The size of the Asia Pacific Biopharmaceuticals Market is estimated to be worth USD 40.25 billion in 2022. The market is expected to be growing at a CAGR of 10.05% and reach USD 64.96 billion by 2027. 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 good 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 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.
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 market's demand.
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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