The
biological drugs market encompasses a class of medicine that is
developed through genetic modification of monoclonal antibodies.
Monoclonal antibodies naturally inhabit the human immune system and
help the body in fighting from a variety of diseases.
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When
these antibodies are genetically modified, they can be used to treat
specific diseases. Biological drugs differ from normal prescription
drugs in the sense that they can produce almost “pinpoint”
accurate results and have the capability of tracking down the sites
or cells that need to be treated. In theoretical terms, biological
drugs are capable of finding diseases cells in such an effective
manner that they make the treatment entirely safe and effective, with
fewer side effects. Biological drugs are in many ways the answer to
the key concern of effective and safe healthcare.
In
actual use too, biological drugs have been found to be very effective
against a number of chronic diseases. Often termed as “future
drugs”, the market for biological drugs has been observing growth
at an immense pace and is soon expected to surpass markets of normal
prescription drugs for chronic conditions.
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Market
Statistics
The
global market of these “medicines-of-the-future” is witnessing
growth at a significant pace. Three factors are majorly responsible
for this – rising percentage of world’s ageing population, rising
prevalence of a number of chronic diseases, and growing awareness
about benefits of biological drugs.
In
2009, the global biological drugs market grew at a CAGR of 9.6% and
expanded from US$1, 01,656.5 million in 2009 to US$1,46,548.2 million
in 2013.
High
success rates of biological drugs in effectively curing many chronic
diseases such as arthritis, asthma, diabetes, and cancer in the past
few years have prompted government associations in promoting usage of
biological drugs over normal prescription drugs. Moreover, the
research and development on the field of biological drugs presents
immense growth potential for this market.
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All
these factors will help the market in achieving market value of
US$161,056.5 million in 2014. By the end of 2020, this market could
amass net worth of US$287,139.7 million.
Benefits
Biological
drugs have shown to have better health effects in the long run, with
very few side-effects. Studies say that these factors lead to quick
recovery and less additional treatment due to the lack of many
side-effects. To the end user, the most attractive benefit of using
biological drugs is the improvement in quality of life after being
treated with these drugs.
Currently,
there are only a few FDA-approved biological drugs in the market. The
ones in market are formulated for chronic conditions such as asthma,
diabetes, cancer, irritable bowel syndrome, etc. However, the
realization of potential benefits of biological drugs has put them on
fast track approval from the FDA. The development of biological drugs
is occurring at such a rate that many of the newly introduced
biological drugs have gained FDA approval within only a few days.
A
major concern with the growth of biological drugs market is the high
cost of these medicines. Biological drugs are currently priced at
higher rates than normal prescription drugs. However, bulk production
of biological drugs in the future will allow reduction in prices.
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Market
Segmentation
The
regional market of North America currently leads the global
biological drugs market. The high rate of awareness amongst end-users
in this region is the major reason behind stronghold of the
biological drugs market in the region. The biological drugs market is
also flourishing in Europe due to increased usage of these medicines
for chronic conditions such as cancer, diabetes, and inflammatory
diseases.
The
low cost of manufacturing in Asia-Pacific is attracting investments
from global biological drugs manufacturers in these regions,
supporting to further growth of the biological drugs market.
Moreover, central governments in Asian countries are also supporting
growth of the market by increasing investments in biotech companies
for research and development of novel biological drug formulations.
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