Biologics Market Analysis - Likely To Observe Exponential Growth In The Future
Biologics are also known as biologic medical products or biopharmaceuticals. They are extracted from biological sources, such as human beings or animals. The biologics market is witnessing exponential growth and is likely to attain USD 178.5 billion by 2017.
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Biologics consist of proteins, nucleic acids, sugars or combinations of all. Also, they are different from chemical based medicines. They include vaccines, gene therapies, recombinant therapeutic proteins, blood components, allergenics, somatic cells, living cells and tissues.
The key factors driving the biologics market are growing geriatric population worldwide, prevalence of chronic diseases, government support and increasing diabetic patients. Biologics can be used to cure various diseases, including cancer, blood related diseases, immune diseases and other chronic diseases. Huge research & developments and improvements in technology are likely to propel further demand for the biologics market over the forecast period.
Globally, the market is divided into four key regions, including North America, Europe, Asia Pacific and ROW (rest of the world). North America leads the biologics market and is followed by Europe and Asia Pacific. This is due to a variety of biopharmaceuticals applications for the treatment of cancer and diabetes in the region.
Europe has shown steady growth. This is on account of rising usage of biopharmaceuticals for curing chronic diseases and cancer. Asia Pacific is the fastest growing biologics market. This is due to increasing usage of biopharmaceuticals, low manufacturing costs, huge research & developments and improvements in medicine in China and India.
High unmet healthcare demands in China and India also drive demand for the biologics market.
Biologics Market Analysis
Information Source: Grand View Research
Posted on Apr 16, 2015 | Category Healthcare