Biopharmaceuticals are medical drugs
which are produced with the help of biotechnology. The US is the largest
market for biopharmaceuticals and is the leader in terms of revenue,
by a substantial margin. The biopharmaceutical market can be classified
based on the class of the medical drug into recombinant proteins,
monoclonal antibodies and purified proteins. Based on the therapeutic
applications, biopharmaceuticals can be classified as blood factors,
thrombolytic agents, hormones, hematopoietic growth factors,
interferon’s and vaccines.
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The US biopharmaceutical market was
valued at USD 90 billion and is estimated to grow with a CAGR of 11%.
The US accounts for more than half the production of biopharmaceuticals
in the world. The biopharmaceutical market is expected to grow in the
coming years because of certain concrete drivers for the market.
Firstly, the launch of newer and advanced products at short intervals
gives consumers a variety to choose from and increases its consumption.
Secondly, the percentage of population beyond the age of 65 has been
growing steadily and they are the primary consumers of
biopharmaceuticals. Also the approval for newer indications of existing
therapies and drugs has helped in the growth of the market.
The high cost associated with
biopharmaceutical medicines is a major hindrance to the growth of the
market. To make it commercially more viable, the cost needs to be
reduced. Also there are several cases of unwanted side effects of
biopharmaceuticals which have left a negative impression in the market
about these products. Also the approach people have to
biopharmaceuticals is that of a secondary line of action.
Biopharmaceuticals have to enter the mainstream of medicines for its
sustained growth.
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The approval for additional
indications is a very strong opportunity to tap newer markets. There is
still a section of the population that is unaware about the pros and
cons of biopharmaceuticals and hence deter from using it. This market
needs to be penetrated in order to increase the growth of the market.
All biopharmaceuticals could be developed to cure diseases which till
now were incurable. This would be the biggest opportunity that the
market could have.
Some of the key players in the US
biopharmaceutical market are Novartis, Pfizer, Merck, Johnson and
Johnson, Abbot Laboratories and others.
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This research report analyzes
this market depending on its market segments, major geographies, and
current market trends. Geographies analyzed under this research report
include
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints.
It provides market projections for the coming years. It includes
analysis of recent developments in technology, Porter’s five force model
analysis and detailed profiles of top industry players. The report
also includes a review of micro and macro factors essential for the
existing market players and new entrants along with detailed value
chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
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