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The global biopharmaceutical market size reached US$ 249.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 440.2 Billion by 2027, exhibiting a growth rate (CAGR) of 10.25% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Biopharmaceuticals are complex drugs extracted from biological sources, such as humans, animals and microorganisms, or synthesized using recombinant deoxyribonucleic acid (DNA) technologies. They comprise sugars, proteins, nucleic acids, living cells, tissues, and a complex combination of differen components. They assist in the manufacturing of vaccines, blood components, body cells and tissues, allergenics, and living cells used in cell therapies, gene therapies and recombinant therapeutic proteins. They also help treat cancer, diabetes, cardiovascular diseases, immune diseases, and other health problems while providing targeted treatment and fewer side effects.
The growing utilization of biopharmaceuticals as immunosera, hormones, cytokines, enzymes, and monoclonal antibodies currently represents one of the key factors driving the market. Moreover, there is a rise in the demand for monoclonal antibodies to treat rheumatoid arthritis, multiple sclerosis, and cardiovascular diseases across the globe. This, along with the rising prevalence of chronic diseases due to excessive use of tobacco and alcohol, poor nutrition, and lack of physical activities, is propelling the growth of the market. In addition, the increasing employment of cell and gene-based biopharmaceuticals to treat a variety of diseases for which no other drugs or medical devices are available is offering lucrative growth opportunities to industry investors. Besides this, key market players are extensively investing in research and development (R&D) activities to introduce innovative drugs for treating untreatable conditions. This, coupled with the rising awareness among the masses about the benefits of biopharmaceuticals, is positively influencing the market. Apart from this, the increasing geriatric population, along with the burgeoning healthcare industry, is catalyzing the demand for biopharmaceuticals. Additionally, the escalating demand for target therapy to target specific genes and proteins that are involved in the growth and survival of cancer cells is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global biopharmaceutical market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on indication and class.
Breakup by Indication:
Autoimmune diseases are presently dominating the market on account of the growing environmental exposure and changing food habits of individuals.
Breakup by Class:
At present, monoclonal antibodies hold the largest market share due to their rising therapeutic applications and the high specificity to a single epitope leading to low cross-reactivity.
Breakup by Region:
Currently, North America represents the largest market for biopharmaceuticals across the globe. It is further segmented into the United States and Canada.
Key Questions Answered in This Report:
Home Healthcare Market by Product (Therapeutic Products, Testing, Screening, and Monitoring Products, Mobility Care Products), Service (Skilled Nursing, Rehabilitation Therapy, Hospice & Palliative Care, Unskilled Care, Respiratory Therapy, Infusion Therapy, Pregnancy Care), Indication (Cancer, Respiratory Diseases, Movement Disorders, Cardiovascular Diseases & Hypertension, Pregnancy, Wound Care, Diabetes, Hearing Disorders, and Others), and Region 2023-2028
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