The global biopharmaceuticals market accounted for $160,440.4 million in 2014, and it is expected to grow with a CAGR of 9.6% during 2015-2020. The monoclonal antibodies market segment dominated the global biopharmaceuticals market in 2014 with about 25.8% share; whereas, among application segment, the oncology segment accounted for the highest share of 27% in the global biopharmaceuticals market in the same year. The global biopharmaceuticals market is growing with a high growth rate, due to increasing geriatric population, increasing R&D investments, increasing prevalence of chronic diseases, and technological advancements in biopharmaceuticals which has helped in curing diseases with no available treatment.
Biopharmaceuticals are in huge demand due to the increasing prevalence of chronic diseases, which is one of the key drivers, fuelling the growth of the global biopharmaceuticals market. Chronic diseases are increasing due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity. The increase in chronic diseases worldwide is leading to the growth in the number of hospitalization cases, which is fuelling the demand for biopharmaceuticals. The monoclonal antibodies market grew with an average annual growth rate of over 9.3% during 2011-2014. The oncology market on the other hand, grew with a CAGR of 10.9% during 2011-2014.
The restraints associated with the global biopharmaceuticals market include high cost of biopharmaceuticals and side effects, such as breathing problems, sore throat, allergic reactions, itching, and rashes due to the consumption of biopharmaceuticals. The low-cost biosimilars are posing a threat to the global biopharmaceuticals market. Biosimilar refers to a biological product that is approved by drug related authorities, such as the Food Drug Association (FDA) and is similar in function, safety, and effectiveness; just like the original product manufactured by a different company. Furthermore, the easy availability of low-priced biosimilars of existing biopharmaceuticals is hampering the growth of the global biopharmaceuticals market.
The key companies operating in the global biopharmaceuticals market include AbbVie Inc, Eli Lilly and Company, Sanofi, Pfizer Inc., Abbott Laboratories, AstraZeneca PLC, Novartis AG, Biogen Idec , Bristol-Myers Squibb Company, and Amgen Inc.
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