High Incidence of Chronic Diseases to Drive Global Biopharmaceutical Market to US$278,232.9 Million by 2020

New York City, New York, August 25, 2015- According to a recent market study released by Persistence Market Research (PMR), titled “Global Market Study on Biopharmaceuticals: Asia to Witness Highest Growth by 2020”, the global biopharmaceuticals market is expected to reach US$278,232.9 million by 2020, increasing from US$161,851.6 million in 2014. This amounts to a 9.4% CAGR from 2014 to 2020.

Worldwide, industrialization and rapid urbanization has spurred the incidence of chronic diseases, which has in turn led to the need for effective medical treatment. This accounts as one of the major factors driving demand for biopharmaceuticals, states the report.

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Biopharmaceuticals are synthesized using biological sources, which are plant- or animal-based or any of their active component. Biopharmaceuticals are produced using biotechnology methods, including DNA techniques, purification processes, fermentation, and hybridoma techniques. Alternately, they can also be synthesized using transgenic organisms, either plant- or animal-based, that are genetically modified to produce drugs.

Biopharmaceuticals have the capability to fight a particular target with high efficacy for the treatment of various diseases. Biopharmaceuticals such as monoclonal antibodies, cytokines, cell therapies, recombinant insulin, hormones, clotting factors, antisense drugs, and vaccines have the ability to prevent, treat, and cure conditions that are otherwise difficult to treat.

Biopharmaceuticals are made of nucleic acids and proteins and work on specific diseases. Owing to such attributes, biopharmaceuticals are used in the treatment of several chronic diseases such as neurological, cardiovascular, cancer, and other rare diseases that do not have a clearly defined line of treatment. Thus, use of biopharmaceuticals has led to improved medical treatments and has thus improved the quality of the life of patients.

Additionally, the ever-increasing geriatric population, combined with increasing R&D initiatives for advancement of biopharmaceuticals, is driving the global biopharmaceuticals market.

However, high costs of biopharmaceuticals and availability of low-cost alternatives, and the risk of side effects are some of the major restraints for the growth of this market.

One distinguishable trend in the global biopharmaceuticals market is outsourcing, wherein biopharmaceutical companies enter into an agreement with contract manufacturing organizations (CMO) for the production of biopharmaceutical drugs. This is economical in terms of both human resources and cost, which reduces the overall investment for new product development.

In the regional distribution of the global market, North America dominates the global biopharmaceuticals market. The North America regional market was valued at US$64,681.3 million in 2014 and is estimated to reach US$111,598.2 million by 2020, expanding at a 9.5% CAGR from 2014-2020. Technological advancements and heavy investments for biopharmaceutical research account as the major factors driving the biopharmaceuticals market in the region.

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The report identifies the major players in the global biopharmaceuticals market, namely Pfizer Inc., Johnson & Johnson Services Inc., Amgen Inc., Merck & Co., Bayer AG, Novartis AG, F. Hoffmann-La Roche AG, Sanofi, AbbVie Inc., Biogen Idec, and Eli Lilly and Company. Some other participants in the global biopharmaceuticals market are GlaxoSmithKline Plc, AstraZeneca PLC, Bristol-Myers Squibb Company, and Abbott Laboratories.

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