The global
biopharmaceuticals market is increasing, due to growing aging population. In
addition, the increasing healthcare investments around the world are propelling the increase
in R&D investments, which is fuelling the growth of the global
biopharmaceuticals market. Furthermore, the increasing prevalence of chronic
diseases due to unhealthy lifestyle, poor diet, excess alcohol consumption, and
lack of physical activity is also contributing to the growth in demand of
biopharmaceuticals globally. On the basis of types, the global recombinant
human insulin market segment is expected to witness fastest growth during the
forecast period. Among the application segment, the oncology segment accounted for the
largest market in the global biopharmaceuticals market in 2014; and is expected
to witness fastest growth, with 11.1% CAGR during the period 2015 – 2020.
The R&D
investments in formulation and development of a drug have increased, due to the
growing demand for prevention, treatment, and complete curative options for various
diseases. Many pharmaceutical companies are focusing on developing more
effective products to treat life-threatening diseases and encourage patients to
live healthier lives with reduced disabilities. Also, the aging population is
increasing rapidly around the world. The increasing aging population is
propelling the growth of the global biopharmaceuticals market, as the pool of
elder population is more prone to illness due to low immunity levels, and high
recovery time consumption. The technological advancements in biopharmaceuticals
have transformed treatment options for many diseases in the recent years. The
technological advancements in biopharmaceuticals help to increase the chances
of survival for cancer patients, curing hepatitis, and recovery of patients
with arthritis.
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However,
the high cost and side effects of biopharmaceuticals is a key restraint, which
is adversely impacting the growth of the global biopharmaceuticals market. In
addition, the entry of low cost
biosimilars of existing biopharmaceuticals, also acts as a restraint in the
growth of the global biopharmaceuticals market. The Asian biopharmaceuticals
market is expected to witness fastest growth, with a CAGR of 10.6% during the
period 2015 – 2020.
The key
companies operating in the global biopharmaceuticals market include AbbVie Inc,
Sanofi, Eli Lilly and Company, Pfizer Inc., Abbott Laboratories, AstraZeneca
PLC, Novartis AG, Biogen Idec , Bristol-Myers Squibb Company and Amgen Inc.
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