The global biopharmaceuticals market is likely to cross size of over USD 471,021.1 Mn by the end of 2027 while flourishing at a healthy CAGR of over 9.13%, says Market Research Future (MRFR).
Biopharmaceuticals refer to medical drugs manufactured using biotechnology. Biopharmaceuticals can be nucleic acids and proteins used in vivo diagnostic and therapeutic purposes. The global biopharmaceuticals market has registered immense growth in past few years owing to growing technological advancements, increasing geriatric population, growing acceptance for biopharmaceuticals, the elevated incidence rate of chronic diseases, growing investment by prominent companies on R&D of biopharmaceuticals, and rising market demand for biopharmaceuticals. However, the biopharmaceuticals market’s growth is anticipated to be impeded by the risk of side effects linked with biopharmaceuticals, availability of low-cost biosimilars, and stringent government regulations.
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Biopharmaceuticals Market Segmentation
The global market for biopharmaceuticals has been fragmented into several segments based on application, product type, and region.
Based on product type, the biopharmaceuticals market is split into synthetic immunomodulators, recombinant hormones, purified proteins, monoclonal antibodies, vaccines, recombinant proteins, recombinant growth factors, and others.
By application, the global biopharmaceuticals market is bifurcated into neurological diseases, disease prevention, metabolic disorders, inflammatory and infectious diseases, cardiovascular diseases, hormonal disorders, autoimmune disorders, oncology, and others.
Biopharmaceuticals Market Regional Outlook
The global biopharmaceuticals market is studied across four major regions, including the Americas, the Middle East & Africa, Asia-Pacific, and Europe.
The MRFR report suggests that the Americas region is projected to secure the top position in the global biopharmaceuticals market over the forecasted era. The regional market’s growth is being driven by the growing prevalence of chronic diseases, such as cancer. Furthermore, the presence of significant biopharmaceutical companies such as Bristol Myers Squibb Company, Eli Lilly and Company, Amgen Inc., and Pfizer, Inc. is also expected to catalyze the regional market’s growth over the assessment period.
The European regional biopharmaceuticals market is projected to register substantial growth over the review timeframe. The regional market’s growth is attributed to the high prevalence of neurological diseases, well-developed healthcare infrastructure, and increasing geriatric population.
The Asia-Pacific region is projected to register the highest growth over the forecasted era. The rise in the regional market’s growth is mainly caused by the increase in the number of people suffering from diseases such as cancer and diabetes. Moreover, the supportive regulatory framework for the approval of biopharmaceuticals across the region is also projected to influence market growth positively.
The Middle East & African regional biopharmaceuticals market is likely to experience substantial growth over the forecasted era. The regional market’s growth is attributed to the increasing patient population suffering from several chronic diseases.
Biopharmaceuticals Market Competitive Analysis
The global biopharmaceuticals market has a strong and competitive landscape. The players in the global market are implementing growth strategies such as mergers, acquisitions, and product launches to stand out in the concentrated market. The list of leading players in the global biopharmaceuticals market includes AstraZeneca (UK), Johnson & Johnson (US), Eli Lilly and Company (US), Pfizer, Inc. (the US), Biocon (India), GlaxoSmithKline PLC (UK), Sandoz International GmbH (Germany), Sanofi (France), Gilead Sciences, Inc. (US), Hoffmann-La Roche Ltd (Switzerland), Amgen Inc. (US), Merck KGaA (Germany), Novo Nordisk A/S (Denmark), Bristol-Myers Squibb Company (US), Abbvie Inc. (US), and several others.
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A company focused on the development of precision immunodiagnostic agents and immunotherapeutic, Navidea Biopharmaceuticals, Inc., has disclosed a Sponsored Research Agreement with the University of Pennsylvania (“Penn”) for a project to assess the use of Tc99m tilmanocept imaging in glioblastoma as a prognostic agent for tumor growth rate and absolute survival.
Alvotech Holdings SA, a biopharmaceutical company, disclosed its plans to list in New York by merger with a blank-check company supported by Oaktree Capital Management in a transaction that values the mutual entity at over USD2.25 billion. The company will get gross profits of USD 450 million from the deal, including USD 150 million from a private placement in public equity supported by Temasek, CVC Capital Partners, and funds managed by Suvretta Capital, among others.
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