San Francisco, California, March 26, 2018: A recent market study by TMR Research, titled, “Biologic Therapeutics Market – Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017–2025,” states that increasing applications of biological products to diagnose, thwart, and treat a range of diseases would promote the global market.
The rising reimbursement for biologics – state-run insurance schemes and medical insurance companies are accepting greater number of claims against biologic therapeutics – are already pushing up demand in the biologic therapeutics market. Besides, popularity of biologic therapeutics drugs because of their efficiency and reduced side effects compared to chemical-based drugs is also helping market growth. The rising occurrence of chronic ailments, namely diabetes, cancer, and coronary arteries along with a burgeoning population of elderly is raising the demand for biologic therapeutics too.
One major challenge clipping the market growth to an extent is the difficulty in manufacturing the complex drug molecules. The problem, however, is temporary with ongoing research and development expected to provide better solutions in the near future. Europe is another prominent market because of the pioneering research in biotechnology in the region. Going forward, Asia Pacific is predicted to clock impressive growth.
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Some of the key players operating in the global biologic therapeutics market are Novartis Global, Pfizer Inc., Concord Biotech, Smith Medical, H. Lundbeck A/S, AstraZeneca, GlaxoSmithKline plc, Aurobindo Pharma Ltd., Merck & Co. Inc., and Retractable Technologies Inc. In order to progress in the market, the players are seen expending time and large sums of money on exhaustive research and development to come up with better products. They are also seen constantly eyeing profitable mergers and acquisitions to gain access to greater resources and products. The report delves deep into such strategies and also offers information on the players’ sales and revenues and market shares.