Biopharmaceuticals Market is expected to hold a value of USD 471,021.1 Mn by 2027 at a CAGR of 9.13%.
Biopharmaceuticals Market Synopsis
Biopharmaceuticals are medical drugs produced using biotechnology. Biopharmaceuticals can be proteins (including antibodies), nucleic acids (DNA, RNA, or antisense oligonucleotides) that are used for therapeutic or in vivo diagnostic purposes. These are produced by various means, including direct extraction from a native (non-engineered) biological source. The first such biopharmaceutical approved for therapeutic use was recombinant human insulin (RHI, trade name Humulin), which was developed by Genentech and marketed by Eli Lilly and Company in 1982. Growing market demand for biopharmaceuticals, rising investment by major companies on research & development of biopharmaceuticals, the high incidence rate of chronic diseases, and increasing acceptance for biopharmaceuticals due to their ability to treat previously untreatable diseases is expected to drive the market growth. As of September 2019, approximately six in 10 adults in the US suffer from a chronic disease. Moreover, rising geriatric population and increasing technological advancements are also anticipated to fuel the market growth.
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Several market players currently dominate the global biopharmaceuticals market. The key players are involved in product launches and acquisitions to strengthen their market positions.
Segmentation
The global biopharmaceuticals market has been segmented based on product type and application.
The global biopharmaceuticals market has been segmented, on the basis of product type, into monoclonal antibodies, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, vaccines, synthetic immunomodulators, and others. The recombinant growth factors has been further bifurcated into erythropoietin and granulocyte colony-stimulating factor. The purified proteins segment has been further classified as leukemia inhibitory factor (LIF), P53 protein, P38 protein, and others. The recombinant proteins segment has been further divided into serum albumin, amyloid protein, defensin, transferrin, and others. Vaccines have also been segregated into recombinant vaccines, conventional vaccines, and others. The recombinant vaccines have been further sub-segmented into cancer vaccines, malaria vaccines, Ebola vaccines, hepatitis B vaccines, tetanus vaccines, diphtheria vaccines, cholera vaccines, and others. Conventional vaccines have been categorized as polio vaccines, pox vaccines, and others. Synthetic immunomodulators segment has been further divided into cytokines, interferons, interleukins, tumor necrosis factor (TNF), and others. Monoclonal antibodies segment is anticipated to hold the largest market share in the global biopharmaceutical market due to the increasing number of research activities that are supported by the usage of monoclonal antibodies. Vaccines are expected to grow at the fastest CAGR owing to the rising awareness of chronic diseases.
The market based on application has been segmented into oncology, inflammatory & infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders, disease prevention, cardiovascular diseases, neurological diseases, and others. The oncology segment is expected to hold the largest share of the market due to the high prevalence of cancer. In 2019, 606,880 cancer-related deaths occurred in the US. The neurological diseases segment is expected to grow at the fastest CAGR owing to the rising prevalence of neurological disorders such as Parkinson’s disease and epilepsy. Nearly 60,000 people in America are diagnosed with Parkinson’s disease every year.
Key Players
Some of the key players in the Global Biopharmaceuticals Market are Pfizer Inc. (US), Amgen Inc. (US), Eli Lilly and Company (US), F. Hoffmann-La Roche Ltd (Switzerland), Johnson & Johnson (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Abbvie Inc. (US), Sanofi (France), Bristol-Myers Squibb Company (US), Sandoz International GmbH (Germany), Novo Nordisk A/S (Denmark), GlaxoSmithKline PLC (UK), Merck KGaA (Germany), and Biocon (India).
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increasing prevalence of chronic diseases. The biopharmaceuticals market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European biopharmaceuticals market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The biopharmaceuticals market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing patient pool suffering from various chronic diseases and a supportive regulatory framework, the market in Asia-Pacific is expected to be the fastest-growing. The biopharmaceuticals market in the Middle East & Africa has been divided into the Middle East and Africa.
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