Biopharmaceuticals are made up of microorganisms and genetically modified substances, and are medicinal drugs produced through fermentation, purification processes hybridism techniques, and recombinant DNA techniques. Live organisms or their active components, or biological sources are utilized in the biopharmaceutical process. Biopharmaceuticals differ from the chemically synthetic pharmaceutical drugs and have blood components, blood, vaccines, somatic cells, tissues, living cells, proteins, and biological sources.
In 2014, the global biopharmaceuticals market value stood at US$ 161,851.6 million and is anticipated to develop at a CAGR of 9.4% to reach US$ 278,232.9 million by 2020.
Diseases, Cure, and Newer Technology, Investments Impact Market Growth
Globally there is a marked increase in the production of biopharmaceuticals since the last few years and newer diseases that are looming in the world have boosted the industry. This is because biopharmaceuticals offer advantages in treating diseases such as cancer, cardiovascular, neurological, metabolic, and other rare diseases for which no other treatment is known.
Biopharmaceuticals offer possibilities of cure rather than merely treatment and have added better quality to patients’ lives and are known to have fewer side effects. Biopharmaceuticals are a fast-growing market due to the increasing population suffering from inflammatory, cardiovascular, and infectious diseases. Newer technologies are making it easier to produce biopharmaceutical drugs for the treatment of various conditions worldwide.
America Leads Market and Asia Potential Market for Biopharmaceuticals Growth
There are many growth drivers that are fuelling the biopharmaceuticals market across the world. North America leads the worldwide market for biopharmaceuticals due to heavy investments in research and advancement in countries in this region. The North America biopharmaceuticals market was valued at US$ 64,681.3 million in 2014 and is projected to reach US$ 111,598.2 million by 2020 at a CAGR of 9.5% over the forecast period.
There is anticipated growth in Asia for biopharmaceuticals due to healthcare development and improvement. Pharmacies, physicians, drug wholesalers, and patients in the Asian region are increasingly adapting to the use of biopharmaceuticals for the effective treatment of diseases. The market restraints for biopharmaceuticals are high costs of associated drugs, risks of side effects, and entry of low-cost biosimilars in the market.
Drug Types, Therapeutic Application, and Segments That Constitute Biopharmaceuticals Market
The market for biopharmaceuticals is segmented by types, therapeutic application, and geography. The types of biopharmaceuticals include purified proteins, vaccines, interferon, recombinant human insulin, granulocyte-colony stimulating factor (G-CSF), erythropoietin, growth hormones, purified proteins, recombinant proteins, and others.
Therapeutic application segment for biopharmaceuticals includes cardiovascular diseases, metabolic disorders, inflammatory and infectious diseases, oncology and neurological disorders among others.
Geographical segment for biopharmaceuticals are North America, Europe, Asia and Rest of the World (RoW). North America is sub divided into the U.S. and Canada. Europe’s sub segments include Germany, Italy, France, U.K. Russia, and Spain. The Asian segment includes China, India, and Japan. Rest of the World (RoW) includes Brazil and Australia. Increasing investment in research of biopharmaceuticals, outsourcing to contract manufacturing organizations (CMOs), growing ageing population, and more companies developing biopharmaceuticals are among the reasons for market expansion in biopharmaceuticals.
The major players in the biopharmaceuticals industry include Merck & Co., Bayer AG, Abbott Laboratories, Merck & Co., GlaxoSmithKline Plc, AbbVie Inc., Sanofi, Bristol-Myers Squibb Company, AstraZeneca PLC, Pfizer, Inc., F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc., Bayer AG, Biogen Idec, Eli Lilly and Company, Novartis AG and others.
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