Biopharmaceuticals are drugs produced with the help of biotechnology and derived from animals, microorganisms, and humans. These include proteins and nucleic acids used for in vivo and diagnostic purposes. Continuous research into the development of these vaccines and drugs has led to high efficacy and low adverse effects. The biopharmaceutical industry, although successful, faces operational setbacks. It requires large facilities and capital inflow for modifying the structure of molecules and cells to fit into the design of standard pills. Market Research Future (MRFR) has outlined the production technologies, developments of new technologies such as tissue engineering, and flexibility for customized medicines.
The global biopharmaceuticals market is set to touch a valuation of USD 394,998.5 million by 2025. It can exhibit a CAGR of 8.99% from 2019 to 2025 (forecast period). High demand for biopharmaceuticals as well as production of its formulation in a generic form, i.e. biosimilar, is likely to drive the market demand exponentially. Acceptance of these drugs due to its effectiveness in treating chronic diseases and prevalence of chronic diseases can bode well for the market. Close to 6 out of 10 adults suffer from a chronic disease according to a report in 2019.
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Investments by major pharmaceutical companies such as Eli Lilly and Company and Novartis can positively influence the global biopharmaceuticals market growth trajectory. Applications in prevention, diagnosis, and therapy can be a gamechanger for the industry. Advantages of biopharmaceuticals such as low toxicity and high selectivity as well as administration through multiple routes will be favorable for the market. Development of blockbuster drugs for treatment of diseases is likely to lead to a new mode of revenue for market players.
Key Players
Some of the significant participants in the global biopharmaceuticals market are Pfizer, Inc. (US), Amgen, Inc. (US), F. Hoffmann-La Roche AG (Switzerland), Johnson & Johnson Services, Inc. (US), Sanofi (France), AbbVie Inc. (US), Eli Lilly and Company (US), GlaxoSmithKline Plc (US), Bristol-Myers Squibb Company (US), AstraZeneca PLC (UK).
Segmentation
The global market for biopharmaceuticals has been segmented into product type, and application.
- Based on Product Type, the global market for biopharmaceuticals has been segmented into monoclonal antibodies, recombinant growth factors, recombinant proteins, purified proteins, recombinant hormones, vaccines, synthetic immunomodulators, and others. The monoclonal antibodies segment holds the most significant market share due to increasing research activities using monoclonal antibodies.
- Based on the Application, the global market for biopharmaceuticals has been segmented into neurological diseases, oncology, inflammatory and infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders, disease prevention, cardiovascular diseases, and others. Neurological diseases are expected to be the fastest-growing segment due to the increasing prevalence of various neurological diseases.
Regional Analysis
The Middle East & Africa (MEA), Americas, Asia Pacific (APAC), and Europe are regions covered in the global biopharmaceuticals market report.
The Americas is the largest market for biopharmaceuticals due to expedited approval process of drugs by regulatory bodies, high incidence of cancer, and presence of major pharmaceutical companies.
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Adoption of new platforms for the latest technologies such as gene therapy, cell therapy, and antibody drug conjugates can bode work in favor of the market. Adherence to regulations pertaining to scrutiny and compliance of quality are other growth drivers.
APAC is expected to exhibit a robust pace during the forecast period owing to patients suffering from diabetes and cancer. Supportive regulations for the production of biopharmaceuticals can positively impact regional market growth. On the other hand, the Europe biopharmaceuticals industry is driven by a well-developed healthcare infrastructure, high prevalence of neurological diseases, and a large geriatric pool.
