Medicines that are created by means of biotechnology are termed as biopharmaceuticals. The biotech methods used can include purification processes, hybridoma techniques, fermentation, and DNA techniques. It requires the use of active components taken from live organisms or the organisms themselves, both being biological sources. The active components’ constitution is of nucleic acids and specific proteins. They are useful because they target specific diseases within the human body. What makes the global biopharmaceuticals market special is the ability of these medicines to be able to help patients who suffer from illnesses that do not have conventional treatment methods. This list includes chronic diseases including various cancers, neurological diseases, metabolic diseases, and cardiovascular diseases. Biopharmaceuticals have had a definite positive impact on the lives of these patients in terms of them being able to live normally again.
The global biopharmaceuticals market is progressing at a CAGR of 9.40% between 2014 and 2020. This market was valued at US$162 bn in 2014. Going by its current rate of growth, the global biopharmaceuticals market should be able to reach US$278 bn before the end of 2020. This spells good news in terms of profits and improved investments for new players as well the current prominent players, including Abbott Laboratories, AstraZeneca PLC, Bristol-Myers Squibb Company, and GlaxoSmithKline PLC. The global biopharmaceuticals market is, however, widely influenced by the actions of the top players in it, such as Novartis AG, Eli Lilly and Co., Bayer AG, Biogen Idec, Merck & Co., Inc., AbbVie, Inc., Amgen, Inc., Sanofi, Johnson & Johnson Services, Inc., F. Hoffmann-La Roche AG, and Pfizer, Inc.
Global Biopharmaceuticals Market Propelled by Growing Number of Patients of Chronic Diseases
The number of people suffering from chronic illnesses around the world is growing at a high rate, owing to various factors such as the prevalence of unhealthy lifestyles and the rise in the global geriatric population. This has consequently propelled the global biopharmaceuticals market, as major investments, research and development efforts, and product rollouts are being done to assist the patients. This is further boosted by the advancements in technology that have made it easier for biopharmaceuticals to be produced at larger scales. There have also been major improvements in the biopharmaceuticals themselves when it comes to targeting harmful bodies with increased efficacy. This creates a loop of progress within the global biopharmaceuticals market, where the medicines produced help achieve what conventional medicines cannot.
However, the global biopharmaceuticals market is not without its set of shortcomings, including the high costs associated with the market. Other restraints include the cautious nature of patients and regulatory authorities over biopharmaceuticals regarding the side-effects they cause. The global biopharmaceuticals market is also affected by the advent of the low-cost bio-similars market.
North America Leads Global Biopharmaceuticals Market
The global biopharmaceuticals market was dominated by North America in 2014. The region held a share worth US$64.7 bn in 2014 and is expected to progress at a CAGR of 9.50% from 2015 to 2020. By the end of 2020, North America should hold a biopharmaceuticals market valued at US$111.5 bn.
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