Biopharmaceutical Market to Reach an estimated value of US$ 278 Bn by 2030

Biopharmaceutical Market 2022-2031

The Biopharmaceutical Market is expected to climb up the ladder of persistence in the next decade. With various healthcare apps on the anvil, there are also mindfulness apps being tabled. They fall in the category of "Wellness apps". With the world wishing for the post-Covid era to function smoothly, these wellness apps are expected to take the healthcare vertical by storm further.

According to a new market report published by Persistence Market Research "Global Market Study on Biopharmaceuticals: Asia to Witness Highest Growth by 2030", the global biopharmaceuticals market was valued at US$ 162 Bn in 2014 and is expected to grow at a CAGR of 9.4% from 2021 to 2030, to reach an estimated value of US$ 278 Bn by 2030.

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Biopharmaceuticals are medicinal drugs, produced by isolation of the medicinal products from biological sources such as from animals, plants, humans and microorganisms, using biotechnological techniques such as recombinant DNA technology. They can also be produced using transgenic organisms, particularly animals and plants that have been genetically engineered to produce drugs. These drugs help in prevention and treatment of various diseases such as rheumatoid arthritis, psoriatic arthritis, psoriasis, cardiovascular disease, anemia arising from chemotherapy, chronic renal failure, cancer, and diabetes.

Some of the major players in the Biopharmaceuticals market:

Pfizer, Inc.
F. Hoffmann-La Roche AG.
Johnson & Johnson Services, Inc.
Sanofi, Amgen Inc.
AbbVie Inc.
Merck & Co., Inc.
Biogen Idec.
Bayer AG.
Eli Lilly and Company.
Novartis AG GlaxoSmithKline Plc.
Bristol-Myers Squibb Company.
AstraZeneca PLC.
Abbott Laboratories.
Other

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Globally, the biopharmaceuticals market is witnessing significant growth due to increasing prevalence of chronic diseases, rising aging population, technological advancements in biopharmaceuticals, and increasing R&D investments. In addition, the capability of biopharmaceuticals to approach a particular target with high efficacy helps in the treatment of various chronic diseases and disorders.

Biopharmaceuticals, such as monoclonal antibodies, hormones, cytokines, clotting factors, cell therapies, antisense drugs, recombinant insulin, and vaccines, have the potential to prevent, treat, and completely heal the diseases which are otherwise difficult to cure or have no available treatment. This, in turn, fuels growth of the biopharmaceuticals market. However, factors such as high costs of biopharmaceuticals, the risk of side-effects,and availability of low-cost biosimilars are restraining the growth of the global market for biopharmaceuticals.

North America is the largest market for biopharmaceuticals. This is due to technological advancements in the region. The North America market for biopharmaceuticals was valued at US$ 64.7 Bn in 2014 and is expected to reach US$ 111.5 Bn by 2020 at a CAGR of 9.5% over the forecast period. In terms of type, monoclonal antibodies are the fastest growing segment. In terms of therapeutic application, oncology is the largest segment in the biopharmaceuticals market. Biopharmaceuticals have wide applications in the pharmaceutical industry.

One of the latest trends in the global biopharmaceuticals market is that of outsourcing, where biopharmaceutical companies are dependent on contract manufacturing organizations to produce a biopharmaceutical drug substance, which helps reducing investments for a new product launch.

The biopharmaceuticals market is segmented as follows:

By Type
Monoclonal antibodies
Erythropoietin
Granulocyte-colony stimulating factor (G-CSF)
Purified proteins
Recombinant proteins
Recombinant human insulin
Growth hormones
Interferon
Vaccines
Others

By Therapeutic applications
Metabolic disorders
Oncology
Neurological disorders
Cardiovascular diseases
Inflammatory and infectious diseases

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Key Questions Answered in the Biopharmaceutical Market Report

How is the Biopharmaceutical market expected to grow over the projected period?

What direction is the Biopharmaceutical market expected to take in terms of volume and value during the forecast period?

What is the impact of macroeconomic factors on the Biopharmaceutical market in future?

What are the key market drivers in the Biopharmaceutical market?

What are significant opportunities and improvement areas for Biopharmaceutical manufacturers?

What are the key developments and trends taking over the Biopharmaceutical market?

Which are the emerging countries that are expected to create significant growth opportunities in the Biopharmaceutical market?

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This release was published on openPR.