(PharmaNewsWire.Com, October 17, 2019 ) Market Overview: Biopharmaceuticals are large and complex molecular drugs that are mainly obtained from proteins and nucleic acids of living organisms such as microorganisms and animal cells also known as transgenic organisms. Biopharmaceuticals are an alternative to the previously less effective and sometimes unsafe treatments and offer several benefits. Biopharmaceuticals benefits include highly effective and potent action, fewer side effects, can be tailored according to specific medical requirements of patients and they hold the potential to actually cure diseases at the root level.
Market Dynamics: The major drivers fueling the growth of the market are an increase in the elderly population, the surge in prevalence of chronic diseases such as cancer and diabetes, increase in obesity and sedentary lifestyle among the population and growing acceptance for biopharmaceuticals due to their ability to treat previously untreatable diseases. Furthermore, approval for newer biopharmaceutical products and continuous R&D in this segment is expected to increase the growth of the market.
According to the World Health Organization (WHO), cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. About 1 in 6 deaths worldwide, is due to cancer. Moreover, approximately 100 million people in the year 2018 all over the world needed insulin out of which 63 million were obese, including all the people living with Type 1 diabetes and between 10-25% of people with type 2 diabetes. A sedentary lifestyle leads to several chronic diseases thus boosting the market growth.
High costs associated with drug development and their threat of failure, challenging development process, and strict regulatory framework are going to restrain the market in the forecast period.
Market Segmentation: The Biopharmaceuticals Market is segmented by product as Monoclonal Antibodies, Recombinant growth factors, Purified Proteins, Recombinant Proteins, Recombinant Hormones, Synthetic Immunomodulators, Vaccines, and Recombinant enzymes.
By application, the market is segmented as oncology, inflammatory and infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders, disease prevention, cardiovascular diseases, and neurological diseases.
Anti-cancer monoclonal antibodies help cure cancer more efficiently. Cancer is the largest segment by application and accounts for more than 20% of the market share. According to the World Cancer Fund, cancer is a global health problem responsible for 7.6 million deaths (13% of all deaths) worldwide and is expected to rise to 13.1 million by 2030. Around 49% of the drugs used in cancer treatment were either natural products or their derivatives.
Geographical Analysis: By geography, the Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In North America, the US biopharmaceuticals market accounted for the largest market share of 46%, followed by Canada. The US is the largest free-pricing market globally for pharmaceuticals and has high per capita incomes, a large elderly population and high rates of chronic diseases and drug consumption.
Asia-Pacific is expected to grow at a steady pace of CAGR 8.34% over the period of forecast. The reason being the encouragement of innovation and price reforms in Japan. Supporting government regulations, advanced technological presence, good infrastructural facilities are some of the major factors for the market growth in the region.
Competitive Analysis: Some of the major market players are AbbVie Inc., Amgen, Bayer, Biogen, Bristol-Myers Squibb, Merck & Co., Inc., Novartis AG, Novo Nordisk, Pfizer, GlaxoSmithKline PLC, Sanofi S.A., and Takeda Pharmaceuticals.
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