The global biopharmaceuticals market is expected to generate $278.2 billion revenue by 2020, advancing at a CAGR of 9.6% during the forecast period. Among the various factors that drive the market demand, rising geriatric population, increasing prevalence of chronic diseases, growing popularity of biopharmaceuticals, and technological advancements, are some major drivers fueling the growth of this market.
Insights into Market Segments
Based on type, the biopharmaceuticals market is classified into colony-stimulating factor, recombinant proteins, interferon, recombinant human insulin, growth hormones, purified proteins, erythropoietin, monoclonal antibodies, vaccines, and others. Out of these, recombinant human insulin is likely to be the fastest growing category in this market in the coming years.
Based on application, the biopharmaceuticals market is categorized into oncology, inflammatory and infectious diseases, metabolic disorders, neurological disorders, cardiovascular diseases, and others. Of all these applications, the oncology category is likely to witness the fastest growth in this market, demonstrating a CAGR, of 11.1%, during the forecast period. Unhealthily lifestyle and improper eating habits have become some major risk factor for various chronic diseases in the current times. This rising prevalence of chronic diseases also supports the growth of the market across various application areas.
Increasing R&D Investments and Widespread Presence of Chronic Diseases to Drive the Market
The biopharmaceuticals industry players across the globe are investing huge amount in research and development (R&D) activities, to manufacture technologically improved products. Upsurge in the prevalence of chronic ailments also drives this market, since biopharmaceuticals have proven to be efficient treatment options for various chronic diseases, including cancer.
The companies are investing heavily on R&D investments for the development and formulation of a drug. The players in the market are initiating these investments with an aim to cater the growing demand of remedial options for various diseases. The pharmaceutical companies are focusing on the production and commercialize of effective products, which can treat life-threatening diseases, thereby providing a healthier life to the patients across the globe.
Biopharmaceuticals Market Competitive Landscape
The global biopharmaceuticals industry is marked by the presence of major players, including Abbott Laboratories, AstraZeneca PLC, Biogen Inc., Bristol-Myers Squibb Company, AbbVie Inc., Sanofi, Eli Lilly and Company, Pfizer Inc., Amgen Inc., and Novartis AG.
BIOPHARMACEUTICALS MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography