase since 1999 (0.9% or 2 million adults).
The growing usage of biological drugs to treat Crohn's disease, ulcerative colitis, rheumatoid arthritis, and other autoimmune diseases is accelerating the growth rate of the global biologics market. Furthermore, the global biologics market growth is driven by increased funding, technological advances, increased access to healthcare, robust research and development activities for oral biologics, and a leaning towards injection pills.
Biological medications used to treat rheumatoid arthritis, psoriasis, and other associated immune disorders weaken the immune system and raise the risk of infection. In addition, mid-to-low-income countries such as India, Indonesia, Bangladesh, Mexico, Brazil, and some European countries have inadequate biologics due to high costs. Therefore, a lack of refunds for biologics is expected. Lower availability and affordability of biologics are expected to hamper the growth rate of the global biologics market during the forecast period.
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KEY MARKET INSIGHTS:
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