According to a new market report published by Persistence Market Research “Global Market Study on Biopharmaceuticals: Asia to Witness Highest Growth by 2020”, the global biopharmaceuticals market was valued at US$ 162 Bn in 2014 and is expected to grow at a CAGR of 9.4% from 2014 to 2020, to reach an estimated value of US$ 278 Bn by 2020.
FACTS AT A GLANCE
Companies: Pfizer, Inc., F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc., Sanofi, Amgen Inc., AbbVie Inc., Merck & Co., Inc., Biogen Idec, Bayer AG, Eli Lilly and Company, and Novartis AG
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Coverage: All major geographies and key segments
Segments: By Type (Monoclonal antibodies,Erythropoietin,Granulocyte-colony stimulating factor (G-CSF),Purified proteins,Recombinant proteins ,Recombinant human insulin ,Growth hormones ,Interferon,Vaccines ,Others); By Therapeutic applications (Metabolic disorders,Oncology,Neurological disorders,Cardiovascular diseases ,Inflammatory and infectious diseases)
Geographies: North America; Europe; Asia; Rest of the World.
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ABSTRACT-
Biopharmaceuticals are medicinal drugs which are produced through biotechnology methods such as recombinant DNA techniques, fermentation, hybridoma techniques, and purification processes. Biopharmaceutical production involves the usage of biological sources, either live organisms or their active components. They are made up of proteins and nucleic acids and target specific diseases and patients groups. Biopharmaceuticals are used in the treatment of various chronic diseases such as cardiovascular, metabolic, neurological, cancer, and other rare diseases for which there are no available treatments. Biopharmaceuticals have lead to enhancement in the quality of healthcare and has improved the quality of life of patients. Various biopharmaceuticals used for treating such diseases are monoclonal antibodies, erythropoietin, growth hormones, recombinant proteins, recombinant human insulin, purified proteins, interferon, vaccines and other biopharmaceuticals. However, high costs of biopharmaceuticals, entry of low-cost biosimilars, and risk of side-effects posed by biopharmaceuticals act as restraints for the biopharmaceuticals market.
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In terms of value, North America dominates the biopharmaceuticals market. This is due to rising research and development investments and increasing technological advancements in biopharmaceuticals in the region. The market in Asia is expected to experience a high growth rate in the near future. This is due to improving the quality of healthcare and increasing adoption of biopharmaceuticals by physicians, drug wholesalers, pharmacies, and patients in the region.
Various factors such as increasing chronic diseases, aging population, and technological advancements in biopharmaceuticals along with increasing investment in research and development by various companies has lead to the growth of the global biopharmaceuticals market. However, high costs of biopharmaceuticals, the risk of side–effects, and availability of low-cost biosimilars are restraining the growth of the global market for biopharmaceuticals.
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