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According to MRFR analysis, Biopharmaceuticals Market is expected to register a CAGR of 8.99% during the forecast period of 2019 to 2025 and was valued at USD 238,192.7 million in 2018.
Biopharmaceuticals are also known as biological, medical products, or biologics, are pharmaceutical drugs manufactured, extracted, or synthesized using biological sources, such as bacteria, yeast, and mammalian cells.
The global biopharmaceuticals market is growing owing to various factors such as increasing investment by major companies on research & development of biopharmaceuticals and increasing acceptance for biopharmaceuticals due to their ability to treat the previously untreatable diseases. Furthermore, the number of geriatric populations is, tremendously, the incidence rate of chronic diseases is also high, and technological advancements are growing which are also expected to fuel the market growth. However, the entry of low-cost biosimilars, risk of side effects that can occur due to high usage of biopharmaceuticals, and stringent government regulations are expected to pose as restraints to the growth of the global biopharmaceuticals market.
Some of the key players in the Global Biopharmaceuticals Market are Pfizer Inc. (US), Amgen Inc. (US), Eli Lilly and Company (US), F. Hoffmann-La Roche Ltd (Switzerland), Johnson & Johnson (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Abbvie Inc. (US), Sanofi (France), Bristol-Myers Squibb Company (US), Sandoz International GmbH (Germany), Novo Nordisk A/S (Denmark), GlaxoSmithKline PLC (UK), Merck KGaA (Germany), and Biocon (India).
The global biopharmaceuticals market has been segmented based on product type and application.
The global biopharmaceuticals market has been segmented, on the basis of product type, into monoclonal antibodies, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, vaccines, synthetic immunomodulators, and others. The recombinant growth factors has been further bifurcated into erythropoietin and granulocyte colony-stimulating factor. The purified proteins segment has been further classified as leukemia inhibitory factor (LIF), P53 protein, P38 protein, and others. The recombinant proteins segment has been further divided into serum albumin, amyloid protein, defensin, transferrin, and others. Vaccines have also been segregated into recombinant vaccines, conventional vaccines, and others.
The recombinant vaccines have been further sub-segmented into cancer vaccines, malaria vaccines, Ebola vaccines, hepatitis B vaccines, tetanus vaccines, diphtheria vaccines, cholera vaccines, and others. Conventional vaccines have been categorized as polio vaccines, pox vaccines, and others. Synthetic immunomodulators segment has been further divided into cytokines, interferons, interleukins, tumor necrosis factor (TNF), and others. Monoclonal antibodies segment is anticipated to hold the largest market share in the global biopharmaceutical market due to the increasing number of research activities that are supported by the usage of monoclonal antibodies. Vaccines are expected to grow at the fastest CAGR owing to the rising awareness of chronic diseases.
Key Questions Answered in This Report:
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increasing prevalence of chronic diseases. The biopharmaceuticals market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European biopharmaceuticals market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The biopharmaceuticals market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the increasing patient pool suffering from various chronic diseases and a supportive regulatory framework, the market in Asia-Pacific is expected to be the fastest-growing. The biopharmaceuticals market in the Middle East & Africa has been divided into the Middle East and Africa.
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