The global biologic therapy market is presumed to expand at 6.1 % CAGR during the forecast period (2017-2023) owing to the increasing patient population, asserts Market Research Future (MRFR). Biologic therapy is a treatment which uses products made from living organisms in order to treat diseases. Biologic therapies suppress or stimulate the immune system of the body, thereby helping it to fight against chronic diseases like infection and cancer.
Drivers and Constraints Impacting the Market
With the increasing patient population, growing demand for targeted and biological drug therapies, and prevalence of several types of cancers are estimated to drive the global market for biologic therapy during the forecast period. Besides, technological advancements for treating chronic diseases along with research and development activities in the industry is likely to propel the market growth in the coming years.
On the flip side, high cost of drug development, adverse effects of drug therapy, risk of failure in treatment, and strict government mandates are presumed to inhibit the market growth during the review period.
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Global Biologic Therapy Market: Segmental Analysis
the global biologic therapy market has been segmented on the basis of therapy, product type, application, end-user, and region.
By mode of product type, the global biologic therapy market has been segmented into instruments, services, and kits and reagents.
By mode of therapy, the market has been segmented into cell therapy, protein therapy, vaccines therapy, and others.
By mode of application, the global market has been segmented into cellular and gene therapy, vaccine and therapeutics development, blood and blood-related products testing, tissue and tissue-related products testing, and stem cell research.
By mode of end-users, the global market has been segmented into hospitals and clinics, research centers, and specialty centers.
Geographically, the biologic therapy market span across regions namely, America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, North America is the growing region in America owing to the growing geriatric population and rising prevalence of cancer. Moreover, research and development activities in the biologic therapy sector, technological advancements, growing health insurance coverage for serious disease, and increasing government initiatives are likely to propel the market growth over the assessment period. Also, with the rising expenditure by the government for R&D is expected to drive the market in this region.
Europe is estimated to be the second largest market globally and is estimated to hold a significant share of the market. The growth is attributed to the increasing skilled medical professionals and availability of advanced and innovative treatment facilities. Moreover, the growing geriatric population is giving rise to patient population, thereby enhancing the growth of the market.
The Asia Pacific region is estimated to be the fastest growing region globally owing to the lifestyle-induced disorders and rising prevalence of cancer in this region. Country like China is the fastest growing market due to its huge geriatric population coupled with growing patient population. Moreover, with the rising health concern and availability of new treatment methods are likely to propel the market growth during the forecast period. Also, the growing living standard, increasing expenditure on healthcare, and growth of the healthcare industry is expected to foster the market growth.
Meanwhile, the Middle East and African region are anticipated to register the least growth owing to the limited access and affordability of treatment facilities and lack of awareness among the population.
St. Barnabas Hospital is offering a new treatment that might change the lives of asthma patients. The biologic therapy treatment involves injections every three weeks and has proven to work efficiently on patients suffering from asthma.
The major players operating the global biologic therapy market are Novartis International AG, Amgen Inc., GlaxoSmithKline Plc., Spectrum Pharmaceuticals Inc., Bristol-Myers Squibb, Eli Lilly, Celgene Corporation, Seattle Genetics Inc., and others.
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