The factors driving the growth of the global biological drugs market are increasing geriatric population, growing prevalence of lifestyle and chronic diseases, increasing R&D budgets, and growing government initiatives supporting the adoption of biological drugs. Though, high cost of biological drugs and possibility of adverse effects may limit the growth of the market.
Global Biological Drugs Market was valued at $180 Billion in 2016 and expected to reach $394 Billion by 2024, growing at a CAGR of 10.3% from 2016 to 2024. In geography segment, Asia Pacific and Europe are expected to grow at a CAGR of 11.4% and 10.8%, respectively, over the forecast period 2016 - 2024.
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Global biological drugs market is driven by growing generic population, rising occurrence of chronic diseases, increasing various government associations’ support for biological drugs. Though, high cost of biological drugs and patent expiry dates of drugs may restraints the growth of the market.
The global biological drugs market is segregated into product type and geography. Product type comprises monoclonal antibody (remicade, humira, avastin, rituxan, lucentis, herceptin, and others), therapeutic protein (enbrel, neulasta, eylea, lantus, avones, rebif, novolog, aranesp, humalog, epogen, victoza, levemir, betaseron, neupogen, and others), and vaccine (gardasil, prevnar 13, fluzone, cervarix, varivax, and others).
Therapeutic proteins accounted for the largest market share in 2016, followed by monoclonal antibody.
North America, Europe, Asia-Pacific and Rest of World (RoW) are the major regions covered in this report. North America held the largest market share with 49.5% in 2016.
Furthermore, in terms of growth, Asia-Pacific is anticipated to grow with the fastest CAGR of 11.4% during the forecast period 2016 to 2024, owing to popularity for generic drugs, growing government budgets in R&D and low manufacturing costs.
The Major key players operating in this market are Bristol-Myers Squibb Company, Baxter International Inc., Merck & Co., Inc., Amgen Inc., GlaxoSmithKline Plc, Biogen Inc., Abbott Laboratories, Novartis AG, Eli Lilly and Company, Pfizer Inc., and among others.
Scope of the Global Biological Drugs Market
Product Type Segments
- Therapeutic Protein
- Other Therapeutic Proteins
- Monoclonal Antibody
- Other Monoclonal Antibodies
- Prevnar 13
- Other Vaccines
- North America
- South Korea
- South America
- Middle East
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