New York, NY, May 28, 2015 --(PR.com
)-- According to a new market report published by Persistence Market Research “Global Market Study on Biopharmaceuticals: Asia to Witness Highest Growth by 2020,” the global biopharmaceuticals market was valued at US$ 161,851.6 Mn in 2014 and is expected to grow at a CAGR of 9.4% from 2014 to 2020, to reach an estimated value of US$ 278,232.9 Mn by 2020.
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, anaemia 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, 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$ 161,851.6 Mn in 2014 and is expected to reach US$ 278,232.9 Mn by 2020 at a CAGR of 9.4% during the forecast period.
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$ 64,681.3 Mn in 2014 and is expected to reach US$ 111,598.2 Mn 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.
Browse the full Global Market Study on Biopharmaceuticals: Asia to Witness Highest Growth by 2020 report at http://www.persistencemarketresearch.com/market-research/biopharmaceutical-market.asp
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:
1) By Type
Granulocyte-colony stimulating factor (G-CSF)
Recombinant human insulin
2) By Therapeutic applications
Inflammatory and infectious diseases
3) By Geography
Rest of the World
Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.