Biopharmaceuticals are drugs used for medical purposes and are produced by the extraction of proteins and nucleic acids direct from the biological source using biotechnology. Most of the biopharmaceuticals are the pharmaceutical products derived from the life forms, genetically modified plants and animals are known as transgenic organisms, and this process is used to produce biopharmaceuticals however it is a very controversial method and is still under the trail phase. Recombinant human insulin was amongst the first substances to be approved for therapeutic purpose and currently there are nearly 300 biopharmaceutical products which have been approved and are available in the market. Increasing geriatric population, growing awareness levels and rising healthcare expenditure are the few key factors which are driving the growth of this market.
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Furthermore approval for newer biopharmaceutical products and continuous R&D in this segment is expected to positively reinforce this market. However high prices of these drugs are one of the biggest restraints to this market and to make it commercially viable the cost needs to be significantly reduced.
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On the basis of markets biopharmaceutical can be segmented into four categories namely biosimilar market, enzyme market, protein therapeutics market and cancer monoclonal antibodies market. Global biosimilar market has the highest market share and is expected to maintain its high growth rate for the estimated period. This market is driven by the factors such as high pharmaceutical expenditure, and the presence of expensive drugs in this sector. Additionally global protein therapeutics market is also expected to register very high growth rate for the estimated period owing to its efficiency in target therapy which has little or no side effects.
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