The market is expected to register a CAGR of 8.5% during the forecast period 2018 to 2023. North America dominates the market due to the increasing technological advancements.
Increasing acceptance for biopharmaceuticals and huge market demand
Opportunities in biopharmaceuticals have been increasing over the past decade. The efficacy and the safety of the drugs are some of the key products features that drive the market growth. There have been biopharmaceutical products that are improving the quality of life and reducing the death rates in patients with HIV/AIDs, Cancer, Cystic fibrosis, rheumatoid arthritis. Biopharmaceuticals have reduced the number of deaths caused due to cancer and HIV/AIDS in the last decade. The efficacy of the drugs and the safety has increased the acceptance for biopharmaceuticals.
High-end manufacturing requirements
Unlike conventional pharmaceuticals, biopharmaceuticals are manufactured using living biological systems. Due to this, the biopharmaceutical manufacturing requires specialized equipment and devices like incubators that can support these biological systems. The cost of these devices and equipment is high as compared to regular manufacturing equipment. Along with this, most of the biopharmaceuticals require custom built manufacturing equipment and highly specialized personnel to operate them. Due to these high-end manufacturing requirements, the resources and time required to setup a biopharmaceutical manufacturing facility is very high which makes scaling really tough. So, these factors are acting as a restraint for Biopharmaceuticals market.
North America to Dominate the Market
The Biopharmaceuticals market is segmented by type of treatment and geography. By geography it is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa and South America.
North America dominates the Biopharmaceuticals market due to the increasing technological advancements and high investment & funding to support development of Biopharmaceuticals. Asia-Pacific is also expected to propel the Biopharmaceuticals market owing to factors, such as increasing accessibility to healthcare facilities in the region, and increasing economic growth.
Key developments in the market
In January, 2018, GE Healthcare’s Flex Factory single-use bio manufacturing platform has been selected by Clover Biopharmaceuticals, a Chinese developer of biologics, for its new facility located in Changxing, Zhejiang.
In January, 2018, Sandoz, a Novartis division and the global leader in biosimilars, announced a global partnership with Asia’s premier biopharmaceuticals company, Biocon, to develop, manufacture and commercialize multiple biosimilars in immunology and oncology for patients worldwide.
Major key players: ABBVIE, AMGEN, BRISTOL – MYERS SQUIBB, ELI LILY & CO, JOHNSON & JOHNSON, MERCK & CO. INC, GLAXOSMITHKLINE PLC, ROCHE, PFIZER and NOVARTIS AG etc.