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(Health-NewsWire.Net, March 23, 2020 ) Market Overview
The global biopharmaceuticals market is set to exhibit a CAGR of 7.83% during 2019–2026 and is estimated to reach a market value of US $ XX billion by 2026.
Market Drivers
The major drivers fueling the growth of the market are an increase in the elderly population, the surge in prevalence of chronic diseases such as cancer and diabetes, increase in obesity and sedentary lifestyle among the population and growing acceptance for biopharmaceuticals due to their ability to treat previously untreatable diseases. Furthermore, approval for newer biopharmaceutical products and continuous R&D in this segment is expected to increase the growth of the market.
Market Restraints
High costs associated with drug development and their threat of failure, challenging development process, and strict regulatory framework are going to restrain the market in the forecast period.
Market Segmentation
By product
• Monoclonal Antibodies
• Recombinant growth factors
• Purified Proteins
• Recombinant Proteins
• Recombinant Hormones
• Others
Monoclonal antibodies are further segmented as
• Anti-Cancer Monoclonal Antibodies,
• Anti-Inflammatory Monoclonal Antibodies,
• Other Monoclonal Antibodies.
Recombinant growth factors are further segmented as
• Erythropoietin
• Granulocyte Colony Stimulating Factor.
By application
• Oncology,
• Inflammatory
• Infectious diseases
• Autoimmune disorders
• Others
Geographical Analysis
• North America
• Europe
• South America
• Asia Pacific
• The Middle East and Africa
In North America, the US biopharmaceuticals market accounted for the largest market share of 46%, followed by Canada. The US is the largest free-pricing market globally for pharmaceuticals and has high per capita incomes, a large elderly population and high rates of chronic diseases and drug consumption. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. firms conduct over half the world's research and development (R&D) in pharmaceuticals and hold the intellectual property rights on most new medicines.
Competitive Analysis
Some of the major market players are
• AbbVie Inc.
• Amgen
• Bayer
• Others.
View full report: https://www.datamintelligence.com/research-report/biopharmaceuticals-market
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