The Biological Drugs Market is bound to reach US$287.13 Bn by 2022. The healthcare vertical is witnessing an ever-increasing need for automation, thereby leading to quick service provision for bridging existential gap between medical professionals and users. One of the most profit-making healthcare technologies is Artificial Intelligence, which enables automated service provision. The application areas include collection, management, and processing a huge quantity of user data. This would be the behaviour of the Biological Drugs Market in the forecast period.
According to a new market report published by Persistence Market Research “Global Market Study on Biological Drugs: North America to Witness Highest Growth By 2022”, the global biological drugs market was valued at US$ 161,056.5 Mn in 2014 and is expected to grow at a CAGR of 10.1% from 2014 to 2022, to reach US$ 287,139.7 Mn by 2022.
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Biological drugs are typically derived from living cells and are used in the prevention and treatment of various diseases such as cancer, blood disorders, auto-immune diseases, and other medical disorders. Biological drugs have more complex structures compared to that of conventional drugs.
Globally, the biological drugs market is witnessing significant growth due to the increasing prevalence of chronic diseases and growing geriatric population. In addition, health and awareness initiatives by various government associations are also supporting the growth of the biological drugs market. However, high costs of biological drugs and patent expiry of blockbuster drugs impede the growth of the biological drugs market. Moreover, risks of adverse effects associated with biologic injectable drugs also inhibit the growth of the market.
The global biological drugs market is anticipated to grow from an estimated US$ 161,056.5 Mn in 2014 to US$ 287,139.7 Mn by 2020 at a CAGR 10.1% during the forecast period.
North America dominates the global biological drugs market. This is due to increasing use of biological drugs in the treatment of diseases such as cancer, diabetes, and other chronic diseases in the region. In addition, several clinics in the region are focusing on biological drugs for the treatment of various diseases.
The biological drugs market in Europe is growing due to increasing aging population in the region. For instance, according to a UN report, elderly people accounted for 23.2% of the total population in Germany in 2000, and the number is expected to reach 33.2% by 2025. Aging can lead to certain disorders such as age-related macular degeneration and glaucoma, which require effective biological drugs for their treatment.
Low manufacturing costs in Asia are attracting biopharmaceutical companies to invest in the region, supporting the growth of the biological drugs market. Moreover, governments of some Asian countries are also supporting the growth of the biological drugs market by providing funds to life sciences research institutes and biotech companies for the construction of R&D and manufacturing facilities.
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Novartis AG, Pfizer Inc., GlaxoSmithKline plc., and Merck & Co., Inc. are some of the leading players in the global biological drugs market. Other major players in the market include Abbott Laboratories, Baxter International Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, Biogen Idec, and Amgen Inc.
The global biological drugs market is segmented as follows:
By therapeutic protein
- Enbrel
- Lantus
- Neulasta
- Avonex
- NovoLog
- Rebif
- Fall down
- Aranesp
- Epogen
- Levemir
- Victoza
- Betaseron
- Neupogen
- Eylea
By monoclonal antibody (mAb)
- Humira
- Remicade
- Rituxan
- I discovered
- Herceptin
- Lucentis
By vaccine
- Prenvar 13
- Gardasil
- Fluzone
- Varivax
- Cervarix
By geography
- North America
- Europe
- Asia
- Rest of the World (RoW)
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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