Biopharmaceuticals Market Scope and Opportunities Analysis 2018 - 2026
A pharmaceutical drug or entity or product extracted from, manufactured in, or semi-synthesized from biological sources is known as biopharmaceutical. Biopharmaceuticals are large molecule and complex drugs derived from live organisms. They are more efficient than small molecules and usually administered parentally (intravenous, subcutaneous, and intramuscular). Biopharmaceuticals are structurally similar to human body components, which increase its potential to treat certain types of diseases, such as, diabetes, cancer, rheumatoid arthristis, psoriaisis, and many more. Thus, improved safety and efficacy of biopharmacuticals as compared to other convential therapies have boosted the demand for biopharmaceuticals across the globe, thereby propelling the growth of the market.
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Rising geriatric population and growing prevalence of diseases, such as, cancer, rheumatoid arthritis, diabetes, etc. are likely to drive the growth of the global biopharmaceuticals market during forecast period. Morover, rise in adoption of biopharmaceuticals and strategic collaborations amony leading players are expected to contribute to the growth of the global market. However, stringent government regulations, complex manufacturing process, and high cost of therapy hinder the growth of the biopharmaceuticals market.
The global biopharmaceuticals market can be segmented based on type, application, and geography. In terms of type, the market can be divided into monoclonal antibody, erythropoietin, interferon, insulin, vaccine, hormone, growth and coagulation factor, and others. The monoclonal antibody segment is anticipated to hold a significant share of the biopharmaceuticals market during the forecast period owing to rise in adoption of monoclonal antibodies for the treatment of various diseases and strong clinical pipeline of monoclonal antibodies. In terms of application, the global biopharmaceutical market can be calssified into autoimmne disorder, oncology, metabolic disease, cardiovascular disease, infectious disease, neurological disease, and others.
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Rapidly growing prevalence of these diseases is anticipated to propel the demand for biopharmaceucticals, driving the growth of the biopharmaceuticals market during the forcast period. Other growth drivers of the market include rise in awareness among people, development in medical infrastructure, and increase in research and development expenditure. Furthermore, entry of biosimilars into the market has presented lucrative opportunities to market players, which is estimated to drive the growth of the biopharmaceuticals market in the next few years.
Based on geography, the global biopharmaceuticals market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global biopharmaceutical market, followed by Europe. Key drivers of the market in these regions are rising incidence of diseases such as cancer, rheumatoid arthritis, etc., developed health care infrastructure, high level of awareness among people regarding biopharmaceuticals, presence of leading companies, and increase in government expenditure. The biopharmaceuticals market in Asia Pacific is expected to grow rapidly during the forecast period due to large patient base, developing health care infrastructure, and rising government expenditure in health care in the region. Morover, increasing focus of key players for business expansion, rising adoption of biopharmaceuticals, and growing geriatric population propel the demand for biopharmaceuticals in the region. In Middle East & Africa and Latin America, lack of proper treatment facilities, low income level, and poor patient education are likely to hamper the growth of the biopharmaceuticals market in the next few years.
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Major players operating in the global biopharmaceuticals market include Amgen, Inc., F. Hoffmann-La Roche, Novo Nordisk A/S, Biogen, Inc., Eli Lilly and Company, Ltd., Abbott Laboratories, Merck & Co., Inc., Johnson & Johnson, Pfizer, Inc., and Sanofi.
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