The growing need for effective pharmacological treatment for diseases such as diabetes, cancer and others has led to the development of new biological products, commonly known as biological medicines. A biologic drug is a pharmaceutical product that is formed, extracted, or sometimes semi-synthesized from biological sources, including microorganisms, plant cells, or animal cells. They have comparatively large and complex structures relative to their conventional or traditional counterparts. A conventional or traditional drug undergoes about fifty tests, while a biological drug undergoes approximately two hundred and fifty tests in process throughout its growth process.
The global biologic drug market is experiencing significant growth, according to data generated by Variant Market Research, the market is expected to reach $394 billion by 2024, growing at a CAGR of 10.3% from 2016 to 2024 .
The growth of the market would be seen mainly due to the increasing prevalence of chronic diseases and the increase in the global elderly population. These drugs are used in the treatment and anticipation of various diseases such as cancer, autoimmune diseases, and blood-related diseases and other medical disorders. In addition, various government associations also endorse the use of these drugs. In addition, the development of biomedical sciences has enormous potential for market progress. However, high cost and expiring patents on blockbuster drugs hamper market growth. In addition, the risk of adverse effects that accompany biological injectable drugs is another key restriction for the market.
In the current year, the number of biologics in development and entertainment on the market has increased significantly. Their clinical application or use is quite limited by the absence of the attributes required for satisfactory absorption or distribution. Therefore, it is serious to frame them in safe, stable and effective administration systems, since they face strong enzymatic and infiltration barriers when administered orally, peptide and protein drugs have not yet been developed almost exclusively for the parenteral administration.
The evolution of these products is having a noticeable effect on the way and devices in which they are developed. Assistance between device designers and inventors occurs much earlier in the drug development cycle, allowing device designs in many cases to be tailored to the bioavailability goals and pharmacokinetic schemes of specific therapies.
North America is the main market driven by its extensive use to treat diseases such as diabetes, cancer and other chronic diseases that support the progress of the market in the region. In addition, numerous clinics in the region are concentrating on them for the treatment of various chronic diseases. For example, the American Center for Biological Medicine (ACBM) is one of the leading biological medicine clinics in the US.
Also, the European market is growing rapidly due to improved use for the treatment of many chronic diseases such as cancer, diabetes and inflammatory diseases. In Asia, low labor cost is attracting many biologic manufacturers to participate in Asian countries, adding to the growth of the biologic drug market in the region. In addition, Asian governments are supporting market development by increasing investment in biotech companies for the structure of R&D and manufacturing facilities.