Press release
Biological Drugs Market to Reach US$ 287,139.7 Mn by 2030
Biological Drugs Market 2022-2030
The Global Biological Drugs Market is slated to grow on a stellar note going forward. The current situation is that digitization, which has the capacity of changing the dynamics of any vertical, has made a beeline to the healthcare vertical. The world out there no more depends on references for choosing healthcare services but goes for 360-degree research before arriving at the final decision. This would be the digitized healthcare vertical in the future.
According to a new market report published by Persistence Market Research "Global Market Study on Biological Drugs: North America to Witness Highest Growth By 2030", the global biological drugs market was valued at US$ 161,056.5 Mn in 2021 and is expected to grow at a CAGR of 10.1% from 2021 to 2020, to reach US$ 287,139.7 Mn by 2030.
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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.
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.
Other
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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.
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..
The global biological drugs market is segmented as follows:
By therapeutic protein
Enbrel
Lantus
Neulasta
Avonex
NovoLog
Rebif
Humalog
Aranesp
Epogen
Levemir
Victoza
Betaseron
Neupogen
Eylea
By monoclonal antibody (mAb)
Humira
Remicade
Rituxan
Avastin
Herceptin
Lucentis
By vaccine
Take 13
Gardasil
Fluzone
Varivax
Cervarix
By geography
North America
Europe
Asia
Rest of the World (RoW)
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Key Questions Answered in the Biological Drugs Market Report
How is the Biological Drugs market expected to grow over the projected period?
What direction is the Biological Drugs market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Biological Drugs market in future?
What are the key market drivers in the Biological Drugs market?
What are significant opportunities and improvement areas for Biological Drugs manufacturers?
What are the key developments and trends taking over the Biological Drugs market?
Which are the emerging countries that are expected to create significant growth opportunities in the Biological Drugs market?
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About us:
PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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