Biological Drugs Market to Rise due to Increasing Occurrence of Chronic Diseases
Biological Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
The global biological drugs market is considerably fragmented due to the presence of a large number of market players, Transparency Market Research (TMR) finds in a new study. The degree of competition in the global biological drugs market is moderate as consumers have a medium level of brand association.
A TMR analyst points out, “The introduction of new products that are suitable to be used in combination with other drugs for increased effectiveness against medical conditions is one of the key growth strategies adopted by the top companies in the global biological drugs market.” This is because products innovation is the mean for leading companies to stay ahead in the competition though there is a moderate degree of brand identity among buyers. A case in point is Amgen Inc. In 2014, the company introduced Vectibix to use in combination with FOLFOX for the treatment of patients with a specific type of colorectal cancer.
Collaborations and partnerships for evaluating safety and efficacy of treatment therapies are the means leading players in this market are adopting for increased visibility. Mergers and acquisitions are also on the growth charts of top players in the biological drugs market for the development and commercialization of biological drugs they manufacture.
Use of Biological Drugs for Chronic Diseases has Fewer Side Effects
An increasing incidence of chronic diseases is one of the major factors propelling the growth of the global biological drugs market. The increasing incidence of chronic diseases such as cancer, asthma, diabetes, and rheumatoid arthritis around the world is fuelling demand for biological drugs since they have has fewer side-effects than conventional drugs.
The rise of the geriatric population globally is also increasing the demand for biological drugs. This population class is susceptible to age-related disorders, wherein biological drugs are more effective for treatment. For example, Lucentis, a biological drug approved by the FDA is specifically used to treat age-related macular degeneration.
Endorsement and encouragement of use of biological drugs by government associations is also driving the demand for biological drugs. For instance, the National Institute for Health and Care Excellence (NICE) offers clinical guidance to healthcare professionals that recommend the usage of biological drugs based on their proven clinical effectiveness worldwide.
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Complexity of Production Process and High Raw Material Costs Hamper Market Growth
“The high cost of biological drugs is impeding the growth of this market,” says a TMR analyst. The high cost of raw materials along with complexity involved in procuring live organisms makes the production of biological drugs very expensive. Prior to production, extensive research and development efforts are involved that adds up to the production cost of biological drugs.
Patent expiration of various blockbuster biological drugs is one of the major concerns in the market due to a sharp decline in revenues. For instance, the patent for Humira, which is a drug for rheumatoid arthritis, expires in the U.S. in 2016 and in 2018 in the European region that recorded a global revenue of almost US$10.6 bn in 2013.
The risk of adverse effects associated with biological injectComplexity of Production Process and High Raw Material Costs Hamper Market Growthable medicines is also restraining the growth of the biological drugs market. Skin reaction and injection site reactions are the most adverse, yet the common type of effects of biological injectable medicines.
The global biological drugs market is expected to be worth US$287.13 bn by 2020. Prenvar 13 is expected to be the fastest growing vaccine segment in the coming years. Based on monoclonal antibody (mAb), Humira is expected to be the fastest growing biological drug.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of
Aug 30, 2016