Market Overview:
Biopharmaceuticals are drugs derived from living cells and organisms through biotechnology and are used widely for treatment of various medical conditions like cancer, diabetes, cardiovascular diseases. They help in better treatment outcomes with less side effects compared to conventional chemical-based drugs.
Market Dynamics:
The growth of the biopharmaceuticals market is driven by increasing prevalence of chronic diseases globally and rising acceptance of biologics over conventional drugs due to their targeted approach. Furthermore, advancement in biologics production and characterization techniques with integrated platform processes has enabled increased scale and cost-effective manufacturing of complex biotherapeutics boosting market growth. A significant increase in R&D spending for development of novel biologics will continue driving market growth over the forecast period.
Market key trends:
The biopharmaceuticals market has been witnessing rising adoption of monoclonal antibodies and therapeutic proteins which constitute a major chunk of the revenues. Monoclonal antibodies, in particular, are an area of interest due to their targeted disease-modifying abilities and high degree of specificity. Further, development of precision medicine and biosimilars are opening up opportunities for more customized and affordable treatment options. However, high costs associated with R&D and regulatory approvals continue to be a bottleneck especially for small biopharma companies.
SWOT Analysis
Strength: Large patient pool and rising incidence of chronic diseases provide huge growth prospects.
Weakness: High capital requirements and costs associated with clinical trials limit entry of new players.
Opportunity: Emerging markets like Asia Pacific offer huge untapped growth potential.
Threats: Stringent regulatory norms and rising pricing pressure from patent expiries of blockbuster drugs.
Key Takeaways
The global The Biopharmaceuticals Market Demand is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing investment in R&D and expansion of product pipelines. The market size for 2022 is estimated to be US$ 371.26 Bn.
Regional analysis: North America currently dominates the biopharmaceuticals market owing to high healthcare spending and presence of leading players in the US. However, Asia Pacific is poised to witness fastest growth during the forecast period with increasing government support for healthcare infrastructure development in countries like China and India.
Key players analysis: Key players operating in the biopharmaceuticals market are Amgen Inc., Abbvie Inc., GlaxoSmithKline PLC, Pfizer Inc., Novo Nordisk AS, Novartis AG, Johnson & Johnson, Eli Lilly and Company, Bristol-Myers Squibb Company, and F. Hoffmann-La Roche Ltd., among others. These players are focusing on R&D to expand their product portfolios and targeting high growth markets like oncology and diabetes to gain market share.
Read More:
