The global market for biopharmaceuticals comprises drugs that are formulated through biotechnology techniques such as isolation from microorganisms, human or animal cells, and through the use of recombinant DNA. Biopharmaceuticals are also developed through the use of transgenic plants, animals, and other living organisms that are genetically modified to formulate drugs.
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Currently, the market for biopharmaceuticals serves drugs for diseases such as Crohn's disease, rheumatoid arthritis, psoriasis, psoriatic arthritis, spondylitis, cancer, anemia, diabetes, chronic renal failure, etc.
The global biopharmaceutical market has come a long way today since its inception through the drug Humulin in 1982. The industry currently produces more than 300 biopharmaceuticals that are approved for use by patients and many drugs are in their last stages of development. It is currently worth more than US$100 billion and is projected to grow at double digit growth rates in the near future. The high growth prospects of the market have attracted international investments in the field. An overall thrust provided by biopharmaceuticals to the treatment and prevention of a number of life-threatening diseases make it probable that the biopharmaceuticals that finally get approval of drug authorities are potential goldmines for investors.
What is driving the global market for Biopharmaceuticals?
The market is chiefly driven due to the rising prevalence of chronic health conditions such as diabetes, cancer, asthma, a variety of cancers, rheumatoid arthritis, and the increasing pool of geriatric population across the globe. Several government bodies are also promoting the usage of biopharmaceuticals owing to their multiple benefits.
Biopharmaceuticals present the overall pharmaceutical industry a huge scope for future growth owing to their ability to effectively tackle conditions that cannot be managed by traditional medicines and their high potency. An increasing number of biopharmaceuticals are reaching the market with an increased scope of target therapeutic areas, and their popularity is rising on a global front. Developing countries represent many highly anticipated biopharmaceuticals in late-stage pipeline, a factor that is expected to propel the global biopharmaceuticals market substantially in the near future. Technological advancements in the global biopharmaceutical market have substantially changed the way biopharmaceutical drugs are discovered and manufactured these days.
However, there are many factors that are restraining the growth of the market to certain extents. These factors include the cost-intensive research and development process, and risk of side-effects associated with biopharmaceuticals to certain target classes. The most common side-effects of biopharmaceutical products include allergic reactions, sore throat, breathing problems, itching, etc. Additionally, the market is also threatened by the rising prevalence of low-cost biosimilars.
Brief overview of the Current state of the market
The global biopharmaceutical market comprises products in classes such as erythropoietin, monoclonal antibodies, granulocyte colony-stimulating factor (G-CSF), recombinant human (RH) insulin, biotech vaccines, human growth hormones (HGH), and interferon. Of these, the product class of monoclonal antibodies has the largest share of market demand currently. Of the numerous therapeutic classes served by the market, the class of neurological disorders takes up the major share of the global market.
On the geographic front, North America contributes the largest share of revenue generated by the overall biopharmaceuticals market. Asia represents the fastest growing market for biopharmaceuticals due to its rapidly rising pool of geriatric population. Elderly people are prone to skin conditions such as cellulitis and dermatitis, and eye diseases such as macular degeneration and glaucoma.
The market for biopharmaceuticals features the presence of some of the world’s biggest pharmaceutical companies including Abbott Laboratories, Inc., Biocon Ltd., Bristol-Myers Squibb Company, Amgen, Inc., Astrazeneca PLC, Glaxosmithkline, PLC, Novartis AG, Pfizer, Inc., Johnson & Johnson, Inc, Teva Pharmaceutical Industries Ltd., Ranbaxy Laboratories Ltd., Biogen Idec, Bayer AG, Sanofi, and Eli Lilly and Company.
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