Press release
Virtual health assistants to keep the hopes high for Global Biological Drugs Market at a CAGR of 10.9%
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.
The Global Biological Drugs Market refers to the market for drugs that are produced using living cells or their components. These drugs are used to treat various diseases and disorders such as cancer, autoimmune diseases, and infectious diseases.
The Global Biological Drugs Market is expected to witness significant growth in the coming years, with a compound annual growth rate of around 8% from 2021 to 2026. The increasing prevalence of chronic diseases, the growing adoption of personalized medicine, and the rising demand for biologics as an alternative to small molecule drugs are some of the factors driving the growth of the market.
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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.
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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.
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.
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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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