Global Biopharmaceutical Market Report, published by Variant Market Research, forecast that the global market is expected to reach $405 Billion by 2024 from $200 Billion in 2016, growing at a CAGR of 9.3% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 11.4% and 9.0%, respectively, during the forecast period.
"Biopharmaceuticals Market (Monoclonal Antibodies, Recombinant Proteins, Granulocyte Colony-Stimulating Factor, Interferon, Recombinant Human Insulin, Erythropoietin, Vaccines, Growth Hormones, Purified Proteins; Oncology, Inflammatory Infectious Diseases, Metabolic Disorders, Cardiovascular Diseases; North America, Europe, Asia-Pacific, and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors driving the growth of the global biopharmaceuticals market include technological advancements, enhanced proficiency over conventional drugs, and occurrence of autoimmune diseases and cancers. Though, entry of low priced biosimilars and risk of adverse effects could pose challenge for the market, Additionally, rising R&D, rising government initiatives for developing effective products, and popularity of herbal medicines worldwide provide opportunities in the forecast years.
Type, therapeutic application, and geography are the key bifurcations considered in the global biopharmaceutical market. By type, it is segmented into monoclonal antibodies, recombinant proteins, granulocyte colony-stimulating factor (G-CSF), interferon, recombinant human insulin, erythropoietin, vaccines, growth hormones, purified proteins, and others. Among which, recombinant proteins are expected to dominate with largest market share and fastest CAGR. Therapeutic application is further bifurcated into oncology, inflammatory infectious diseases, metabolic disorders, cardiovascular diseases, and others. Others and oncology accounted the majority of the share in 2016.
Geographically, the biopharmaceuticals market has been bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America held the largest market share of 39.9% in 2016, driven by increasing number of R&D, product launch, and outsourcing the manufacturing process, followed by Europe with share of 34.7%. In terms of growth, Asia-Pacific is anticipated to attain the fastest CAGR during the forecast period, driven by adoption of advanced technologies, increasing investments in R&D, and increasing partnerships with major companies for contract manufacturing.
Major companies operating in the global biopharmaceuticals market include Roche Holding AG, Bayer AG, Abbott Laboratories, Biocon Ltd, Eli Lilly and Company, Ranbaxy Laboratories Ltd., Pfizer Inc., Novartis AG, Genentech, Inc., and Johnson & Johnson, Inc, among others.