The Asia-Pacific Biologics Market size is forecasted to be growing at a steady growth rate during the forecast period.
The market's growth is majorly driven by the factors such as increasing demand for innovative therapies, Y-O-Y rise in the prevalence of chronic diseases in this region, and drastic changes in people's social behavior. An increase in population and changes in social behavior are projected to propel market growth. Moreover, the biopharmaceutical contract manufacturing market is developing majorly due to the accelerating demand for biologics and growing outsourcing by the pharmaceutical companies in developing companies such as China and India in the APAC region. On the other hand, increasing capital investment from critical players and growing population is most likely to propel the market growth. Furthermore, Robust advancements in research and development activities and emerging markets are expected to increase the biologics market growth.
The APAC market is facing some growth challenges. Such as the stringent regulatory process for biologics; moreover, the biologics process requires high capital investments, which cannot be affordable in emerging countries such as India, considered the growth decline factor. The primary concern factors such as biologics drugs are highly complex and require control and maintenance throughout the development and production process; these factors are expected to restrain the market growth. In the biologics process, development and quality control procedures involve colossal capital investment at the initial state process.
Impact of COVID-19 on the APAC Biologics market:
COVID-19 was identified in Wuhan, China. Later it transmitted throughout the world, including the Asia Pacific region. As per reports from January 3, 2020, to March 10, 2022, there have been 102,152 cases confirmed in China. The biologics market growth in Asia Pacifica had been disrupted during the pandemic lockdown, the biologics medical products and manufacturing pharmaceutical drugs had been postponed. The extraction of biologics products has not been performed due to stringent covid-19 guidelines. The supply chain was also disrupted due to the ban on transportation. Later the uplift of lockdown, many biologics safety testing has been performed by the manufacturers to detect virus, Mycoplasma, and bacterial toxins. The market has experienced a specific growth soon after the uplift of lockdown.
This research report on the APAC Biologics Market has been segmented & sub-segmented into the following categories:
By Biologics Manufacturing:
By Disease Category:
Among these countries, China accounted for the majority market share in the APAC region in 2022, and it is estimated to continue the dominating trend during the forecast period. The Chinese biologics market size is expected to grow at a CAGR of 9.5% during the forecast period. The presence of significant biologics teams in China, which consequently produces high demand for biologics, influences the market expansion. As per the World Health Organization, it is estimated that many new cancer cases will be reported during the forecast period.
On the other hand, the Indian biologics market is one of the fastest-growing regions in the APAC biologics market. Increasing consciousness regarding health among the people in this region and rapidly growing population is boosting the biologics market.
The Biologics market in Japan has held the largest market share over the forecast period. Japan is contributing to the Asia Pacific region's growth. Market growth is attributed to ceaseless expansion in the product portfolio with a growing demand for biologics and a rising prevalence of chronic diseases.
The Australian biologics market witnessed significant growth over the forecast period because of incessant investments in biologics and developments in cellular and gene therapies.
New Zealand had moderate growth in the biologics market over the forecast period, and it is expected to increase during the forecast period. The market players in New Zealand are focussing on strategic initiatives to gain significant market growth of biologics.
Companies such as Johnson & Johnson (J&J), F Hoffmann-La Roche, Bristol-Myers Squibb, GlaxoSmithKline, AbbVie, Amgen, Sanofi, Eli Lilly, and Company, Merck & Co., and Pfizer Inc. are playing a dominating role in the APAC Biologics market.
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