According to the latest report published by Variant Market Research, the global biopharmaceuticals market is estimated to reach $405 Billion by 2024, from $200 Billion in 2016, at a CAGR of 9.3% from 2016 to 2024.
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Technological developments to drive the global biopharmaceuticalsmarket
The global biopharmaceuticals market is driven by factors such as enhanced proficiency over conventional drugs, technological developments, and occurrence of autoimmune diseases and cancers. Entry of low priced biosimilars and threat of adverse effects may hamper the market growth. Furthermore, growing R&D, increasing government initiatives for developing effective products, and acceptance of herbal medicines worldwide would provide an opportunity for market players of biopharmaceuticals market.
The global biopharmaceuticals market is classified into type, therapeutic application, and geography. Type segment includes recombinant proteins, erythropoietin, monoclonal antibodies,granulocyte colony-stimulating factor (G-CSF), interferon, recombinant human insulin, vaccines, purified proteins, growth hormones, and other types. Oncology, cardiovascular diseases, inflammatory infectious diseases, metabolic disordersand other applications are covered under the application sub segment. North America (U.S., Mexico, and Canada), Europe (France, Germany, UK, Italy, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in the global biopharmaceuticals market.
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Recombinant proteins, by type, is estimated to dominated the global market in 2016
Recombinant proteins held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to high usage of recombinant proteins mostly used in medical applications, mainly as vaccines and medications.
Oncology, byapplication, is estimated to dominated the global market in 2016
Oncology held for the highest market share in 2016, and expected to continue its dominance over the forecast period, 2016 – 2024, due to widespread applications of Biopharmaceuticals in the medicines industry.
Asia-Pacific is estimated to witness fastest CAGR from 2016 to 2024
Asia-Pacific is predicted to grow at a fastest CAGR over the forecast period 2016 to 2024. The growth is attributed to adoption of progressive technologies, growing investments in R&D, and growing partnerships with major companies for contract manufacturing.
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The key market players of the market are Johnson & Johnson, Inc, Pfizer Inc.,Roche Holding AG,Abbott Laboratories,Bayer AG,Biocon Ltd, Eli Lilly and Company, Ranbaxy Laboratories Ltd., and Novartis AG, Genentech, Inc., among others.
Scope of Biopharmaceuticals Market
- Monoclonal Antibodies
- Recombinant Proteins
- Granulocyte Colony-Stimulating Factor (G-CSF)
- Recombinant Human Insulin
- Growth Hormones
- Purified Proteins
- Other Types
Therapeutic Application segments
- Inflammatory Infectious Diseases
- Metabolic Disorders
- Cardiovascular Diseases
- Other Therapeutic Applications
- North America
- South America
- Middle East
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