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Global Biological Drugs Market to Record a US$ 287 Billion in 2020
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.
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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.
Novartis AG, Pfizer Inc., GlaxoSmithKline plc., and Merck & Co., Inc. are some of the leading players in the global biological drugs market. Other major players in the market include Abbott Laboratories, Baxter International Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, Biogen Idec, and Amgen Inc.
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