According to a new market report published by Persistence Market Research “Global Market Study on Biological Drugs: North America to Witness Highest Growth By 2020”, the global biological drugs market was valued at US$ 161,056.5 Mn in 2014 and is expected to grow at a CAGR of 10.1% from 2014 to 2020, to reach US$ 287,139.7 Mn by 2020.
Biological drugs are typically derived from living organisms and are mainly used in the prevention and treatment of various chronic diseases such as blood disorders, cancer, auto-immune diseases, and other medical conditions.
Globally, the biological drugs market is growing rapidly due to increasing prevalence of chronic diseases and growing geriatric population. In addition, various government associations are promoting the usage of biological drugs for the treatment of diseases. Moreover, advancements in biomedical sciences hold immense potential for the growth of the biological drugs market.
The global biological drugs market is anticipated to grow from an estimated US$ 161,056.5 Mn in 2014 to US$ 287,139.7 by 2020, at a CAGR of 10.1% during the forecast period.
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North America is the largest market for biological drugs. Enbrel is the largest and fastest growing therapeutic protein in the global biological drugs market. In the monoclonal antibody (mAb) segment, Humira is the largest and fastest growing mAb. Prevnar 13 is the largest and fastest growing vaccine in this market.
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The North America market is anticipated to grow from an estimated US$ 79,225.7 Mn in 2014 to US$ 147,783.8 Mn by 2020 at a CAGR of 10.9% during the forecast period.
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