Global Biological Drugs Market to be Worth US$287,139.7 Million by 2020: Transparency Market Research

Albany, NY, Oct. 20, 2014 (GLOBE NEWSWIRE) -- Transparency Market Research, in its latest report, states that the global biological drugs market was worth US$161,056.5 million in 2014 and is expected to grow to US$287,139.7 million by 2020 at a CAGR of 10.1% from 2014 to 2020. The report, titled 'Biological Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020', provides a historic background of the biological drugs market. According to figures mentioned in the report, the market for biological drugs was worth US$101,656.5 million in 2009 and reached a value of US$146,548.2 million by 2013 at a 9.6% CAGR during the period.

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Biological drugs are used in the treatment and prevention of diseases such as Alzheimer's disease, HIV/AIDS, cancer, asthma, inflammatory diseases, rheumatoid arthritis, diabetes, and irritable bowel syndrome. A growing geriatric population translates into wider prevalence of various diseases. As a result, the demand for biological drugs is on the rise. Moreover, the promotion of biological drugs by government organizations and advances in the field of biomedical science hold immense scope for future growth of the biological drugs market.

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North America is the largest market owing to increased use of biological drugs for the treatment and prevention of various diseases and growing government aid. The biological drugs market in Europe too has witnessed significant and rapid growth due to the same reasons. The Asian biological drugs market has been attracting numerous vendors with its low-cost biological drugs manufacturing alternatives. Furthermore, with the help of government support, the quantity and quality of R&D activities and construction of facilities in biotech companies has increased, boosting the biological drugs market in Asia.

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In contrast, adverse effects of biologic injectable drugs, patent expiry of leading drugs and high cost of biological drugs is expected to hamper the growth of the biological drugs market. However, these same factors hold immense potential for improvement. Costly drugs will offer opportunities to vendors to develop cheaper alternatives of biological drugs. Similarly, patent expiry of top drugs will allow new and emerging manufactures to take their place.

The report segments the overall biological drugs market on the basis of therapeutic protein, monoclonal antibody (mAb), vaccine, and geography. Among all biological drugs of the therapeutic protein segment, Enbrel has the largest and most rapidly growing market. While Prevnar 13 was the fastest-growing and largest segment among biological drugs vaccines, Humira accounted for the maximum market share of the mAb segment and was also the fastest-growing mAb.

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The global biological drugs market is highly competitive and there are many leading and emerging players operating in the industry. Some of the prominent biological drugs manufacturers include Baxter International Inc., Abbott Laboratories, Eli Lilly and Company, GlaxoSmithKline plc, Novartis AG, Merck & Co., Inc., Biogen Idec, and Pfizer Inc.

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