The global biological drugs market is anticipated to grow at a significant CAGR during the forecast period. Biological drugs are substance that is made from a living organism or its products such as antibodies, interleukins, and vaccines. They are used in the prevention, diagnosis, or treatment of cancer and other diseases. The major factor for the growth of the global biological drugs market during the forecast period is the rising burden of chronic diseases as well as growing demand for innovative therapies.
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According to the Center for Disease Control and Prevention (CDC), 129 million or 51.8% of noninstitutionalized adults had been diagnosed with at least 1 of 10 selected chronic conditions. Additionally, 24.6% (61 million) of adults had 1 chronic condition, and 27.2% (68 million) had equal or more than 2 chronic conditions. Furthermore, as per American Action Forum, the total cost of chronic disease in the US reaches $3.7 trillion each year which is almost 19.6% of the country’s gross domestic product (GDP). Hence, the rising chronic disease is driving the demand for biological drugs which in turn is driving the market growth.
Some major players in the market include AbbVie Inc., Amgen, Inc., Eli Lilly and Company, F. Hoffmann-La Roche AG, and GlaxoSmithKline plc. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in August 2021, Pfizer Inc. and BioNTech SE announced the commencement of a supplemental Biologics License Application (sBLA) to the FDA. The application was aimed for the approval of a booster dose of COMIRNATY to prevent COVID-19 in individuals 16 years of age and older.
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Biological Drugs Market Report by Segment
By Product
- Therapeutic Protein
- Monoclonal Antibody
- Vaccine
A full report of Biological Drugs Market is available at: https://www.omrglobal.com/industry-reports/biological-drugs-market
Biological Drugs Market– Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- AbbVie Inc.
- Amgen, Inc.
- Eli Lilly and Company
- Hoffmann-La Roche AG
- GlaxoSmithKline plc.
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