According to the Centro De Innovacao e Ensaios Pre-Clinicos (CIEnP), the global biopharmaceutical market is observing a growth with a total number of 155 new biopharmaceutical products approved in the United States and European Union between the survey period of January 2014 and July 2018.[i] This largely attributes to the growing demand for biopharmaceutical medicines across the globe due to which the biopharmaceutical market had an impressive market size of $238,200 million as of 2018. Furthermore, the demand for biopharmaceutical products will increase with a staggering compound annual growth rate (CAGR) of 12.8% during the forecast period of 2019 to 2025.
There is an augmented healthcare expenditure in North America owing to its developed economy that has led to a perceptibly excellent healthcare infrastructure. The most part of the demand for innovation in the biopharmaceutical market is sufficed by the region, and it’s quite evident when the pharmaceutical industry in the United States alone employs 854,000 million people with expenditure on services and supplies translating to $659 billion. Furthermore, the International Federation of Pharmaceutical Manufacturing Association (IFPMA) documented in their 2017 report that the U.S. biopharmaceutical industry supported 5.21 jobs outside the pharmaceutical sector.[ii] Considering that a major part of biopharmaceutical drugs get approval in the region, North America held the greatest biopharmaceutical market share of 33% in 2018.
A biopharmaceutical is also known as biologic which is semi synthesized from biological sources or produced from microbial cells such as recombinant E. coli and includes allergenics, somatic cells, and nucleic acids. Biopharmaceutical products have now become an integral part of the pharmaceutical industry because the biopharmaceutical products have a structure similar to that of a human compound and are found to have greater efficacy in curing the diseases.
The major application segment of the biopharmaceutical market is found to be in hospitals. Biopharmaceutical medicines are yet to gain prominence in the over-the-counter sector of medicine distribution. This is predominantly because it is still necessary to consume biopharmaceutical drugs on a physician’s prescription. Furthermore, many of the biopharmaceutical medicines are personalized and cure specific diseases that are treated in hospitals. So, they are widely used in hospitals wherein patients are provided the medicines on a certified HCP’s prescription. The biopharmaceutical market will observe the application of products in the hospitals to grow with a superlative CAGR of 11% through to 2025.
The Rise in Lethal Diseases and the Efficacy of Biopharmaceutical Drugs –
According to the International Agency for Research on Cancer (IARC), there were 18.1 million new cases of cancer and 9.6 million deaths in 2018.[iii] Furthermore, the United Nations Programme on HIV and AIDS (UNAIDS) had documented that 36.9 million people were living with HIV in 2017.[iv] These disquieting figures are giving rise to a dire need for ameliorating the situation by innovating new and effective drugs that can cure these fatal diseases and subsequently reduce the number of deaths. Apparently, the biopharmaceutical medicines are found to be effective in curing these chronic diseases rather than just treating the symptoms of the same. This is leading to an enormous number of opportunities in the biopharmaceutical market.
The Genomics Industry Aiding to Biopharmaceutical –
The genomics industry is making strides in the pharmaceutical sector and more so when there is a consistent demand for personalized vaccines for various diseases. The innovations in genomics are leading to drug discovery which is aiding to the developments in the biopharmaceutical market. According to a business intelligence report by IndustryARC, the genomics market size was gauged to be $16 billion to $16.5 billion as of 2018, and the market demand will be observing a CAGR of a healthy 9.2% to 10.2% through to 2025. This growth during the forecast period will have a positive influence on the biopharmaceutical industry, and the market is poised to observe more biopharmaceutical drugs.
The Significant Rise in the Geriatric Population –
The global population of aged people is increasing, and it is projected to catapult at a massive rate in the future. Evidently, aged people suffer from a gamut of geriatric conditions that are now also treated using biopharmaceutical medicines which is chiefly supporting the biopharmaceutical market.
The major challenge faced by the manufacturers in the biopharmaceutical market is the tangible upsurge in the manufacturing budget due to the rise in the cost of bioprocessing. This leads to an upsurge in the cost of the final product that dwarfs the biopharmaceutical market size. On the other hand, there is a growing awareness about the biopharmaceutical products which is creating market Revenue Avenue for the vendors. Furthermore, some of the biopharmaceutical medicines are found to be physically and chemically unstable and undergo degradation in the form of isomerization, hydrolysis or oxidation. However, there is a tangible surge in the investment in R&D to formulate biopharmaceutical drugs that are stable.
The key players striving to capitalize on the project demand for the biopharmaceutical products are Roche Holding AG, Abbott Laboratories, Bristol-Myers Squibb, Novartis International AG, Genentech, Inc., Merck KGaA, Merck Serono, Amgen Inc., Eli Lilly and Company, and Biogen Inc.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the biopharmaceutical market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the specific applications of biopharmaceutical products in oncology and cardiology. Moreover, the report provides insights about their applications in hospitals.
The report analyses the product demand of biopharmaceutical by source that can be unicellular or multicellular Systems and its manufacturing by single and multi-use systems.
The biopharmaceutical market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
North America: The U.S., Canada, Mexico
South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
Middle East and Africa: Israel, South Africa, Saudi Arabia
Is the market demand for biopharmaceutical growing? How long will it continue to grow and at what rate?
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Is there a possibility for change in the market structure over time?
Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
What are the short-term, long-term, and medium-term growth drivers for the market?
What are the short-term, medium-term, and long-term challenges for the market?
What are the short-term, medium-term, and long-term opportunities for the market
Who are the top players/companies of the market?
What are the recent innovations in the market?
How many patents have been filed by the leading players?
What are the types of patents filed by the leading players?
What is our Vision 2030 for the biopharmaceutical market?
Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
Provide an overview of the product portfolio, including product planning, development, and positioning
Discuss the role of technology companies in partnerships
Explore the regional sales activities
Analyze the market size and giving the forecast for current and future global biopharmaceutical market during the forecast 2018–2023
Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures