Albany, NY -- (SBWIRE) -- 01/23/2018 -- Global Biological Drugs Market: Snapshot
The global market for biological drugs has been demonstrating an upward movement since the last few years. The rising concerns over the increasing cases of side-effects caused by conventional medicines and drugs are having a positive impact on the demand for biological drugs across the world. The trend is expected to remain so over the forthcoming years with the opportunity in the worldwide biological drugs market expanding at a CAGR of 10.10% during the period from 2014 to 2020 and reaching US 287.1 bn by the end of the forecast period.
Demand for Enbrel to Remain Strong in Future
Lantus, epogen, avonex, victoza, levemir, betaseron, enbrel, humalog, aranesp, neulasta, novolog, neupogen, rebif, and eylea are some of the main therapeutic proteins used in biological drugs. Enbrel has been witnessing a greater demand than other therapeutic proteins, worldwide. Enbrel is used in the treatment of auto-immune diseases, such as juvenile rheumatoid arthritis, plaque, psoriatic, and psoriasis. The growing prevalence of these diseases has influenced the sales of enbrel.
Analysts expect the segment to rise at a CAGR of 14.50% over the forecast period. However, the concerns over side-effects of this protein, such as multiple sclerosis, tuberculosis, allergic reactions, and blood related infections, may limit its demand to some extent in the years to come. Lantus and neulasta are the other important therapeutic proteins, which are likely to gain impetus in the global market over the next few years.
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Increasing Investments for Research and Development in Biological Drugs to Ensure North America's Leadership
The global market for biological drugs is spread across Europe, North America, Asia Pacific, and the Rest of the World. Thanks to the increased application of biological drugs for the treatment of a number of diseases, such as diabetes, cancer, and other chronic medical conditions, North America has emerged as the leading consumer of biological drugs. Over the forthcoming years, investments to increase research and development activities in biological drugs is likely to heighten, which consequently, is expected to boost the North America biological drugs to a great extent. Expanding at a CAGR of 10.90%, this region will continue to hold the leadership in the global market for biological drugs during the forecast period.
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Europe and Asia Pacific are also projected to gain substantial momentum in their respective markets for biological drugs in the coming years, thanks to the growing awareness among consumers pertaining to the efficiency and other benefits of biological drugs. The unmet medical needs in Asia Pacific is also anticipated to add significantly to the growth of the global biological drugs market in the near future.
GlaxoSmithKline Plc., Biogen Idec, Novartis AG, Baxter International Inc., Amgen Inc., Merck & Co. Inc., Bristol-Myers Squibb Co., Eli Lilly and Co., Pfizer Inc. and Abbott Laboratories are some of the leading manufacturers of biological drugs across the world.
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