The biologics market consists of sales of biologics and related services by entities (organizations, sole traders and partnerships) 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 combination of all these substances isolated from humans, animal and microorganisms or produced from biotechnology methods.
The global biologics market 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%. The decline is mainly due to the worldwide supply and demand failures of drugs due to the COVID-19 outbreak. The biologic drug shortages because of an inadequate production of biologics is hampering the market growth. The 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.