Biopharmaceuticals and Biomedicine Market Introduction
Biopharmaceuticals has emerged as one of the key segments holding immense growth potential within the healthcare sector. Rising demand for effective treatment and rise in per capita healthcare expenditure has led to double digit revenue growth for industry players in recent years. The industry offers especially lucrative growth opportunities, since most of these products still have low penetration rate among the populace. The market is set to gain further traction, with evolving treatment archetypes and rapid technological innovation such as cell therapy and regenerative medicines. The global biopharmaceutical and biomedicine market was valued at over US$ 185 Mn in 2015, accounting for over 23% share of overall pharmaceuticals market and is expected to gain further market share in the near future. Major pharmaceutical companies are focusing on increasing investments in the biopharmaceuticals and biomedicine market, as the industry has yielded higher return on investment compared to generic drugs market. Thus, the biopharmaceuticals and biomedicine market is characterized by rapid rise in consolidation.
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Expected Commercialization of Biologics is Creating Favorable Growth Environment for Biopharmaceuticals and Biomedicine Market
Biopharmaceutical and biomedicine market growth correlates highly with per capita healthcare expenditure, healthcare amenities, and R&D spending on development of new products. Global healthcare spending rose by 1.7% Y-o-Y in 2016. Also, there has been a spurt in incidence rate of chronic diseases worldwide. The combination of the two aforementioned factors leads to growth in demand for biopharmaceutical drugs. Though, price of these drugs are comparatively higher than generic drugs, strong demand from end users has led to rapid increase in sales of biopharmaceutical and biomedicine drugs. Development of new concept drugs along with expected commercialization of pipeline drugs is set to further spur biopharmaceuticals and biomedicine market growth. Though industry is gaining significant traction worldwide, high operational costs, stringent regulatory compliances, and supply chain complexity are major challenges for stakeholders.
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Biopharmaceuticals and Biomedicine Market Taxonomy:
Coherent Market Insights has segmented the biopharmaceutical and biomedicine market on the basis of the following:
- Product Type
- Biomedicine Branch
On the basis of product type, the biopharmaceutical and biomedicine market has been segmented into vaccines, somatic cells, cytokines, allergenic, hormones, recombinant therapeutic proteins, and monoclonal antibodies. The vaccines segment dominated the market in 2015.
On the basis of biomedicine branch, the biopharmaceutical and biomedicine market has been segmented into cell technologies, nano medicines, gene therapy, biochips, system biology, and bioinformatics.
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Changing healthcare landscape and adoption of alternative business operating model to drive growth of North America biopharmaceutical and biomedicine market
The biopharmaceutical and biomedicine market report covers analysis across regions – North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Geographically, North America accounted for over 52% share of global industry revenue in 2015. However, the region is expected to lose significant market share to emerging markets of Asia Pacific and Latin America over the following decade. Healthcare expenditure in North America is highest worldwide at 16.7%. Moreover, the region is characterized by presence of robust healthcare infrastructure, presence of leading biopharmaceutical companies, and large patient pool with high spending power. In the recent past, the market in the region has witnessed sluggish growth rate. Thus, companies need to overcome structural shifts and adopt new operating model to sustain in this highly competitive market.
Europe was the second-largest market for biopharmaceuticals and biomedicine, with Germany, U.K., Italy, and France being the largest revenue contributors. Europe accounted for 20.7% share of global market in 2015.
Asia Pacific is expected to be the most dynamic market, with record-setting growth rate over the forecast period (2016–2024). China and India are expected to be the largest markets in the region. Increase in FDI cap in healthcare sector in India would create lucrative growth opportunities for players seeking to strengthen their market presence in this key growth market.
Inorganic growth to obtain competitive edge
Major players in the biopharmaceuticals and biomedicine market include Quest Pharmatech, Inc., AMEGA Biotech, Teva Pharmaceutical Industries, Apeiron Biologics AG, Sanofi S.A., Eli Lilly and Company, Sigma Aldrich Corporation, Mallinckrodt Pharmaceuticals, OncoMed Pharmaceuticals, Inc., and Janssen Biotech, Inc.
Companies need to constantly upgrade their manufacturing and operational capabilities in order to sustain growth in the market.
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