The global biopharmaceutical market size is projected to register a substantial CAGR during the forecast period attributed to the growing geriatric population base and increasing awareness level among the people. The further growth of the market is attributed to increasing expenditures for healthcare.
The complex drugs or medicines that are made from living organisms or living cells that are produced primarily by using biotechnological methods are known as biopharmaceuticals. Nucleic acid and proteins are extracted from biological sources generally from animals and plants for the production of biopharmaceuticals; however, it is a disputed method and is under trial phase. The first biopharmaceutical approved for the purpose of therapeutic was recombinant human insulin and at present there are about 300 biopharmaceuticals available in the market. The market is expected to witness substantial growth due to increasing approval of biopharmaceutical products by the U.S. Food and Drugs Administration (FDA). For example, the Beovu injection produced by Novartis was approved by FDA in October 2019 for the treatment of wet age-related macular degeneration.
The COVID-19 pandemic had a positive impact on the biopharmaceuticals market as the majority of biopharmaceutical companies are constantly and extensively trying to develop an effective vaccine against the SARS-CoV2 virus. Most of the vaccines that are being developed are based on RNA, DNA, and protein subunits, which is anticipated to propel the market growth. However, the regulatory procedures of drugs face a sluggish pace due to change of rules of the healthcare system in order to lessen the infection among the patients for clinical trials. The monoclonal antibodies are expected to witness a surge in demand for the targeted COVID-19 patients. For example, Itolizumab a monoclonal antibody produced by Biocon Ltd, India got approved by the Drugs Controller General of India (DCGI) for the emergency treatment COVID-19 in July 2020.
The report on the global biopharmaceutical market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Biopharmaceutical Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Market Types (Enzyme Market, Cancer Monoclonal Antibodies Market, Biosimilar Market, and Protein Therapeutics Market) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Biogen Idec.; Pfizer Inc.; GlaxoSmithKline PLC; Merck & Co.; Amgen Inc.; Abbott Laboratories; and Novartis A.G. |
On the basis of market types, the global biopharmaceutical market is divided into enzyme market, cancer monoclonal antibodies market, biosimilar market, and protein therapeutics market. The biosimilar market segment held a major share of the market in 2019 and is anticipated to dominate the market in the coming years attributed to the availability of drugs that are high cost and the presence of high pharmaceutical expenditures. Moreover, the protein therapeutics segment is estimated to expand at a high growth rate during the projected period attributed to the high efficiency of target therapy, which causes little to no side effects.
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to hold a large share of the market during the forecast period attributed to the presence of a high geriatric population base, availability of sophisticated healthcare facilities, and growing healthcare expenditure in the region. However, the market in Asia Pacific is anticipated to grow at a fast pace in the coming years owing to the presence of several industry opportunities for the expansion of the biopharmaceutical industry in the region.
The global biopharmaceutical market has been segmented on the basis of
Key players competing in the global biopharmaceutical market are Biogen Idec.; Pfizer Inc.; GlaxoSmithKline PLC; Merck & Co.; Amgen Inc.; Abbott Laboratories; and Novartis A.G. Many of these players have adopted business strategies such as launch of new products, advancement of technologies, partnerships, mergers, and production capacity expansion in order to increase their consumer base and market position globally.
The global biopharmaceutical market has been segmented on the basis of
Key players competing in the global biopharmaceutical market are Biogen Idec.; Pfizer Inc.; GlaxoSmithKline PLC; Merck & Co.; Amgen Inc.; Abbott Laboratories; and Novartis A.G. Many of these players have adopted business strategies such as launch of new products, advancement of technologies, partnerships, mergers, and production capacity expansion in order to increase their consumer base and market position globally.
Some other reports from this category!