Biopharmaceuticals are large molecule and complex drugs which are mainly obtained from proteins and nucleic acids derived from live organisms. They are usually administered by intravenous, subcutaneous or intramuscular injections and are more efficient than the conventional small molecule drugs. Biopharmaceuticals have changed the treatment of several diseases, such as diabetes, cardiovascular diseases, etc., as they can be tailored for individuals according to their specific medical requirements. A new research report by IMARC Group, titled “Biopharmaceutical Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global biopharmaceutical market was worth US$ 185 Billion in 2017, registering a CAGR of 8% during 2010-2017. The report further anticipates the market to reach a value of US$ 285 Billion by 2023, at a projected CAGR of 7% during 2018-2023.
Global Biopharmaceutical Market Drivers/Constraints:
- Biopharmaceuticals are structurally similar to human compounds which increases the potential of these drugs to cure diseases rather than merely treat the symptoms. This has created a positive demand for biopharmaceuticals across the globe.
- In comparison to conventional drugs, biopharmaceuticals have fewer side effects due to their specificity. Additionally, these drugs can be altered according to the medical requirements of the patients which has increased their demand, thereby propelling the market growth.
- Growth in the geriatric population along with a rise in the expenditure on healthcare induced by inflating per capita incomes is anticipated to fuel the biopharmaceuticals market growth.
- There are several factors that hinder the market growth such as high production costs, lack of developed cold-chain infrastructure, stringent approval laws, impending patent expiries of these drugs and supply chain complexity.
On the basis of indication, autoimmune diseases dominate the market as biopharmaceuticals are more successful in treating these diseases as opposed to small molecule drugs. Autoimmune diseases are followed by oncology and metabolic disorders.
Based on class, recombinant proteins account for the majority of the total share, representing the leading segment. Recombinant proteins are followed by monoclonal antibodies and purified proteins. Monoclonal antibodies are expected to be the fastest growing class on account of high unmet medical needs in arthritis, cancer, RSV, psoriasis, etc.
On a geographical front, the market is mainly concentrated in North America and Europe, wherein the United States is the largest biopharmaceutical market. Other major markets include Germany, Japan, France, Italy, Spain, UK and Canada.
The global biopharmaceutical market is concentrated in nature with the presence of a small number of key players who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Novo Nordisk
- Sanofi SA
- Johnson & Johnson
- Merck & Co.
- Biogen Idec
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal