According to a new market report published by Persistence Market Research “Global Market Study on Biological Drugs: North America to Witness Highest Growth By 2020”, 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 2020, to reach US$ 287,139.7 Mn by 2020.
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.
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Some of the major players in the biological drugs market:
- Pfizer Inc.
- Abbott Laboratories.
- Novartis AG.
- Eli Lilly and Company.
- GlaxoSmithKline plc.
- Bristol-Myers Squibb Company.
- Merck & Co., Inc.
- Amgen Inc.
- Baxter International Inc.
- Biogen Idec.
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.