Press release
Global Biological Drugs Market to Spread a Predictable Worth of US$ 287 Billion in 2020
Demand for biological drugs is expected to gain traction in the near future owing to the worldwide increase in geriatric population and higher prevalence of chronic diseases. Moreover, the global biological market is benefiting from various healthcare awareness initiatives taken by both public and private organizations. Likewise, innovation in biomedical technology and ongoing R&D programs are anticipated to highlight further scope for market expansion. On the other hand, issues related to patent expiry of bestselling drugs and pricey nature of such drugs are expected to inhibit the overall market growth. Similarly, additional threats of severe side effects and associated risks from injectable biological drugs may also negatively influence the growth of the market.
The global biological drugs market has been classified into therapeutic protein, monoclonal antibody, vaccine and region.
On the basis of therapeutic protein, the market is segmented into enbrel, neulasta, novoLog, humalog, rebif, epogen, levemir, betaseron, eylea, lantus, avonex, aranesp, victoza and neupogen. Enbrel is the most dominating segment and is expected to grow at the fastest rate during the forecast period. By monoclonal antibody (mAb), the market is segmented into, remicade, avastin, lucentis, humira, rituxan and herceptin. In addition, the humira segment will continue to dominate the market over the forecast period. Based on vaccine, the market is segmented into prenvar 13, fluzone, cervarix, gardasil and varivax. Demand for prevnar 13 is expected to be higher compared to other vaccines through 2020.
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On the basis of region, the global biological drugs market is segmented into North America, Asia Pacific, Europe and rest of the world (RoW). North America will continue to be the most lucrative market for biological drugs during the forecast period. In addition, the market in North America is expected to be worth 147,783.8 Million by 2020, expanding at 10.9% CAGR over the forecast period. Increasing demand for biological drugs to treat diseases such as diabetes and cancer is expected to support growth of the market in the region. Moreover, frequent healthcare awareness programs conducted by various public organizations is further influencing the market growth in North America. The market in Europe, is primarily driven by demand for biological drugs from the geriatric population of the region. According to a UN report, by 2025 elderly population in Germany is expected to cover 33.2% of the total population in the country. In Asia, factors such as encouraging government initiatives and higher funding for establishing new biotech companies, drug manufacturing facilities and life science institutions are expected to stimulate the biological drugs market in the region. Moreover, the cost of drug manufacturing in Asia is lower compared to other regions, which in turn is alluring the overseas companies to setup manufacturing plants in the region.
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Key market players operating in the global biological drugs market include Merck & Co., Inc., Abbott Laboratories, Eli Lilly and Company, Baxter International Inc., Novartis AG, Pfizer Inc., Biogen Idec, Bristol-Myers Squibb Company, Amgen Inc., and GlaxoSmithKline plc.
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