Biologics Industry To Recover From COVID-19 Crisis At 15% CAGR
Biologics Global Market Report 2020-30: COVID-19 Impact And Recovery
The Business Research Company’s Biologics Market Report - Opportunities And Strategies - Global Forecast To 2030
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Biologics are being widely used to provide effective treatment for many complex diseases such as rheumatoid arthritis, psoriasis, and Crohn’s disease that have limited treatment options. According to a biologics market overview by TBRC, there has been a significant advance in the treatment of rheumatoid arthritis patients who do not respond to traditional disease-modifying anti-rheumatic drugs. The key biologics used for the treatment of rheumatoid arthritis include Abatacept (Orencia), Adalimumab (Humira), Anakinra (Kineret), Infliximab (Remicade), and Rituximab (Rituxan). Key biologics used to treat psoriasis include Adalimumab (Humira), Etanercept (Enbrel), Infliximab (Remicade), Secukinumab (Cosentyx). Cimzia (certolizumab pegol), Humira (adalimumab), and Remicade (infliximab), Tysabri (natalizumab) are biologics that are used to treat Crohn’s disease.
The biologics market report covers sales of biologics and related services by entities that produce biologics to treat and prevent various microbial diseases and cancers. This industry includes establishments that produce products that are composed of sugars, proteins, nucleic acids, and a combination of all these substances isolated from humans, animal and microorganisms or produced from biotechnology methods.
Due to the worldwide supply and demand failures of drugs due to the COVID-19 outbreak, the global biologics market size is expected to decline from $269.2 billion in 2019 to $239.2 billion in 2020 at a compound annual growth rate (CAGR) of -11.2%. Biologic drug shortages because of an inadequate production of biologics is hampering the market growth. This inadequate or slowed production is due to the restrictions imposed by governments of various countries to shutdown factories or function with minimal staffing to contain the spread of virus and keep the staff safe. The market is then expected to recover and grow at a CAGR of 15% from 2021 and reach $464.7 billion in 2023.
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