Primary source of biological drugs are living cells. These drugs are used in treatment and prevention of chronic diseases such as cancer, severe blood disorders and few other auto-immune diseases. The complex structure of biological drugs separates them from other conventional drug types. Demand for biological drugs has grown in recent past, which is attributed to the increasing prevalence of chronic diseases across the globe. In addition, government organization are endorsing the usage of biological drugs, which in turn is translating into growth of global biological drugs market. PMR indicates that the global biological drugs market will witness a healthy CAGR of over 10% during the forecast period to reach US$ 287,139.7 by 2020
Biological drugs are made from living organisms and are used in the treatment of various chronic diseases such as cancer, autoimmune disorders, and blood disorders. These drugs are also called biologics or biological products. The global biological drugs market has been growing steadily over the past few years and is expected to continue its growth in the coming years. This report provides an overview of the global biological drugs market, its current status, and future prospects.
Segmentation:
Based on product type, the market is segmented into monoclonal antibodies, vaccines, recombinant proteins, cell therapy, gene therapy, and others. Monoclonal antibodies hold the largest market share owing to their high specificity and efficacy in the treatment of various diseases. Based on application, the market is segmented into oncology, autoimmune disorders, blood disorders, infectious diseases, and others. Oncology holds the largest market share due to the increasing incidence of cancer worldwide.
Regional Analysis:
The global biological drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share due to the presence of a large number of biopharmaceutical companies and increasing adoption of biological drugs. Europe is the second-largest market due to the increasing prevalence of chronic diseases and the development of biosimilars. The Asia Pacific region is expected to grow at the highest CAGR owing to the increasing healthcare expenditure and rising awareness about biological drugs.
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Key Players:
The global biological drugs market is highly competitive with the presence of several key players such as AbbVie Inc., Amgen Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Novartis AG, Pfizer Inc., Sanofi SA, and others. These companies are focusing on developing innovative biological drugs and expanding their product portfolio to maintain their market share.
Conclusion:
The global biological drugs market is growing at a significant pace owing to the increasing prevalence of chronic diseases and rising demand for personalized medicine. The development of biosimilars and increasing adoption of biological drugs in emerging economies are expected to drive the market growth in the coming years. The market is highly competitive with the presence of several key players who are focusing on developing innovative biological drugs to maintain their market share.