MRFR is the Leading Brand in The Research Company who Recently Published Biologic Therapy Market Research Reports which includes Study of growth, Regional Analysis, Top Industry Players Formation, Major Drivers, Upcoming Trends and Forecast to 2023.
Biologic therapy is a treatment that uses products made from living organisms to treat diseases. Some of the biologic therapies stimulate or suppress the immune system to help the body fight chronic diseases such as cancer, infection, and certain other diseases.
The Biologic Therapy Market is majorly driven by the increasing rate of patient population, growing prevalence of several cancers, and the increasing demand for biological and targeted drug therapies. Additionally, advancement in technologies for the treatment of chronic diseases and heavy research and development in the biologic therapy industry are likely to enhance the global biologic therapy market.
Factors that are likely to hamper the growth of the market are adverse effects of drug therapy, stringent government regulations, and the high cost of drug development.
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GlaxoSmithKline Plc., Bristol-Myers Squibb, Celgene Corporation, Amgen Inc., Novartis International AG, Eli Lilly, Spectrum Pharmaceuticals, Inc., Seattle Genetics, Inc., etc.
The Global Biologic Therapy Market is segmented on the basis of product type, therapy, application, and end-user.
On the basis of product type, the market is segmented into kits and reagents, services, and instruments.
On the basis of therapy, the market is segmented into protein therapy, vaccines therapy, cell therapy, and others.
On the basis of application, the market is segmented into vaccine and therapeutics development, blood and blood-related products testing, cellular and gene therapy, tissue and tissue-related products testing, and stem cell research.
On the basis of end-user, the market is segmented into specialty centers, research centers, and hospitals and clinics.
The North American biologic therapy market is a growing market in the Americas region. On a regional basis, the Americas region is segmented into North America and South America. North America is segmented into the U.S. and Canada. Increasing aging population leading to rising in patient population and rising prevalence of cancer are likely to enhance the growth of the biologic therapy market in the North American region. Additionally, heavy research and development in the biologic therapy sector, increasing number of health insurance coverage for serious diseases, growth in companies offering technologically advanced products to the customers, and growing government initiative are pushing the growth of the market. For instance, according to the United States Census Bureau, around 49.2 million adults aged 65 and above were present in the U.S. as of 2016. Similarly, according to the Center for Disease Control and Prevention, in 2015, around USD 3.2 trillion were spend in healthcare expenditure in the U.S. Similarly, the increasing expenditure by the government for research and development is likely to propel the growth of the market. For instance, NIH received USD 1 Billion, in the year 2015 for life science and health-related research and development programs.
Europe is the second largest market and holds a noticeable share in the global biologic therapy market. The European market is expected to grow during the forecast period owing to the availability of innovative and advanced treatment facilities and rising skilled medical professionals. Furthermore, growing older population, giving rise to patient population is likely to enhance the growth of the market. For instance, Eurostat estimated that over 19.2% of the population in Europe was aged 65 and above. This rising older population is likely to lead to an increase in patient population.
Asia Pacific is expected to be the fastest growing market due to the increasing prevalence of cancer and other lifestyle-induced disorders. China is the fastest growing region owing to its large older population and increasing patient population. Rising awareness about the health and availability of new treatment methods drive the market in this region. Rising healthcare expenditure, growing standard of living, and the overall growth of the healthcare industry also drive the market.
The Middle East and Africa is expected to show the least growth in the market due to some major factors such as lack of awareness and limited access and affordability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market owing to the development of healthcare infrastructure and rising skilled medical professionals.
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