A research study, recently published by Transparency Market Research (TMR) estimates the global biological drugs market to expand at a healthy CAGR of 10.1% over the period from 2014 to 2020 and reach US$287.14 bn by the end of the forecast period.The research report, titled "Biological Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," states that the worldwide biological drugs market reached a value of US$161.05 bn in 2014.
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A biological drug or a biopharmaceutical is a pharmaceutical product, which is produced in, or extracted, or semi-synthesized from biological sources such as micro-organisms, or plant cells, or animal cells. Biological drugs have relatively large and complex structures compared to their traditional counterparts. A conventional drug goes through around fifty in-process tests, whereas a biological drug undergoes approximately two hundred and fifty in-process tests throughout its development process.
According to the study, the increasing incidence of diabetes, cancer, and other chronic diseases across the world is the key driving force behind the growth of the worldwide biological drugs market. The rise in the global geriatric population is also an important factor, driving the demand for biological drugs in the global arena.
The report studies the global biological drugs market on four fronts: Therapeutic protein, monoclonal antibody (NYSEMKT:MAB), vaccine, and the regional distribution of this market. Based on therapeutic protein, the global market has been classified into Enbrel, Lantus, Neulasta, Avonex, NovoLog, Rebif, Eylea, Betaseron, Neupogen, Levemir, Aranesp, Epogen, and Humalog. In 2014, Enbrel was the most demanded therapeutic protein in the worldwide market.
On the basis of mAb, the market has been categorized into Avastin, Remicade, Rituxan, Humira, Lucentis, and Herceptin. Humira has been registering the fastest growth in the overall market over the last few years.
By vaccine, Varivax, Ceravix, Gardasil, Fluzoone, and Prenvar 13 have been recognized as the major segments of the global market for biological drugs and Prevnar 13 has been identified as the fastest growing segment among them in this study.
On the regional basis, the research report has segmented the global biological drugs market into Asia Pacific, Europe, North America, and the Rest of the World. North America accounted for the largest share in the overall market in 2014. Analysts expect this regional market to witness steady growth over the forecast period due to the expanding application base of biological drugs and their increasing usage in the treatment of various conditions such as diabetes and cancer.
Although the market in North America has experienced a rise in its valuation over the past few years, it is the Asia Pacific market, which is considered as the most attractive regional market for biological drugs among manufacturers. The availability of a skilled workforce required for drug production in Asia Pacific at much lower rates has attracted a number of drugmakers for investing in this region, thereby stimulating the Asia Pacific market for biological drugs, notes the study.
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