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“The Global Biopharmaceuticals Market is expected to grow at a CAGR of 14.20% during the forecasting period (2021-2028)”.
Biopharmaceuticals are large and complex molecular drugs that are mainly obtained from proteins and nucleic acids of living organisms such as microorganisms and animal cells also known as transgenic organisms. These drugs are obtained using biotechnology and have high-therapeutic value. Biopharmaceuticals are also known as biologics and biotech drugs and are usually administered by intravenous, subcutaneous, or intramuscular injections and are more efficient than conventional small molecule drugs. Biopharmaceuticals are an alternative to the previously less effective and sometimes unsafe treatments and offer several benefits. Biopharmaceutical’s benefits include highly effective and potent action, fewer side effects, can be tailored according to specific medical requirements of patients and they hold the potential to actually cure diseases at the root level. Biopharmaceuticals have reduced the number of deaths due to cancer and HIV/AIDS in the past decade and have changed the treatment of several chronic diseases, such as diabetes and cardiovascular diseases.
Some of the biopharmaceuticals include monoclonal antibodies, erythropoietin, growth hormones, recombinant proteins, recombinant human insulin, purified proteins, interferon, and vaccines. Recombinant human insulin was amongst the first substances to be approved for therapeutic purposes, and currently, there are nearly 300 biopharmaceutical products that have been approved and are available in the market.
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The major drivers fueling the growth of the market are an increase in the elderly population, the surge in prevalence of chronic diseases such as cancer and diabetes, increase in obesity and sedentary lifestyle among the population and growing acceptance for biopharmaceuticals due to their ability to treat previously untreatable diseases. Furthermore, approval for newer biopharmaceutical products and continuous R&D in this segment is expected to increase the growth of the market.
According to the World Health Organization (WHO), cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in 2018. About 1 in 6 deaths worldwide, is due to cancer. Moreover, approximately 100 million people in the year 2018 all over the world needed insulin out of which 63 million were obese, including all the people living with Type 1 diabetes and between 10-25% of people with type 2 diabetes. A sedentary lifestyle leads to several chronic diseases thus boosting the market growth.
Biopharmaceuticals hold the potential to cure the disease entirely and not just the symptoms, hence increasing its acceptance. According to the United Nations (UN) statistics, about 65% of the drugs approved in the market in 2017 are based on biotechnology.
High costs associated with drug development and their threat of failure, challenging development process, and strict regulatory framework are going to restrain the market in the forecast period.
Generally, the development of a biopharmaceutical product takes around 5 to 9 years and costs over $ 100 million. The regulatory framework plays a major role in deriving incentives for investment and establishing sufficient quality and safety for biomedical products. The WHO has set strict approval standards for biopharmaceuticals.
By Product Type
Recombinant Growth Factors
Inflammatory and Infectious Diseases
Organs and Tissues
Genetically Modified Cells
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Geographically, the global Biopharmaceuticals market is divided into North America, Europe, South America, Asia-Pacific, and the Middle East and Africa.
In North America, the US biopharmaceuticals market accounted for the largest market share of 46%, followed by Canada. The US is the largest free-pricing market globally for pharmaceuticals and has high per capita incomes, a large elderly population and high rates of chronic diseases and drug consumption. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. firms conduct over half the world’s research and development(R&D) in pharmaceuticals and hold the intellectual property rights on most new medicines.
Asia-Pacific is expected to grow at a steady pace of CAGR 8.34% over the period of forecast. The reason being the encouragement of innovation and price reforms in Japan. Supporting government regulations, advanced technological presence, good infrastructural facilities are some of the major factors for the market growth in the region. For instance, Japan government has set up Japan Agency for Medical Research and Development (AMED) to centralize decision making for strategies and budget allocations, and build a one-stop R&D system and to promote R&D among the private sector.
Some of the major market players are AbbVie Inc., Amgen, Bayer, Biogen, Bristol-Myers Squibb, Merck & Co., Inc., Novartis AG, Novo Nordisk, Pfizer, GlaxoSmithKline PLC, Sanofi S.A., and Takeda Pharmaceuticals.
Roche, Sanofi, AbbVie, Pfizer, and Merck are the top five companies in the market and account for more than 50% of the biopharmaceutical market share. Many of the biopharmaceutical products are in the late stages of clinical development. Under huge economic pressures to increase the outputs, pharmaceutical manufacturers have embraced biopharmaceuticals, and have a huge number of products in their pipelines. Out of every 10 biopharmaceutical drugs that enter the clinical phases, only three manage to gain market approval. As of 2017, around 75% of the total products available in the pipeline belong to biopharmaceuticals, providing large scope for the market in the future.
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