The size of the Asia Pacific biopharmaceuticals market is estimated to be worth USD 44.3 billion in 2023. The market is expected to grow at a CAGR of 10.05% and reach USD 71.5 billion by 2028. The Asia Pacific is the third-largest biopharmaceuticals market in the world after North America and Europe. The primary driver for the pharmaceutical industry in this region is generics, aided by factors such as the aging population and the impending expiry of patented drugs.
Biopharmaceuticals are medical drugs that can either be produced by biotechnological techniques like recombinant DNA technology or transgenic plants and genetically modified animals. Various diseases such as cancer, diabetes, rheumatoid arthritis, cardiovascular diseases, and chronic renal failure are treated by biopharmaceutical drugs, which were non-curable with earlier molecular drugs.
Significant factors such as technological advancements in biopharmaceuticals, increasing geriatric population, increasing research and development investment, and rising incidences of chronic diseases propel market growth. Besides, biopharmaceuticals' ability to approach a specific target with high efficiency helps treat various chronic diseases and disorders.
However, the risk of side effects and the high cost of biopharmaceuticals are restraining the market's growth.
This research report on the Asia-Pacific biopharmaceuticals market has been segmented and sub-segmented into the following categories:
By Product Type:
By Therapeutic Type:
Regionally, The Chinese biopharmaceutical market is forecasted to lead the Asia Pacific market due to the highest population. The Chinese government is investing more in research and development, which is propelling market growth. In addition, there is a considerable increase in the FDI because of the low-cost labor and infrastructure.
The Indian biopharmaceutical market is one of the leading markets in the world. It holds an essential position in the global market. India export around 80% of the anti-retroviral across the globe. The Indian government is investing more in the biopharma market. The biopharmaceutical market contributes up to 60% of the total income generated by the industries. India supplies 50% of the aggregate demand for vaccines required globally.
The biopharmaceutical market growth is comparatively promising in Japan. There is a lot of research going on in the field of biopharma. In addition, the increasing scale of pharmaceutical companies is escalating the demand of the market. The biopharmaceuticals market growth in Japan is primarily driven by the increasing elderly population with various chronic diseases. According to a recent survey in Japan, around 80% of elderly people aged above 75 are having multiple chronic diseases. These statistics are greatly influencing the growth rate of the market in Japan. Biopharmaceuticals offer excellent treatment options by targeting the underlying cause of the complex disease, which further promotes effective outcomes. Government initiative steps to improve the healthcare facilities with the latest technologies is leveraging the growth rate of the market. In addition, the availability of skilled workforce is prompting the growth for the biopharmaceuticals market in Japan.
The biopharmaceutical market in Australia is currently growing at a high pace. The government is investing hugely in the biopharmaceutical market. There is an excellent opportunity for foreign investment in the market. Due to the impact of COVID-19, market growth is growing substantially.
The South Korean biopharmaceuticals market is esteemed to have prominent growth opportunities during the forecast period. The country’s investments in clinical trials to avail high-quality precision medicine are gearing up the demand for the biopharmaceuticals market. Increasing focus on developing vaccines, monoclonal antibodies, and biosimilars is likely to fuel the growth rate of the market in the foreseen years. Ministry of Food and Drug Safety emphasizes stringent rules and regulations in approving drugs with high quality and safety, which is inclined to propel the demand for the market. There is an excellent advancement in R&D in South Korea, which boosts the biopharmaceutical market growth in this country. In addition, many clinical trials are going on in South Korea and are to fuel the South Korean market growth.
The biopharmaceuticals market in Singapore is anticipated to showcase a prominent CAGR during the forecast period. Growing incidences of cancer patients are a major factor for the market to grow in Singapore. A growing number of cancer patients is increasing the demand for the launch of innovative treatment procedures with high precision values. National Cancer Centre Singapore report states that around 49% and 51% of males and females, respectively, are suffering from cancer diseases.
KEY MARKET PLAYERS:
A few of the promising companies operating in the APAC Biopharmaceuticals market profiled in this report are Merck & Co., Inc., F. Hoffmann-La Roche AG, Eli Lilly and Company, Inc., Sanofi, Amgen Inc., AbbVie Inc., Biogen Idec, Bayer AG, Johnson & Johnson Services, Pfizer, Inc. and Novartis AG.
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