The biological drugs market is witnessing a significant growth due to the increasing prevalence of chronic diseases and increase in the global geriatric population. Biological drugs are used in treatment and prevention of various diseases such as cancer, blood-related diseases, auto-immune diseases and other medical disorders. Moreover, various government associations are also promoting the usage of biological drugs. Furthermore, advancement in biomedical sciences holds immense potential for the growth of the biologic drugs market.
On the other hand, high cost of biological drugs and patent expiry of blockbuster drugs impede the growth of the market. Moreover, the risk of adverse effects associated with biologic injectable drugs is also one of the key restraints of the market. As a result, biological drugs market is expected to grow a CAGR of about 10.1% during 2014-2020.
North America is the largest market for biological drugs. Increased use of biological drugs for the treatment of diseases such as cancer, diabetes and other chronic diseases are supporting the growth of the biological drugs market in the region. The American Center for Biological Medicine (ACBM) is one of the largest biological medicine clinics in the U.S. Similarly, the European biological drugs market is growing rapidly due to increased usage of biological drugs for the treatment of various chronic diseases such as diabetes, cancer and inflammatory diseases.
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In Asia, low manufacturing cost is attracting many biological manufactures to invest in Asian countries, supporting the growth of the biological drugs market. Moreover, Asian governments are also supporting growth of the biological drugs market by increased investment on biotech companies for construction of R&D and manufacturing facilities. Novartis AG, Pfizer Inc., GlaxoSmithKline plc. and Merck & Co., Inc. are the some of the leading players in the global biological drugs market. Other major players of biological drugs market include Abbott Laboratories, Biogen Idec and Amgen Inc.
The global market of biological drugs is segmented as follows:
Biological Drugs Market, By Therapeutic Protein
- Prenvar 13
- North America
- Rest of the World (RoW)