New York City, New York, Oct 14, 2015: According to the latest market research report released by Persistence Market Research, the global biological drugs market, which in 2014 stood at US$161056.5 million is anticipated to expand at a CAGR of 10.1% between 2014 and 2020, thereby reaching a market value of US$287139.7 million by 2020. The report titled “Global Market Study on Biological Drugs: North America to Witness Highest Growth By 2020” is available for sale on the company website.
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This market research report states that a growing geriatric population, rising incidence of chronic ailments, and greater initiatives by government bodies are a few of the key factors that propel the global biological drugs market. The structure of biological drugs is quite complex when compared to the regular conventional drugs. Biological drugs are used in treating and preventing diseases such as auto-immune diseases, cancer, and blood disorders amongst other ailments. The manufacturing process of biological drugs involves close to 250 in-process tests as against the manufacturing of conventional drugs which involves only 50 tests.
This PMR report explains that apart from the aforementioned market drivers, the other factors that stimulate the demand for biological drugs are advancements in and greater R&D in the field of medical sciences, and an increasing number of government bodies promoting the use of biological drugs for treating ailments and diseases.
The research report segments the global biological drugs market on the basis of monoclonal antibodies, therapeutic protein, vaccine, and geography. Patent expiration of popular drugs and high costs of biological drugs are some of the challenges faced by the global biological drugs market. The growth of this market is also hampered by the potential risks associated with the adverse impacts of injectable biological drugs.
According to this market research study, the global biological drugs market is segmented into four key regions: North America, Asia Pacific, Europe, and Rest of the World. Owing to widespread consumption of biological drugs for treating diseases such as diabetes and cancer, North America holds the highest share in the global biological drugs market. The North America market is also characterized by government institutions supporting the consumption of biological drugs. The Europe biological drugs market mainly driven by high demand for the same from the growing geriatric population in this region.
As per a latest UN report, the geriatric population in Germany will increase from 23.2% of the total population in 2000 to 33.2% of the total population by 2025. The effectiveness of biological drugs is being observed in the treatment of age-related medical conditions such as glaucoma and macular degeneration. Asia is proving to be a very lucrative investment destinations for companies operating in the global biological drugs market. Lonza is one such biotechnology firm based in Switzerland that has invested funds worth US$350 million in India and Singapore. Such a step is aimed at enhancing activities in the biological drugs markets in these regions.
Some of the prominent companies in the global biological drugs market, identified in the report are Baxter International Inc., Abbott Laboratories, GlaxoSmithKline plc, Merck & Co, Inc., Biogen Idec., Novartis AG, and Pfizer Inc.
Key points covered in the report
1) Report segments the market on the basis of types, application, products, technology, etc (as applicable)
2) The report covers geographic segmentation
3) The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
4) The report provides company profiles of some of the leading companies operating in the market
5) The report also provides porters five forces analysis of the market.
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