: Moreover, continuous development in the healthcare sector and technological advancements in biologics are expected to contribute to the growth of the market during the forecast period.
Despite the drivers, factors such as long approval time for biologics and high cost for environmental condition management may hinder the growth of the market during the assessment period.
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Key Players and Competition Analysis
Some of the key players in the global biologics market are Sanofi, Smiths Medical, Eli Lily & Company, Lundbeck, AstraZeneca, Terumo Corporation, Becton, Dickinson, & Company, Amgen, GlaxoSmithKline Biologics S. A., Pfizer Inc., Novartis International AG, Bayer AG, Merck KGaA, Johnson & Johnson Inc., Bristol-Myers Squibb, Biogen Inc., and others.
Segmentation Analysis- The global biologics market is segmented on the basis of type, application, and source.
On the basis of type, the market is classified into vaccines, blood products, proteins, gene therapy, monoclonal antibodies, and others. The global biologics market on the basis of application is segmented into anemia, cancer, diabetes, and others. On the basis of source, the market is segmented as human, animal, and microorganism. Geographically, the market has been segmented into America, Europe, Asia-Pacific, and the Middle East and Africa. The American biologics market is further segmented into North America and South America. North America is further classified as the US and Canada. The European biologics market is segmented into Western Europe and Eastern Europe
Regional Analysis- the Americas is anticipated to dominate the global biologics market. The market growth in this region is attributed to the increasing prevalence of diseases such as cancer and diabetes. For instance, according to the National Cancer Institute in 2016, an estimated 1,685,210 new cases of cancer were diagnosed in the US. Moreover, the increasing healthcare expenditure and governmental support for research and development contribute to the market growth in this region. Americas is followed by Europe in the global biologics market.
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