About this market
Increasing incidence of chronic diseases and immunological disorders to drive growth in the market. Biologics are ideal for the treatment of chronic disorders including cancer, autoimmune disorders, hormonal deficiencies, neurological disorders, and other critical conditions. The incidence of these diseases is rising significantly in developed nations. The increase in aging population and the lifestyle of people in these countries is responsible for the rise in occurrence of cancer, immunological disorders, and other chronic ailments. Technavio’ s analysts have predicted that the biologic therapeutics market will register a CAGR of over11% by 2022.
Market Overview
Increasing investment in development of biologics
Biotechnological products help manufacturers to earn huge revenues because of the therapeutic benefits they provide. Thus, many pharmaceutical companies are moving toward the development of biologics.
Reimbursement challenges of new biologics
The reimbursements available for biologics are very limited compared with that available for conventional therapeutics, despite the high costs. Manufacturers are providing biologics with mandatory companion diagnostics, which increases the overall cost of that biologic, making it difficult for insurers to provide reimbursements.
For the detailed list of factors that will drive and challenge the growth of the biologic therapeutics market during the 2018-2022, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Merck and Pfizer the competitive environment is quite intense. Factors such as the increasing incidence of chronic diseases and immunological disorders and the increasing investment in development of biologics, will provide considerable growth opportunities to biologic therapeutics manufactures. AbbVie, Johnson & Johnson, Merck, and Pfizer are some of the major companies covered in this report.