Biological drugs are those made by using living cells. They can be composed of proteins, sugars, or nucleic acids. Biological drugs can also be composed by complex combinations of these substances. Some of biological drugs also contain living bodies such as tissues or cells. Tremendous advancement in this field has impacted the treatment of blood-related disorders or diseases, cancer, several auto-immune diseases, and many more medical disorders.
As the world reels under the pressure of growing healthcare problems, the pharmaceutical sector is on a constant lookout for innovative methods of disease management. This search for antidotes to several diseases and disorder is influencing the biological drugs market across the world. A study by Persistence Market Research suggests that the global biological drugs market was valued at US$161,056.5 million in 2014 and is expected to reach US$287,139.7 million by 2020 at a CAGR of 10.1% from 2014 to 2020. However, despite such a strong growth rate, the global biological drugs market faces challenges and chances of decline, which depend on its offerings, geographies, government regulations, and many other reasons.
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Here’s a look at some of the top trends in the global biological drugs market for the coming few years.
Surge in Geriatric Population Drives the Market
Biological drugs are primarily used for treating diseases and disorders such as rheumatoid arthritis, diabetes, irritable bowel syndrome, HIV/AIDS, Alzheimer’s disease, and cancer. The help of biological drugs is only sought when disease management goes beyond the control of regular medicines. With the pool of geriatric population constantly on the rise, there has been a surging demand for biological drugs. The promise of immense growth in the market also holds true with governments across the globe promoting the use of biological drugs and the reassuring advancements in the field of biomedical science.
Converting Restraints into Opportunities
The global biological drugs market is caught in a tug-of-war between growth drivers resulting in soaring success on one end and devious market restraints on the other. Patent expiry, side effects of injecting biological drugs, and high cost of biological drugs is restraining the growth of this market. However, finding solutions to these will prove to be a golden opportunity to several key players in the global biological drugs market. For instance, an approach to make expensive biological drugs cheaper will allow companies to tap into a huge unexplored market.
North America Holds the Biggest Market Share
Analysts at Persistence Market Research indicate that North America holds the biggest share of the global biological drugs market. The factor contributing to this status is the extensive use of biological drugs in the region for the treatment and prevention of various diseases. The generosity of the government here also adds to the growth of the biological drugs market in North America as a huge amount of funds can be allocated towards research and development.
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The Asian horizon seems replete with promises as players continue to burn the midnight oil to find ways of cutting down on costs of manufacturing. Supportive governments in these regions, increased investment in research and development activities, and renewed interest of several biotech companies signifies that Asia Pacific will be the next hub for biological drugs.
Some of the key players in the global biological drugs market are Pfizer Inc., Novartis AG, Merck & Co. Inc., and Glaxo Smith Kline plc.