The continuing COVID-19 outbreak is projected to have a substantial impact on the pharmaceuticals sector worldwide. The majority of biopharmaceutical firms are working hard to produce vaccines against the SARS-CoV2 virus. Traditional vaccinations, such as attenuated and inactivated vaccines, are amongst the choices. However, sophisticated protein subunit vaccines, RNA, and DNA comprise the majority of vaccine candidates under development. Over the course of the epidemic, this factor is projected to raise the demand in the global biopharmaceuticals market in the near future. However, owing to the healthcare system's shifting goals to prevent infections amongst clinical trial patients, clinical and regulatory proceedings for medication candidates for other indications could go slowly.
An increasing focus on research and accompanying investments is helping to meet the large demand for biopharmaceuticals. Biopharmaceutical products' capacity to treat previously untreatable illnesses has resulted in the introduction of novel medications to the market. As a result of the aforementioned factors, the global biopharmaceuticals market is predicted to expand in the years to come. An increasing focus on research and accompanying investments is helping to meet the massive demand for biopharmaceuticals. Biopharmaceutical products' capacity to treat illnesses that were earlier untreatable has resulted in the introduction of new medications to the market. In addition, the desire to avoid the adverse consequences linked with some small-molecule medicines and invasive surgical therapies is likely to drive up demand in the global biopharmaceuticals market in the near future.
- Biopharmaceuticals are medicinal products that contain sugars, proteins, nucleic acid, living cells, and tissues that are derived from various biological sources such as micro-organisms, humans, and animals
- Biopharmaceuticals are extensively utilized for the treatment of a wide variety of medical conditions as well as for in vivo diagnosis purposes
- Recombinant human insulin ‘Humulin’ was the first biopharmaceutical approved for human therapeutic use in 1982
- Since then different types of biopharmaceuticals have been developed such as vaccines, whole blood, immunosera, antigens, hormones, cytokines, enzymes, allergenic, cell and gene therapies, monoclonal antibodies and products derived from recombinant DNA
Biopharmaceuticals Market: Key Drivers
- Demand for biopharmaceuticals has been increasing considerably for the last few years, as biopharmaceuticals are structurally similar to human body components. This helps in treating cancer, diabetes, psoriasis, and rheumatoid arthritis in a highly effective manner.
- Extensive application of biopharmaceuticals in the treatment of chronic disorders such as diabetes, autoimmune disorders, cancer, and hematological malignancies is a key factor that is estimated to drive the market during the forecast period
- Moreover, increasing research & development activities carried out by key players and approval of newer biopharmaceuticals products are other trends witnessed in the market that are boosting the global biopharmaceuticals market
- However, complex manufacturing process, stringent government regulations, and high cost of therapy are likely to hamper the market
Monoclonal Antibodies Segment to Dominate Global Market
- The global market for biopharmaceuticals can be segmented based on product, application, distribution channel, and region
- Based on product, the biopharmaceuticals market can be divided into monoclonal antibody, vaccines, coagulation and growth factors, insulin, interferons, erythropoietin, hormones, and others
- The monoclonal antibodies segment is projected to lead the global biopharmaceuticals market owing to extensive use of monoclonal antibodies in therapeutics of chronic disorders as well as multiple applications in in vitro diagnostics
Therapeutic Segment to Dominate Global Market
- Based on application, the biopharmaceuticals market can be divided into therapeutics, diagnosis and prevention. The therapeutics segment is projected to lead the global market during the forecast period.
- The therapeutics segment can further be classified into oncology, hematology, autoimmune disorders, neurology, infectious disease, dermatology, gastroenterology, orthopedics, endocrinology, ophthalmology, and others
- The oncology sub-segment is projected to lead the therapeutics segment of the global biopharmaceuticals market owing to high prevalence and rise in incidence rates of cancer cases across the globe
Retail Pharmacies Segment to Lead Global Market
- In terms of distribution channel, the global biopharmaceuticals market can be classified into hospital pharmacies, retail pharmacies, diagnostic laboratories, and online pharmacies. The retail pharmacies segment is projected to dominate the global market during the forecast period.
- Large number of retail pharmacies coupled with easy accessibility and availability of biopharmaceuticals at retail pharmacies is a key factor that is estimated to drive the segment during the forecast period
North America to Dominate Global Biopharmaceuticals Market
- In terms of region, the global biopharmaceuticals market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to dominate the global biopharmaceuticals market during the forecast period. High prevalence and increase in incidence of chronic disorders, rise in number of geriatric population that is highly susceptible to age related disorders, and high per capita healthcare expenditure in the region are key factors that are expected to boost the market in North America during the forecast period.
- The biopharmaceuticals market in Asia Pacific is likely to expand at a high CAGR during the forecast period. This can be ascribed to a rise in the number of people suffering from diabetes and other chronic diseases, new product development and increased availability of these products in Asia, and increased adoption of these devices.
- Significant expansion of the healthcare industry, easy access to healthcare facilities, and increase in investments in healthcare by leading players in Asia Pacific are projected to augment the market in the region in the near future
Key Players Operating in Global Biopharmaceuticals Market
The global biopharmaceuticals market is consolidated, with a few number of international and domestic players holding a major share of the global market. Prominent players operating in the global biopharmaceuticals market include:
- Abbott Laboratories.
- Novo Nordisk A/S
- F. Hoffmann-La Roche AG
- Biogen, Inc.
- Pfizer, Inc.
- Merck & Co., Inc.
- Eli Lilly and Company
- Johnson & Johnson.
- AbbVie, Inc.
- Takeda Pharmaceutical Company Limited
- UCB S.A.
- Serum Institute of India
- Sanofi Aventis AG
- Allergan plc
- Bausch Health Companies Inc.
- Novartis AG
Global Biopharmaceuticals Market: Research Scope
Global Biopharmaceuticals Market, by Product
- Monoclonal Antibody
- Coagulation and growth factors
Global Biopharmaceuticals Market, by Application
- Autoimmune Disorders
- Infectious Disease
Global Biopharmaceuticals Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Diagnostic Laboratories
- Online Pharmacies
Global Biopharmaceuticals Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa