Global Biological Drugs Market Report, published by Variant Market Research, forecast that the global market is expected to reach $394 Billion by 2024 from $180 Billion in 2016, growing at a CAGR of 10.3% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 11.4% and 10.8%, respectively, during the forecast period.
"Biological Drugs Market (By Product Type: Therapeutic Protein, Monoclonal Antibody, and Vaccine; By Geography: North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend, and Forecast, 2015-2024"
The factors driving the growth of the global biological drugs market are increasing geriatric population, growing prevalence of lifestyle and chronic diseases, increasing R&D budgets, and growing government initiatives supporting the adoption of biological drugs. Though, high cost of biological drugs and possibility of adverse effects may limit the growth of the market. Additionally, advancements in technology and lower cost of these medications would provide several growth opportunities in coming years.
Product type and geography are the key segments considered in the global biological drugs market. By product type, the market is categorized into therapeutic protein (Enbrel, Lantus, Neulasta, Avones, Novolog, Rebif, Humalog, Aranesp, Epogen, Levemir, Victoza, Betaseron, Neupogen, Eylea And Others), monoclonal antibody (Humira, Remicade, Rituxan, Avastin, Herceptin, Lucentis, And Others) and vaccine (Prevnar 13, Gardasil, Fluzone, Varivax, Cervarix, and Others). Among which, therapeutic proteins held the largest market share in 2016, followed by monoclonal antibody.
By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America and Europe accounted for majority of the market share with 49.5% and 27.0%, respectively in 2016. Moreover, in terms of growth, Asia-Pacific is expected to grow with the fastest CAGR of 11.4% during the forecast period 2016 to 2024, driven by, high adoption of generic drugs, increasing government budgets in R&D and low manufacturing costs.
Major companies operating in this market comprises, Baxter International Inc., Bristol-Myers Squibb Company, Merck & Co., Inc., Amgen Inc., Biogen Inc., GlaxoSmithKline Plc, Novartis AG, Eli Lilly and Co., Pfizer Inc., and Abbott Laboratories, among others.