Rockville , Jan. 16, 2024 (GLOBE NEWSWIRE) -- The global biological drug market is estimated to be valued at US$ 421.68 billion in 2024. The market is projected to grow at a robust CAGR of 10.2% through 2034. The biological drug market is projected to surpass a valuation of US$ 1,111.5 billion by 2034.
The number of people plagued by chronic diseases around the world is increasing. Diseases like cancer, autoimmune problems, and blood disorders are increasing in prevalence and biological drugs are sought to handle them. Thus, biological drugs have managed to make a space for themselves independent of synthetic drugs.
Get Free Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=9289
The development of new biological drugs and treatments requires substantial investment. Companies in the market are thus on the lookout for funding to aid research and development. The public source of investment is turning out to be a significant avenue for the market players as governments look to improve the health facilities in their countries. Private sector funding is also being acquired through partnerships, mergers, and other collaborative strategies.
The geriatric population represents a significant consumer base for the biological drug market. As the population around the world rapidly ages, the incidence of chronic diseases is rising, thus necessitating the use of biological drugs. Animals represent another consumer base for the market, as biological drugs are also used to treat them.
| Report Attribute | Details |
| Value Projection (2034) | US$ 1,111.5 billion |
| Growth Rate (2024-2034) | 10.2% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 32 Tables |
| No. of Figures | 160 Figures |
“The market expansion scope of biological drugs is often at the mercy of new products getting approvals from regulatory bodies. The landscape for getting approvals from regulatory bodies is encouraging, and countries around the world have passed laws that make the approval process clear. Thus, companies in the market can capitalize on the opportunities present in the market by launching new drugs." says a Fact.MR analyst.
Key Companies Profiled in This Report
- Merck & Co., Inc.
- Abbott Laboratories
- Eli Lilly and Company
- Baxter International Inc.
- Novartis AG
- Pfizer Inc.
- Biogen Idec
- Bristol-Myers Squibb Company
- Amgen Inc.
- GlaxoSmithKline plc.
Key Takeaways from the Market Study
- The global biological drug market is projected to expand at a CAGR of 10.2% through 2034.
- The East Asia biological drug market is expected to grow at a CAGR of 10.4% through the period from 2024 to 2034.
- The China biological drug industry is expected to register a CAGR of 12.0% over the forecast period.
- The biological drug industry in South Korea is expected to rise at a CAGR of 9.8% through 2034.
- Based on the drug type, therapeutic biological drugs lead the market, with an expected market share of 48.9% in 2024.
Companies Looking for Investments Can Take Advantage of Opportunities in the Market
The nature of the biological drug market is competitive. Small-scale companies and start-ups are able to tussle with multinational companies through public and private backing. Some of the prominent companies in the market are Merck & Co., Inc., Abbott Laboratories, Eli Lilly and Company, and Baxter International Inc.
Some of the recent developments in the market are:
- In September 2023, Samsung Biologics formed a partnership with South Korean firm AimedBio through investment.
- In July 2023, Lotte Biologics established an agreement with KANAPH Therapeutics to develop an Antibody-Drug Conjugate (ADC) technology platform.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=9289
Country-wise Insights
A large share of the market is accounted for by North America, where customers are less likely to be reluctant to seek out biological medications due to the region's wealth. North America's market is expected to be worth US$ 199.06 billion in 2024, representing a 47.2% market share. From 2024 to 2034, the market is anticipated to grow in North America at a robust CAGR of 9.7%. By 2034, the market value is anticipated to reach US$ 503.20 billion, with a 45.3% market share.
One of the market's most lucrative regions is predicted to be East Asia. The East Asian market is expected to grow because to government support and the region's thriving pharmaceutical sector. East Asia's market is expected to be valued US$ 26.04 billion in 2024, with a 6.5% market share. Nonetheless, during the course of the projection period, East Asia is anticipated to become more significant in the market, with demand growing at an astounding CAGR of 10.4%. The East Asia market is expected to be valued US$ 69.88 billion by 2034.
Explore More Related Studies Published by Fact.MR Research:
Cancer Biomarkers Market: The market for cancer biomarkers is likely to be valued at US$ 34 Billion By 2032.
Peptide-based Cancer Therapeutics Market: Worldwide demand for peptide-based cancer therapeutics is forecasted to reach US$ 21.4 billion by 2033.
Cancer Immunotherapy Market: The cancer immunotherapy market is expected to reach nearly US$ 310 Bn by 2031.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
