Biopharmaceuticals Market Latest Trends, Analysis & Insights
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The R&D investments in formulation and development of a drug have increased, due to the growing demand for prevention, treatment, and complete curative options for various diseases. Many pharmaceutical companies are focusing on developing more effective products to treat life-threatening diseases and encourage patients to live healthier lives with reduced disabilities. Also, the aging population is increasing rapidly around the world. The increasing aging population is propelling the growth of the global biopharmaceuticals market, as the pool of elder population is more prone to illness due to low immunity levels, and high recovery time consumption. The technological advancements in biopharmaceuticals have transformed treatment options for many diseases in the recent years. The technological advancements in biopharmaceuticals help to increase the chances of survival for cancer patients, curing hepatitis, and recovery of patients with arthritis.
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However, the high cost and side effects of biopharmaceuticals is a key restraint, which is adversely impacting the growth of the global biopharmaceuticals market. In addition, the entry of low cost biosimilars of existing biopharmaceuticals, also acts as a restraint in the growth of the global biopharmaceuticals market. The Asian biopharmaceuticals market is expected to witness fastest growth, with a CAGR of 10.6% during the period 2015 – 2020.
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The key companies operating in the global biopharmaceuticals market include AbbVie Inc, Sanofi, Eli Lilly and Company, Pfizer Inc., Abbott Laboratories, AstraZeneca PLC, Novartis AG, Biogen Idec , Bristol-Myers Squibb Company and Amgen Inc.
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