As per the reports by MRFR, the biopharmaceuticals market is anticipated to attain a market size of USD 471,021.1 Mn by 2030 while growing at a CAGR of 9.13% during the review timeframe.
Significant Boosters and Deterrents
Biopharmaceuticals refer to medical drugs manufactured using biotechnology. Biopharmaceuticals can be nucleic acids (RNA, DNA, or antisense oligonucleotides) or proteins (including antibodies) used for in vivo diagnostic or therapeutic purposes. These biopharmaceuticals are produced by different means, including direct extraction from a native (non-engineered) biological source.
The global biopharmaceuticals market has been witnessing massive growth over recent times owing to factors like rising technological advancements, high incidence market growth of biopharmaceuticals acceptance for biopharmaceuticals, and rising investment by leading companies in biopharmaceuticals R&D. However, the growth of the biopharmaceuticals market is anticipated to be restricted by the risk of side-effects linked with biopharmaceuticals, the convenience of low-cost biosimilars, and strict government regulations.
The global market for biopharmaceuticals has an intensely competitive landscape with a vast number of players spread worldwide. The players in the market are adopting several new strategies to grow their customer base. The list of leading players in the global biopharmaceuticals market includes companies such as Abbvie Inc. (US), Gilead Sciences, Inc. (US), Hoffmann-La Roche Ltd (Switzerland), Amgen Inc. (US), Biocon (India), GlaxoSmithKline PLC (UK), Sandoz International GmbH (Germany), Sanofi (France), Johnson & Johnson (US), Pfizer, Inc. (the US), Merck KGaA (Germany), Novo Nordisk A/S (Denmark), Novo Nordisk A/S (Denmark), Bristol-Myers Squibb Company (US), AstraZeneca (UK), Eli Lilly and Company (US), and several others.
The global biopharmaceuticals market for is divided based on product type, application, and region.
By product type, the global market for biopharmaceuticals is divided into synthetic immunomodulators, vaccines, recombinant hormones, recombinant proteins, purified proteins, recombinant growth factors, monoclonal antibodies, and others.
The biopharmaceuticals market by application is divided into metabolic disorders, inflammatory and infectious diseases, neurological diseases, disease prevention, autoimmune disorders, cardiovascular diseases, hormonal disorders, oncology, etc.
The global biopharmaceuticals market is studied across four major regions, including the Middle East & Africa, Asia-Pacific, Europe, and the Americas.
The biopharmaceuticals market for the American region is expected to dominate the market globally. The regional market's growth is primarily being driven by the growing prevalence of chronic diseases such as cardiovascular disorders and cancer. Furthermore, the presence of significant biopharmaceutical companies such as Bristol Myers Squibb Company, Eli Lilly and Company, Amgen Inc., Pfizer, Inc., and many more are expected to catalyze the regional market's growth over the review timeframe.
The European regional market for biopharmaceuticals is likely to record a substantial market share over the forecasted era. The aspects propelling the regional market's growth include the high prevalence of neurological diseases, well-developed healthcare infrastructure, and growing geriatric population.
The Asia-Pacific regional market for biopharmaceuticals is the fastest growing market across the globe. The regional market's growth is being mainly by a surge in the number of people suffering from diseases such as cancer, hypertension, and diabetes. Additionally, the supportive regulatory framework across the region for the approval of biopharmaceuticals is anticipated to accelerate the regional market's growth.
The Middle East & African region is anticipated to exhibit significant growth owing to the increasing patient population suffering from several chronic diseases. The Middle Eastern region is anticipated to display more growth with respect to the African market due to developed countries such as Oman and Saudi Arabia.
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