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North America Bio Pharmaceuticals market was worth $85.92 billion by 2021 | Market Data Forecast
North America Bio Pharmaceuticals market
Mostly biopharmaceuticals products are derived from life forms or genetically modified plants and animals known as transgenic organisms. This method of preparing drugs is still controversial and under trial phase. The most commonly used biopharmaceutical in the market are vaccines. Several chronic diseases like cardiovascular diseases, rheumatoid arthritis, psoriatic arthritis, chronic renal failure, cancer and psoriasis can be prevented and treated with the use of these drugs.
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Major factors driving the growth of the market are rising healthcare expenditure, growing awareness regarding biopharmaceutical drugs and increasing aging population. On-going research and development in the field along with approval for newer drugs are also fuelling the market growth. High cost of the drugs is the main restrain for the market while to make these drugs commercially viable, cost needs to be reduced.
The North America bio pharmaceuticals market is segmented on the basis of products into Monoclonal Antibodies (mAb), Erythropoietin, Biotech Vaccines, Recombinant Human (RH) Insulin, Granulocyte colony-stimulating factor (G-CSF), Interferon and Human growth hormones (HGH). Monoclonal antibodies segment holds the highest number of shares in the product sector. Based on therapeutics, the market is bifurcated into Neurology, Infectious diseases, Diabetes, Oncology, Cardiovascular and other therapeutic areas. In terms of therapeutic application, oncology is the largest segment in the biopharmaceuticals market.
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Based on geography the market is analysed under various regions namely, USA and Canada. The US is the leading market for biopharmaceuticals and is the leader in terms of revenue, by a significant margin. Canada accounts for second largest share in the market.
Merck & Co., Inc., F. Hoffmann-La Roche AG, Eli Lilly and Company, Inc., Sanofi, Amgen Inc., AbbVie Inc., Biogen Idec, Bayer AG, Johnson & Johnson Services, Pfizer, Inc., and Novartis AG are some of the leading players in the market for biopharmaceuticals.
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