IMARC Group’s latest report titled, “Global Biopharmaceutical Market Report & Forecast (2017-2021)”, finds that the global biopharmaceuticals market reached a value of more than US$ 170 Billion in 2016, growing at a CAGR of nearly 9% during 2009-2016. Biopharmaceuticals are large, complex molecules extracted from biological sources such as yeast, E. coli and mammalian cell cultures. Presently, the applications of biopharmaceuticals are increasing as these drugs have high efficiency, limited generic threat, are target oriented, and can be used to treat ailments such as cancers and autoimmune diseases. Biopharmaceuticals also have a higher approval rate as compared to small molecule drugs and have a strong tendency to achieve blockbuster status.
Highlights of the global biopharmaceuticals market:
- Rising prevalence of chronic diseases remains the primary driver of the market.
- Monoclonal antibodies are expected to exhibit the fastest growth in the coming years.
- The United States represents the largest market owing to scientific advancements in the region.
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Currently, the global biopharmaceuticals market growth is being influenced by several factors. The rising prevalence of chronic diseases such as autoimmune disorders, cancer, diabetes, etc. is one of the major factors influencing the demand for biopharmaceuticals worldwide. Additionally, an aging global population coupled with increase in the expenditure on healthcare induced by inflating per capita incomes is also expected to influence the growth of the market. As a result, the market is expected to reach a value of around US$ 250 Billion by 2021.
The market has been segmented on the basis of key regions. Owing to the scientific advancements and research facilities, the biopharmaceutical market is largely concentrated in the North American and Western European countries. Among these, the United States currently represents the world’s largest biopharmaceutical market. However, the growth rates in these markets are expected to decline as both the government and private insurance providers are expected to apply cost containment measures. As a consequence of this, biopharmaceutical giants are shifting their focus towards emerging markets such as China, Brazil, India, Russia, Turkey, South Korea and Mexico so as to expand their businesses. The huge population of these regions along with rising incomes, expanding health insurance coverage and increasing demand for top-shelf medical treatments is expected to drive the biopharmaceutical market in these regions.
On the basis of biopharmaceutical classes, recombinant proteins currently represent the biggest segment, accounting for the majority of the total global sales. Recombinant proteins were followed by monoclonal antibodies and purified proteins. Monoclonal antibodies, on the other hand, are expected to be the fastest growing class. On the basis of indication, the market has been segmented as autoimmune diseases, oncology, metabolic disorders, etc. The global biopharmaceuticals market is highly competitive with the presence of a large number of established players. Some of the key players are Amgen, Roche, AbbVie, Novo Nordisk and Johnson & Johnson.
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The report has examined the global biopharmaceuticals market on the basis of:
- Autoimmune Diseases
- Metabolic Disorders
- Recombinant Proteins
- Monoclonal Antibodies
- Purified Proteins
- North America
- United States
- Latin America
- United Kingdom
- Asia Pacific
- South Korea
- Novo Nordisk
- Sanofi SA
- Johnson & Johnson
- Merck & Co.
- Biogen Idec
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