The Biopharmaceuticals Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report the Biopharmaceuticals Market is estimated to be $161.4 USD billion and predicted to rise to $ 250.62 USD billion with a CAGR of 9.2%. The market is segmented by Product Type (Monoclonal Antibodies (mAb), Erythropoietin, Biotech Vaccines, Recombinant Human (RH) Insulin, Granulocyte colony-stimulating factor (G-CSF), Interferon and Human growth hormones (HGH)) by Therapeutic Type (Neurology, Infectious diseases, Diabetes, Oncology, Cardiovascular and Other Therapeutic Areas). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
Increasing aging population who are prone to autoimmune and neurodegenerative disorders, supports the development of novel therapies and drugs. Other key factors driving the biopharmaceuticals market are increasing research and development investments from government and non-governmental bodies, rising incidence of chronic diseases and technological advancement in pharmaceutical industry. However, factors like risk of side effects, high costs of biopharmaceuticals and availability of low-cost biosimilars are hindering the growth of the market.
The global recombinant human insulin market segment is expected to witness fastest growth during the forecast period. In terms of type, monoclonal antibodies is the leading segment and is estimated to continue its dominance over the forecast period. In terms of therapeutic application, oncology is the largest segment in the biopharmaceuticals market.
North America leads the biopharmaceuticals market in terms of share due to high awareness among people and technologically advanced healthcare practices in the region. Asia-Pacific is expected to emerge as the fastest growing market in the forecast period. Increasing population in the region is the major factor driving the growth of biopharmaceuticals market.
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 are some of the leading players in the market for biopharmaceuticals.
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