The global biopharmaceuticals market is found witnessing a CAGR of 7.32%. The market is largely driven by the growing geriatric population, increasing burden of chronic diseases, and rising inclination toward targeted therapy. Also, the huge demand of biopharmaceutical is facilitated by an accelerating focus in research and related investment.
The ability of biopharmaceutical products to address previously untreatable conditions has introduced innovative drugs in the market. About 70% of the potential medicines in development represent novel approaches to addressing diseases in areas, such as neurology, cancer, diabetes, and immunology. Biopharmaceuticals have thus seen to reduce the number of deaths due to cancer and HIV/AIDS in the past decade, which has led to an increase in the adoption of biopharmaceuticals in the global market.
In addition, the market demand for biopharmaceuticals is increasing with the rising desire to circumvent both the side-effects associated with some small-molecule therapeutics and invasive surgical treatments. However, high cost, along with the difficulty of the development of a biopharmaceutical drug, is one growth limiting factor.
Key Market Trends
Monoclonal Antibodies is Expected to Hold a High Market Share During the Forecasted Period
Among the given segments, monoclonal antibodies are believed to have the largest market size. This can be attributed to the growing research done with the help of monoclonal antibodies. On the other hand, the recombinant enzymes segment is expected to show rapid growth during the forecast period.
Monoclonal antibodies (mAbs) find their application in the areas of cancer treatment. Their use is becoming prevalent in developed countries, such as the United States and the United Kingdom. The mAb drugs in oncology are gaining momentum and growing at a decent pace. The segment is dominating the market currently, and the trend is expected to be followed in the future.
The recombinant enzymes, such as Enterokinase, are gaining attraction because of their efficacy in the digestion of the dietary proteins. This application has improved the market scope for this particular enzyme in the recent years.
North America Dominates the Market and Expected to do the Same in the Forecast Period
North America currently dominates the market for biopharmaceuticals, and is expected to continue its stronghold for a few more years. The United States has shown an incredible growth over the past several years. The country has been recognized as the innovation capital of the world for life sciences, and it is involved in global capital investments in the early stages of biopharmaceutical companies.
The United States holds the majority of the market in the North American region; this is due to the increasing prevalence of chronic diseases. In addition, there is a rise in per capita health expenditure in the country that is expected to increase over the forecast period, owing to the decrease in the unemployment rate.
The biopharmaceuticals market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by introducing new products with less prices. Companies, like Amgen Inc., Eli Lily & Company, Johnson & Johnson, and Pfizer Inc. hold a significant share in the biopharmaceuticals market.
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