LONDON, March 8, 2016 /PRNewswire/ -- The global biopharmaceuticals market accounted for $ 160,440.4 million in 2014, and it is expected to grow with a CAGR of 9.6% during 2015-2020. The monoclonal antibodies market segment dominated the global biopharmaceuticals market in 2014 with about 25.8% share; whereas, among application segment, the oncology segment accounted for the highest share of 27% in the global biopharmaceuticals market in the same year. The global biopharmaceuticals market is growing with a high growth rate, due to increasing geriatric population, increasing R&D investments, increasing prevalence of chronic diseases, and technological advancements in biopharmaceuticals which has helped in curing diseases with no available treatment.
Biopharmaceuticals are in huge demand due to the increasing prevalence of chronic diseases, which is one of the key drivers, fuelling the growth of the global biopharmaceuticals market. Chronic diseases are increasing due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity. The increase in chronic diseases worldwide is leading to the growth in the number of hospitalization cases, which is fuelling the demand for biopharmaceuticals. The monoclonal antibodies market grew with an average annual growth rate of over 9.3% during 2011-2014. The oncology market on the other hand, grew with a CAGR of 10.9% during 2011-2014.
The R&D investments in formulation and development of a drug have increased, due to the growing demand for prevention, treatment, and complete curative options for various diseases. Many pharmaceutical companies are focusing on developing more effective products to treat life-threatening diseases and encourage patients to live healthier lives with reduced disabilities. The increasing healthcare investments around the world, is propelling the increase in R&D investments, which is fuelling the growth of the global biopharmaceuticals market.
The increasing aging population is propelling the growth of the global biopharmaceuticals market, as the pool of elder population is more prone to illness due to low immunity levels, and high recovery time consumption. The elderly people are also susceptible to dermatological disorders, such as dermatitis and cellulitis. Moreover, common eye diseases, including glaucoma and age-related macular degeneration (AMD) are also age-related diseases. These age-related disorders would require more effective biopharmaceuticals for their treatment, thus fuelling the demand of the global biopharmaceuticals market.
The technological advancements in biopharmaceuticals, such as target specific approach with high efficiency, are proving to be advantageous in treating various disorders and chronic diseases. Additionally, biopharmaceuticals have the potential to prevent, treat, and heal the diseases completely, which are otherwise difficult to cure or have no available treatment.
The restraints associated with the global biopharmaceuticals market include high cost of biopharmaceuticals and side effects, such as breathing problems, sore throat, allergic reactions, itching, and rashes due to the consumption of biopharmaceuticals. The low-cost biosimilars are posing a threat to the global biopharmaceuticals market. Biosimilar refers to a biological product that is approved by drug related authorities, such as the Food Drug Association (FDA) and is similar in function, safety, and effectiveness; just like the original product manufactured by a different company. Furthermore, the easy availability of low-priced biosimilars of existing biopharmaceuticals is hampering the growth of the global biopharmaceuticals market.
The key companies operating in the global biopharmaceuticals market include AbbVie Inc, Eli Lilly and Company, Sanofi, Pfizer Inc., Abbott Laboratories, AstraZeneca PLC, Novartis AG, Biogen Idec , Bristol-Myers Squibb Company, and Amgen Inc.
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