New York, NY -- (SBWire) -- 11/05/2014 --Persistence Market Research Released New Market Report on "Global Market Study on Biological Drugs: North America to Witness Highest Growth by 2020” the global biological drugs market is estimated at USD 1, 61,056.5 million in 2014 and is expected to grow at a CAGR of 10.1% from 2014 to 2020, to reach an estimated value of USD 2, 87,139.7 million in 2020.
The biological drugs market is witnessing a significant growth due to the increasing prevalence of chronic diseases and increase in the global geriatric population. Biological drugs are used in treatment and prevention of various diseases such as cancer, blood-related diseases, auto-immune diseases and other medical disorders. Moreover, various government associations are also promoting the usage of biological drugs. Furthermore, advancement in biomedical sciences holds immense potential for the growth of the biologic drugs market.
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However, high cost of biological drugs and patent expiry of blockbuster drugs impede growth of the biological drugs market. Moreover, the risk of adverse effects associated with biologic injectable drugs is also one of the key restraints for biological drugs market. As a result, biological drugs market is expected to grow a CAGR of about 10.1% during 2014-2020.
North America is the largest market for biological drugs. Increased usage of biological drugs for the treatment of diseases such as cancer, diabetes and other chronic diseases are supporting the growth of the biological drugs market in the region. Moreover, several clinics in the region are focusing on biological drugs for the treatment of various chronic diseases. For instance, the American Center for Biological Medicine (ACBM) is one of the largest biological medicine clinics in the U.S.
Similarly, the European biological drugs market is growing rapidly due to increased usage of biological drugs for the treatment of various chronic diseases such as diabetes, cancer and inflammatory diseases.
In Asia, low manufacturing cost is attracting many biological manufactures to invest in Asian countries, supporting the growth of the biological drugs market. Moreover, Asian governments are also supporting in growth of the biological drugs market by increased investment on biotech companies for construction of R&D and manufacturing facilities.
Novartis AG, Pfizer Inc., GlaxoSmithKline plc. and Merck & Co., Inc. are some of the leading players in the global biological drugs market. Other major players of biological drugs market include Abbott Laboratories, Biogen Idec and Amgen Inc.
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Global Biological Drugs Market Is Expected to Grow at a CAGR of 10.1% by 2020: Persistence Market Research
The report provides in-depth analysis and estimation of the biological drugs market from 2014 to 2020, considering 2013 as the base year for calculation. Additionally, data pertaining to current market dynamics including market drivers, restraints, trends and recent developments has been provided in the report.