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Biopharmaceuticals Market Overview
The global biopharmaceuticals market is anticipated to be valued at $278.2 billion by the year 2020. The market is expected to advance at a CAGR of 9.6% during the forecast period. Greater acceptance of biopharmaceuticals to treat a range of diseases is a prominent factor for the growth of this market. In addition, increasing pool of aged population, widespread presence of chronic ailments and technological advancements in biopharmaceuticals are some other key factors for the increasing market demand.
In terms of application, the biopharmaceuticals market is classified into oncology, inflammatory and infectious diseases, metabolic disorders, neurological disorders, cardiovascular diseases, and other applications. Of these, the oncology application category will lead the market, both in terms of size and growth, throughout the analysis period. The market in this application area is expected to account for 29% share by 2020.
Colony-stimulating factor, recombinant proteins, interferon, recombinant human insulin, growth hormones, purified proteins, erythropoietin, monoclonal antibodies, and vaccines are some types of biopharmaceuticals available in the market. Among these types, the monoclonal antibodies category leads the biopharmaceuticals market. The category is expected to hold the largest share, of 25%, by 2020. Further, the market is likely to witness fastest growth in the category of recombinant human insulin in the coming years.
Factors, such as growing geriatric population and widespread presence of chronic ailments, are driving the growth of the market in the North American region; thereby, making it the largest market for biopharmaceuticals, on the basis of geography. In addition to these factors, technological advancements and extensive research and development (R&D) expenditure are some other factors for the growth of this market in North America. The players in the regional market are coming up with biopharmaceuticals that have shown improved efficiency to act against particular target areas for various cardiovascular, neurological, and oncological indications.
The U.S accounts for the maximum share in the North American market, mainly on account of the increasing prevalence of chronic diseases and rising per capita income of the country’s population.
Biopharmaceuticals Market Dynamics
Several benefits offered by biopharmaceuticals and technological advancements are leading to the growth of the biopharmaceuticals market. These products have been found of significant importance for the treatment of various diseases, including infectious diseases, neurological disorders, and cancer. Biopharmaceuticals are extremely useful for the management of various neurodegenerative disorders, as these disorders require drug to be administered directly into the brain, which is not possible in traditional medications. Further ongoing technological advancements is also supporting the growth of this market. These advancements have been able to increase the survival rate of the patients suffering with serious diseases like cancer and hepatitis.
The growth of the biopharmaceuticals market is likely to be limited by several factors. Among these the high cost of biopharmaceuticals is expected to have a major negative impact on the growth of this market in the coming years. The cost of manufacturing biopharmaceuticals is high as it involves the use of living organisms. Further, the isolation, production, and utilization of living organisms, which involves recombinant DNA technology, for biopharmaceutical drug production, is a complicated process. It requires skilled professionals, which further increases the cost of manufacturing for these products.
Growing tendency of the market players to outsource the production of biopharmaceutical drug substance to contract manufacturing organizations (CMOs) is a leading trend that has been observed in the biopharmaceuticals market, across the globe. This basically helps to reduce the investments on a new product launch at the market player’s end.
Biopharmaceuticals Market Competitive Landscape
The key players in the global biopharmaceuticals industry include Novartis AG, Amgen Inc., Biogen Inc., Bristol-Myers Squibb Company, AbbVie Inc, Abbott Laboratories, Eli Lilly and Company, Sanofi, Pfizer Inc., and AstraZeneca PLC.
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