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Biopharmaceutical Market To Witness Enhanced Usage in Therapeutic Applications and Pharmaceutical Industry Till 2022 | Million Insights
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They could also be produced using transgenic organisms, especially plants and animals that are genetically engineered for producing drugs. These drugs help in preventing and treating various diseases such as psoriatic arthritis, rheumatoid arthritis, anemia arising from chemotherapy, psoriasis, and cardiovascular disease, diabetes and cancer, and chronic renal failure. Since biopharmaceuticals are capable of technically modulating any physiological pathway that has been completely comprehended, their use is continuously increasing.
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This coupled with the ability of biopharmaceuticals to treat diseases previously not treatable, has resulted in a huge market demand, which, in turn, has increased the profit margins for manufacturers. Factors such as cumbersome and complicated regulatory requirements, high-end manufacturing requirements, and constantly increasing demand for affordable biopharmaceuticals are hampering the market growth.
At present, the biopharmaceutical market has great opportunities for both - existing players and novel market entrants. The patents with regards to several biopharmaceuticals are getting expired in the next five years and this is bound to create an opportunity for biosimilars manufacturers. Similarly, no company has yet found a way to effectively lessen the cost of biosimilars and there is a huge market opportunity for any company that could solve this problem.
Despite several growth factors driving the biopharmaceutical market, it faces severe challenges to be overcome for tapping the full potential of the biopharmaceutical market. One such factor is the need for cold storage for almost every biopharmaceutical. This limits their reach in the developing as well as third world countries. In addition, the process to develop a biopharmaceutical is also difficult, as it involves living biological systems. North America holds the largest market share for biopharmaceuticals. This could be attributed to technological advancements in the region. By types, monoclonal antibodies are the fastest growing segment. By therapeutic application, oncology is the largest segment in the biopharmaceuticals market. Biopharmaceuticals have broad applications in the pharmaceutical industry.
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On the basis of type, the biopharmaceutical market is segmented into erythropoietin, monoclonal antibodies, granulocyte-colony stimulating factor (G-CSF), putrefied proteins, recombinant proteins, recombinant human insulin, interferon, growth hormones, and vaccines and so on. On the basis of therapeutic applications, the biopharmaceutical market is segmented into metabolic disorders, oncology, neurological disorders, cardiovascular diseases, inflammatory and infectious deseases, autoimmune disorders, hormonal disorders, disease prevention and so on.
On the basis of geography, the biopharmaceuticals industry is segmented into Europe, Asia Pacific, North America, Middle East & Africa and Latin America. The key players of biopharmaceuticals market are F. Hoffmann-La Roche AG, Sanofi Aventis, Johnson & Johnson Services Inc., Amgen Inc., Merck & Co. Inc., Biogen Idec, Bayer AG, Eli Lilly and Company, Novartis AG, AbbVie Inc., Bristol-Myers Squibb Company, GlaxoSmithKline Plc, Pfizer Inc., AstraZeneca PLC and Abbott Laboratories.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/pharmaceuticals
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