Press release
Biological Drugs Market Trends, Segmentation, Growth, Analysis and Forecast 2024-2031
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According to the Center for Disease Control and Prevention (CDC), 129 million or 51.8% of noninstitutionalized adults had been diagnosed with at least 1 of 10 selected chronic conditions. Additionally, 24.6% (61 million) of adults had 1 chronic condition, and 27.2% (68 million) had equal or more than 2 chronic conditions. Furthermore, as per American Action Forum, the total cost of chronic disease in the US reaches $3.7 trillion each year which is almost 19.6% of the country's gross domestic product (GDP). Hence, the rising chronic disease is driving the demand for biological drugs which in turn is driving the market growth.
Some major players in the market include AbbVie Inc., Amgen, Inc., Eli Lilly and Company, F. Hoffmann-La Roche AG, and GlaxoSmithKline plc. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in August 2021, Pfizer Inc. and BioNTech SE announced the commencement of a supplemental Biologics License Application (sBLA) to the FDA. The application was aimed for the approval of a booster dose of COMIRNATY to prevent COVID-19 in individuals 16 years of age and older.
Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?
Global Biological Drugs Market Report by Segment
By Product
Therapeutic Protein
Monoclonal Antibody
Vaccine
A full report of Biological Drugs Market is available at: https://www.omrglobal.com/industry-reports/biological-drugs-market
Biological Drugs Market- Segment by Region
North America
United States
Canada
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
Middle East & Africa
Latin America
Company Profiles
AbbVie Inc.
Amgen, Inc.
Eli Lilly and Company
Hoffmann-La Roche AG
GlaxoSmithKline plc.
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Media Contact:
Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
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