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 conditions, including anemia, cancers, and autoimmune diseases, are expected to fuel the European biologics market growth. Also, 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 are expected to drive the market growth. Furthermore, a better understanding of the genetic and molecular origin of disease has paved the way for advancing a variety of tailored therapies. Recombinant proteins, for example, assist the immune system in identifying and binding foreign molecules.
Besides, 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. Biomedical science relies heavily on gene-based and cellular biologics, which are used to treat various medical conditions, including rare diseases. Because of their massive molecular scale and delicate molecular composition, biologic drugs are normally injected into the patient's body. Market growth is expected to be fueled by population growth and improvements in social behavior. The biopharmaceutical contract manufacturing market is developing majorly due to the accelerating demand for biologics and growing outsourcing by the pharmaceutical companies in developed countries such as Germany, UK, and France in the European region.
Pricing pressures from regulators and a lack of knowledge about biosimilars among primary care physicians and specialists were two factors that hampered growth in the past. Also, the lower availability of biologics in lower-income countries is expected to hamper the market growth. On the other hand, high cost and lack of reimbursement for biologics impede the Biologics market in Europe.
Impact of COVID-19 on the European Biologics Market:
During the pandemic lockdown, the biologics market in Europe 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 a huge demand for biologics during the pandemic, propelling the market further. The COVID-19 pandemic has created a positive impact on the European biologics market during the pandemic period.
The manufacturers have performed biologics safety testing to detect viruses, Mycoplasma, and bacterial toxins. 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 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. 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 biologics market's expansion.
This research report on the European Biologics Market has been segmented & sub-segmented into the following categories:
By Biologics Manufacturing:
By Disease Category:
Geographically, the European biologics market is projected to witness significant growth heights during the forecast period. The growth is attributed to the market's continuing expansion of its product range and the growing market for biologics around Europe. The growing prevalence of chronic diseases, continuing research and development, and ongoing investment in biologics all add to the market's overall growth. The European population is aging, with one-fifth of the overall EU population over the age of 65.
The German biologics market is forecasted to account leading share in the European market during the forecast period. A major rise in the burden of lifestyle diseases has occurred in the country. Diabetes, infectious disorders, oncology, and other diseases have been on the rise in Germany, and this is expected to fuel market development in the coming years.
The UK biologics market is expected to be another lucrative regional market in the European region and expected to have a healthy growth rate during the forecast period. Due to the increasing number of biologics medication approvals by regulatory authorities, the UK is expected to maintain a leading place in the global biologics market over the projected period.
KEY MARKET PLAYERS:
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.