Biological Drug Market Insights
As new breakthroughs are made in the biomedicine sector, growth is anticipated in the biological drugs market. According to U.S.-based market research firm Persistence Market Research, this market will report a 10% CAGR from 2014 through 2020, and will be worth USD 287.13 billion by 2020. Segments within the global market include:
Key Segments in the Biological Drugs Market
- Vaccines: Cervarix, Gardasil, Varivax, Prevnar 13, Fluzone.
- Therapeutic Proteins: Avonex, Enbrel, Neulasta, Lantus, NovoLog, Humalog, Aranesp, Rebif, Levemir, Epogen, Victoza, Neupogen, Betaseron, Eylea.
- Monoclonal Antibodies (mAb): Remicade, Humira, Rituxan, Herceptin, Avastin, Lucentis.
Global Market by Geography
The biological drugs market can be classified into geographical regions: North America, Europe, Asia Pacific, and the Rest of the World. By market share, North America is the dominant region, followed by Europe and Asia.
In North America, the market is fueled by the growing use of such drugs for treating chronic diseases, including diabetes and cancer. For example, the American College of Rheumatology recommended disease-modifying antirheumatic drugs (DMARDs) and biologic agents for treating rheumatoid arthritis in 2012.
In Europe, the market growth can be attributed to an increase in the geriatric population. According to a United Nations report, Germany’s elderly population, which comprised 23.2% of the total in 2000, could rise to 33.2% by 2025. This aging demographic has created opportunities for the development of drugs for age-related disorders like glaucoma and macular degeneration.
Meanwhile, Asian markets are experiencing increased investment due to low manufacturing costs and the transfer of pharmaceutical knowledge from the West. For example, Swiss biotech company Lonza recently invested USD 350 million in Singapore and India to advance biological drug-related activities.
Growth Drivers and Market Restraints
The worldwide market for biological drugs will benefit from favorable government policies, leading to higher investments. Two emerging trends in this market include the use of Genetically Modified Organisms (GMOs) and anti-Vascular Endothelial Growth Factor (VEGF) therapies.
However, the high costs associated with developing biological drugs pose a significant challenge. This issue may be further exacerbated by the upcoming patent expiries of certain blockbuster drugs, as well as concerns about the adverse effects of injectable drugs.
Leading Companies in the Biological Drugs Market
Some of the leading companies in the biological drugs market include:
- GlaxoSmithKline plc
- Pfizer Inc
- Novartis AG
- Abbott Laboratories
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- Merck & Co., Inc.
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