Conversational AI to drive the Biopharmaceutical Market at a CAGR of 9.4%

According to a new market report published by Persistence Market Research "Global Market Study on Biopharmaceuticals: Asia to Witness Highest Growth by 2022", the global biopharmaceuticals market was valued at US$ 162 Bn in 2014 and is expected to grow at a CAGR of 9.4% from 2014 to 2022, to reach an estimated value of US$ 278 Bn by 2022.

The biopharmaceutical market is a highly competitive and regulated industry. Companies in the market must navigate complex regulatory processes and invest heavily in research and development in order to bring new products to market. In addition, the high cost of developing and producing biopharmaceuticals can be a barrier to entry for some companies.

Overall, the biopharmaceutical market is expected to continue to grow in the coming years, driven by advances in technology and an increasing demand for personalized and effective treatments for a wide range of diseases and conditions.

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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.

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. The global biopharmaceuticals market was valued at US$ 162 Bn in 2014 and is expected to reach US$ 278 Bn by 2020 at a CAGR of 9.4% during the forecast period.

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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.

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, and Novartis AG are leading players in the global biopharmaceuticals market. Some of the other players in the biopharmaceuticals market are GlaxoSmithKline Plc, Bristol-Myers Squibb Company, AstraZeneca PLC, and Abbott Laboratories.

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
Others

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Key Questions Answered in This Report.

What will the Market growth rate in Future?
What are the key factors driving the global Market?
Who are the key manufacturers in Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by regions of industry?

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This release was published on openPR.