LOS ANGELES, March 30, 2021 (GLOBE NEWSWIRE) -- The Global Biopharmaceutical Market is expected to grow at a CAGR of around 7.3% from 2020 to 2027 and reach the market value of over US$ 535 Bn by 2027.
North America holds the dominating share of the global biopharmaceutical market. The factors that attribute North America’s dominance involve high level of awareness among population and rising incidences of chronic diseases such as arthritis, rheumatoid, and cancer. Additionally, developments taking place in the healthcare infrastructure, rising government expenditure of healthcare policies, and presence of prominent players in North America bolster the growth of the global biopharmaceutical market. On the other hand, Asia-Pacific is projected to provide promising results in the global biopharmaceutical market. Immense amount of investment, high government involvement in healthcare sector, and notable development taking place in the developing economy boost the demand for biopharmaceuticals market.
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Market Dynamics
The global biopharmaceutical market is driven by prominent factors that involve rising elderly population, surge in prevalence of chronic diseases such as cancer and diabetes and increasing adoption of biopharmaceutical worldwide. Furthermore, rising strategic collaboration among biopharmaceutical companies is projected to flourish the growth of biopharmaceutical market globally. With rapid advancements by the prominent players towards constant innovations supported by technologies in the field of biopharmaceuticals act as one of the prominent factors highly supporting the growth of biopharmaceutical market globally. To plan for the future is the utmost necessity that specifies future-proof medicines, denoting longetivity and welfare to the population that again contributes to the growth of biopharmaceutical market globally.
Market Restraint
High cost associated with drug development and threat of failure is the factors that impede the growth of global biopharmaceutical market. Moreover, stringent regulatory issues coupled with requirement of high investment in the development of a biopharmaceutical drug, refrains the market from growing worldwide.
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Market Trend
The growth of biopharmaceutical market is witnessed tremendous growth opportunity owing to rising research and development (R&D) activities, increased pharmaceutical expenditure, and approval of newer biopharmaceutical products are the key trends of biopharmaceutical market. Also, rising public awareness regarding adoption of biopharmaceuticals propel the growth of biopharmaceutical market globally.
Segmental Outlook
The global biopharmaceutical market is segmented based on product and application. By product, the market is segmented as monoclonal antibody, interferon, insulin, growth and coagulation factor, erythropoietin, vaccine, hormone, and others. By application, the market is segmented as oncology, blood disorder, metabolic disease, infectious disease, cardiovascular disease, neurological disease, immunology, and others.
Monoclonal antibodies are expected to hold high market share in the forecast period. As monoclonal antibodies possess wide therapeutic application that involve treatment of cancer, rheumatoid arthritis, multiple sclerosis, cardiovascular diseases, and others. Additionally, rising Food and Drug Administration (FDA) approval and new product launches for various indications is anticipated to drive the segmental growth resulting in growth of global biopharmaceutical market. Based on application, surge in R&D activity with respect to oncology drug development is predicted to fuel the biopharmaceutical market globally.
Competitive Landscape
Some of the leading competitors are Abbott, Amgen Inc., Biogen Inc., Eli Lilly and Company, F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc., Merck Sharp & Dohme Corp., Novo Nordisk A/S, Pfizer Inc., Sanofi, and others
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Some of the key observations regarding biopharmaceutical industry include:
- In December 2020, Amgen Inc. announced strategic agreement with McKesson. The agreement would help improve cancer care in community oncology settings. With patients receiving Amgen medicine, McKesson reaches 20% of US cancer patients. This multi year agreement bridges the power and reaches of the two companies and will focus on reducing gaps in care by optimizing access to innovative precision medicine and immuno-oncology in the community setting.
- In September 2019, I-Mab Biopharma a China and US based clinical stage biopharmaceutical company exclusively focused on the discovery and development of potential first-in-class and best-in-class biologics in immune oncology and autoimmune diseases announced collaboration with MSD, a trademark of Merck & Co., Inc.
- In February 2021, Eli Lilly and Company, announced entering into a license agreement and strategic collaboration with Rigel Pharmaceuticals to co-develop and commercialize Rigel's R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for all indications, for $960 million. Under the agreement, Eli Lilly will provide Rigel with an upfront payment of $125 million and an additional $835 million in potential development, regulatory, and commercial milestone payments.
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