Biological drugs are derived from living organisms and are used in the treatment and prevention of chronic illnesses such as auto-immune diseases, blood disorders, cancer, and other medical conditions. Due to the rising prevalence of chronic ailments around the world, coupled with the increasing research and development investments in the healthcare sector, the demand for biological drugs has significantly risen in the recent past. According to a report published by Persistence Market Research, the global biological drugs market, which stood at more US$161 bn in 2014, will reach US$287.1 bn by 2020. If the figures hold true, the market will expand at a robust CAGR of 10.1% between 2015 and 2020.
Favorable Government Policies Aid Market Growth
The market in the last few years has also gained traction from government associations supporting the use of biological drugs. The latest advances introduced in biological science also hold immense potential for the growth of the biological drugs market around the world. Despite witnessing healthy prospects, the high cost of biological drugs and their looming patent expiry may hamper the market’s growth to an extent. Furthermore, the risk of side effects often associated with biological injectable drugs also inhibits the growth of the market.
North America Dominates Global Biological Drugs Market
Regionally, North America dominates the global biological drugs market at present. The region witnesses a high incidence of diabetes, cancer, and other chronic diseases, which subsequently fuels demand from the biological drugs market. Government associations in the region also observe a favorable outlook supporting the use of biological drugs. For instance, the American College of Rheumatology recommended using disease modifying antirheumatic drugs and biologic agents for the treatment of rheumatoid arthritis.
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Increasing Geriatric Population Boosts Biological Drugs Market in Europe
The biological drugs market in Europe is also growing at a rapid pace due to the increasing geriatric population in the region. According to a report published by the UN, approximately 23.2% of the German population in 2000 was made up of elderly people, and by 2025 the number is expected to reach over 33.2%. Disorders and ailments such as glaucoma and macular degeneration are common among the geriatric population, which fuels demand for biological drugs.
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Leading Enterprises Eyeing to Capitalize on Opportunities in Asia
Enterprises operating in the biological drugs market will also witness lucrative opportunities in Asia. Attracted by the low manufacturing costs incurred in the region, leading biopharmaceutical companies are planning to increase their investment in the region. Lonza, which is a Switzerland-based biotechnology company, has already invested around US$350.0 mn in biological drugs manufacturing in India and Singapore.
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The global biological drugs market is segmented into monoclonal antibodies (mAb), therapeutic proteins, and vaccines. In terms of therapeutic proteins, the market is segmented into Avonex, Lantus, Enbrel, NovoLog, Neulasta, Aranesp, Victoza, Levemir, Neupogen, Rebif, Humalog, Epogen, Betaseron, and Eylea. Among mAbs, the market is segmented into Remicade, Humira, Avastin, Lucentis Rituxan, and Herceptin. Gardasil, Prevnar 13, Cervarix, Varivax, and Fluzone are the major vaccines in the market.