Biopharmaceutical Market
Biopharmaceuticals are
substances that are used for medical purposes and are produced by the
extraction of proteins and nucleic acids direct from the natural source. Most
of the biopharmaceuticals are the products that are derived from the natural
forms, genetically modified plants and animals are called as transgenic
organisms, and this process is utilised to produce drugs in biopharmaceuticals
market. Recombinant human insulin got approval for therapeutic purpose, and
presently, there are around 300 biopharmaceutical products that are approved
and available in the Biopharmaceutical market.
Biopharmaceuticals
proffer several benefits like effective and potential action, fewer side
effects, and the potential to cure diseases instead of only treating the
symptoms that have notably raise the demand for biopharmaceutical products.
Biopharmaceuticals have dwindled the number of deaths, which occur due to
cancer and HIV/AIDS in the past decade. This has led to a rise in the adoption
of biopharmaceuticals in the global biopharmaceuticals market.
Biopharmaceuticals have given a choice to the previously less effective and
sometimes unsafe treatments. So, it allows clinicians to tailor treatments to
the specific medical problems experienced by each patient. Increasing geriatric
population, raising awareness levels and increasing healthcare expenditure are
the few key factors which are leading the growth of Biopharmaceutical market.
Moreover, approval for newer biopharmaceutical products and continuous R&D
in this segment is expected to reinforce this market positively. However,
exorbitant prices of these drugs are one of the most significant restraints to
Biopharmaceutical market industry.
Based on markets,
biopharmaceutical can be segmented into four categories, namely the enzyme
market, biosimilar market, protein therapeutics market and oncology/cancer
monoclonal antibodies market. The Biopharmaceutical market industry is driven
by factors such as high pharmaceutical expenditure and the presence of
expensive drugs in this sector. Additionally, the global protein therapeutics
market is also expected to register a very soaring growth rate for the
estimated period due to its efficiency in target therapy that has less or no
side effects. The cancer monoclonal market and global enzyme market are
anticipated to grow at a steady pace for the forecasted period.
There are many key
players in the Biopharmaceutical market, like Hoffmann-La Roche AG.Pfizer,
Inc., Johnson & Johnson Services, Inc., Sanofi, Amgen Inc., AbbVie Inc.,
Merck & Co., Inc., Abbott Laboratories and many others that are playing a
significant role in the biopharmaceutical market.
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