The Global Biopharmaceuticals Market was valued at USD 330 Bn in 2020 and is expected to reach USD 536.7 Bn by 2027, growing at a CAGR of 7.4% during the forecast period.
Biopharmaceuticals are medical drugs which are produced by the biotechnology methods that includes purification processes, hybridoma technique, recombinant DNA (rDNA) technique. Biopharmaceuticals produced with a high therapeutic value that are made from live organisms such as bacteria and animal cells.
Biopharmaceuticals Market Dynamics
The growing acceptance of the biopharmaceutical products and increasing investment in the field by the key-players are the driving factors influencing the growth of the global biopharmaceuticals market. Additionally, the rising approval for the biopharmaceutical products by the government is the propelling factor for the growth of the global market.
For instance, in 2019, National Medical Products Administration (NMPA) gave an approval to a humanized immunoglobulin G1 antibody and conducted clinical trial for testing efficacy and safety among the patients suffering from rheumatoid arthritis. However, the manufacturing cost of the biologic drugs products is higher than that of small drugs molecule is the major restraining factor for the growth of the global biopharmaceuticals Industry.
The Global Biopharmaceuticals Market Segmentation:
Based on products, monoclonal antibodies segment is the fastest growing segment owing to rapid growth of the monoclonal antibodies to develop therapeutics antibodies
Based on the product, the monoclonal antibodies segment is the fastest growing segment due to increasing FDA approval for the new product launch. For instance, in March 2019, Pfizer's cancer biosimilar TRAZIMERA which is monoclonal antibody was authorised by the US FDA to treat the patients suffering from HER 2+ breast cancer with the combination of chemotherapy. TRAZIMERA is the biosimilar of the trastuzumab (Genetech’s Herceptin). TRAZIMERA is the affordable treatment for the patients that improves the access for the cancer treatment.
Based on applications, oncology segment is estimated to hold the largest share in the market over the forecast period due to increasing population suffering from cancer
The oncology segment is expected to hold the highest market share increasing prevalence of cancer among the population that drives the growth of biopharmaceuticals market. For instance, according to the International Agency for Research on Cancer estimates that the global incidence of cancer is expected to reach 29.5 million by 2040, from 18.1 million in 2018.
The increasing awareness among the cancer patients about less side effects and low risk of recurrence by using biopharmaceuticals that rises the adoption rate considerably which is another propelling factor for the growth of the biopharmaceuticals Industry. For instance, according to breastcancer.org the use of trastuzumab (Herceptin) with the chemotherapy reduces the chances of recurrence of breast cancer.
The report also provides an in-depth analysis of the global biopharmaceuticals market dynamics such as drivers, restraints, opportunities, and challenges
Company Profiles and Competitive Intelligence
The key players operating in the biopharmaceuticals market are:
COVID-19 Impact on the Global Biopharmaceuticals Market
Outbreak of COVID-19 has positively affected the biopharmaceuticals market. Almost all biopharmaceutical companies in the region have been working to create effective COVID-19 therapies during the current pandemic, and this is projected to grow the biopharmaceuticals market during the epidemic.
For instance, according to the Pharmaceutical Research and Manufacturers of America, about 1,750 clinical trials for the development of vaccines and medications for the treatment of COVID-19 were underway as of January 2021, with 420 of them headquartered in the United States. These factors have positively impacted the industry and are estimated to grow at a significant rate during the forecast period in the near future.
The report also provides an in-depth analysis of key trends in the global biopharmaceuticals market
The report also provides an in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
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