Over the past couple of years, research on various types of sophisticated drugs is being carried out for the treatment of a variety of diseases and biologics is one of them. Biologics are primarily used for diagnosing, treating and curing both chronic and acute illnesses, such as autoimmune disease, infectious diseases, and cancer, among others. They are defined as a set of molecules that are extracted from living cells. Biologics compose of protein, nucleic acid, and sugar. Moreover, biologic products majorly constitute of vaccines, blood and its components, allergens, cytokines, recombinant DNA proteins, gene therapy tissues, small interfering RNA, and somatic cells. Although, the procedure of manufacturing biologics is a highly complex and delicate, therefore extreme care should be administered while handling them. Despite the complex procedure of manufacturing the biologics drug, several companies from the healthcare industry are operating neck-to-neck to become the early entrants in the biologics drug development market. The area of focus for these companies is extensive research and development programs, which can help develop best-in-class therapies for the novel patient experience.
According to a market intelligence report titled, ‘Global Biologics Drug Development Market – Analysis and Forecast, 2018 – 2027’, the biologics drug development market is expected to reach $8.46 billion by 2027, growing at a CAGR of 11.68%, during the forecast period of 2018 to 2027. The demand for biologics products has been gaining preference over other types of drugs due to the growing incidence of health disorders, higher approval rate of biologics to, dominance of biologics over small molecule therapies, more robust biologics pipeline, increase in research and development expenses, and increasing number of collaborations and partnerships in the market. The aforementioned factors are responsible for increasing the demand for biologics in the future. On the other hand, there are certain challenges that are likely to impede the growth of the market, which includes stringent regulatory requirements, the cost involved in their research and development, the immunogenicity of biologics, safety issues in nonclinical studies, and the complex structure and manufacturing process of biologics.
With the advent of more and more advancements in the field of genetics, study of cell processes, other functions related to diagnosis and treatment of acute and chronic ailments, new avenues for a variety of biologics drugs have been identified. Some of the diseases for which biologics can be used are neurodegenerative diseases, hemophilia, and cystic fibrosis, among others. Also, as per the records of the global biologics market, it has been revealed that the number of FDA approvals for the biological drugs are increasing year-on-year. Further, as per the report published by BIS Research on biologics drug development market the region of North America was the leading contributor of the market in the year 2017, with a total market share of 50.20%. The market of North America is expected to grow at a CAGR of 10.75% during the forecast period from 2017 to 2027. Factors that are favorable to the growth of this market in the region of North America are presence of a large number of pharmaceutical companies, the huge amount of investments being carried out for research and development in the region, and favorable regulatory policies, among others.