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(Medical-NewsWire.com, May 31, 2018 ) The Global Bio Pharmaceuticals market was worth $161.4 billion in 2016 and estimated to be growing at a CAGR of 9.2%, to reach $250.62 billion by 2021. Disease treatment techniques have been revolutionized with the use of bio pharmaceuticals or biologics on account of their efficiency against autoimmune diseases & cancer and better mode of action. The healthcare industry is expected to make a shift from traditional small molecule drugs to bio pharmaceuticals.
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Bio Pharmaceuticals are drugs obtained from genetically modified sources through biotechnology methods such as hybridoma techniques, recombinant DNA techniques and purification process. These drugs are used in treatment of various diseases like cancer, metabolic, neurological, cardiovascular and other rare type of diseases. Bio pharmaceuticals have enhanced the quality of life of patients and improved the quality of healthcare.
Rising geriatric population which is prone to neurodegenerative and auto immune disorders provide a strong business base for the manufacturers. There is a huge demand for biopharmaceuticals due to increasing incidence of chronic diseases whose treatment is made possible with the use of these drugs. Side effects associated with the over consumption of drugs and high cost involved in manufacturing are few restraints for the market.
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The global bio pharmaceuticals market is segmented on the basis of products into Monoclonal Antibodies (mAb), Erythropoietin, Biotech Vaccines, Recombinant Human (RH) Insulin, Granulocyte colony-stimulating factor (G-CSF), Interferon and Human growth hormones (HGH). Monoclonal antibodies segment holds the highest number of shares in the product sector. Based on therapeutics, the market is bifurcated into Neurology, Infectious diseases, Diabetes, Oncology, Cardiovascular and other therapeutic areas. In terms of therapeutic application, oncology is the largest segment in the biopharmaceuticals market.
Based on geography the market is analysed under various regions namely, North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa. North America is the largest market for bio pharmaceuticals. Technological advancement in the region is propelling the dominance of the region. Asia-Pacific is forecasted to develop as the fastest growing region for biopharmaceuticals market in the forecast period. Increasing awareness regarding biologic drugs is driving the market in the region.
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Merck & Co., Inc., F. Hoffmann-La Roche AG, Eli Lilly and Company, Inc., Sanofi, Amgen Inc., AbbVie Inc., Biogen Idec, Bayer AG, Johnson & Johnson Services, Pfizer, Inc., and Novartis AG are some of the leading players in the market for biopharmaceuticals.
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