Biological drugs market set to grow at a CAGR of 10.10% to reach US$287.1 billion by 202027 Jan 2016
Transparency Market Research has announced the publication of a new report, titled "Biological Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020".
Transparency Market Research has announced the publication of a new report, titled "Biological Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020". The report offers a comprehensive overview of the global biological drugs market. The valuable insight shared by the expert industry analysts suggests that this market is expected to grow at a CAGR of 10.10% in the coming years. The report analyses the causes responsible for this growth rate by studying the market drivers and opportunities. Furthermore, it also uses credible market measurement tools to make a fair assessment of forces governing this market.
Globally, the biological drugs market is witnessing a significant growth due to increasing prevalence of various chronic diseases, as the demand for biological drugs is increasing with the rise in the global geriatric population. The biological drugs are used in the treatment and prevention of various diseases, such as blood related diseases, cancer, auto-immune diseases and other medical disorders. Additionally, various government associations are promoting the usage of biological drugs. Moreover, advancement in biomedical sciences holds immense potential for the growth of the biologic drugs market.
According to the research report, the global biological drugs market was valued at US$161 billion in 2014 and is estimated to reach US$287.1 billion by 2020. This impressive growth rate is attributable to the growing incidence of chronic diseases and their diagnoses. Biological drugs have played a vital role in treating blood-related diseases, cancer, auto-immune diseases, and various medical disorders. In recent decades, the biological drugs market has picked up pace due to the rising incidence of chronic diseases and increasing availability of advanced diagnostics. The market is also gaining an impetus due to the increasing geriatric population and government initiatives to manage national healthcare. The increasing research activities in the field of biomedical science, which is funded by both public and private organizations, is also leading to the growth of the global biological drugs market.
The biological drugs market is expected to grow in the aforementioned regions due to the huge demand for drugs to treat autoimmune diseases, cancer and related conditions, blood diseases, diabetes, and cardiovascular diseases. Some of the important players studied in this market research report are Unilife Corporation, Retractable Technologies, Inc., Smiths Medicals, Becton, Dickinson & Company, Smiths Medical, and Terumo Corporation. The chapter on company profiles discusses a company overview, financial status, marketing and advertising strategies, product positioning, branding, research and development activities, and investment plans for the future.
Despite the strong undercurrent of market drivers, the global biological drugs market is facing tough competition from the alternative of injectable biological medicines. The other restraints on the global biological drugs market are the chances of patent expiry of various biological drugs and high cost of biological drugs. The analysts have observed that anti-vascular endothelial growth factor (VEGF) therapy in the biopharmaceutical industry and genetically modified organisms (GMOs) will accelerate in the near future.
The global biological drugs market is segmented on the basis of into therapeutic proteins, monoclonal antibodies (mAb), and vaccines, and by geography. The therapeutic proteins used in the biological drug market are Betaseron, Epogen, Aranesp, Neupogen, Lantus, Victoza, Avonex, NovoLog, Enbrel, Humalog, Rebif, Eylea, Levemir, and Neulasta. The list of monoclonal antibodies in the biological drugs market includes Remicade, Herceptin, Humira, Lucentis, Rituxan, and Avastin. The vaccines available in the global biological drugs market are Prenvar 13, Fluzone, Gardasil, Cervarix, and Varivax. Geographically, this market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
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