Biologics Market Size, Share, Growth Analysis, By Source(Microbial, Mammalian), By Manufacturing(Outsourced, and In-house) - Industry Forecast 2024-2031

In 2022, North America held the largest share of 44.37% in the biologics market. This can be attributed to several factors. Firstly, the region has a high prevalence of chronic diseases, driving the demand for biologic therapies. Additionally, North America is home to numerous leading pharmaceutical companies, contributing to the growth of the market. Favorable reimbursement policies and substantial investments in research and development further support the market's expansion. According to an article published in JAMA Network, biologics accounted for 37% of total drug spending in the United States. The increasing share of biologic prescriptions and investments in targeted drug development are key factors driving market growth. Moreover, the approval of novel biologic drugs such as gene therapy, antisense, and RNAi therapeutics is expected to propel the market even further.

Asia Pacific is projected to grow at a CAGR of 11.0% during the forecast period. The region is experiencing a rising burden of diseases like cancer, diabetes, and cardiovascular diseases, coupled with an increase in the geriatric population. This has led to an increased demand for biologics in the region. Market leaders in the industry are actively focusing on meeting this demand and making significant investments in the development of advanced biologic products. The adoption of biosimilars is also driving market growth in the Asia Pacific region, as they enhance the accessibility and affordability of biologic therapies.