The global Biopharmaceuticals Market connected with therapeutic biologics

Biopharmaceuticals Market



Market Overview:

The biopharmaceuticals market comprises medicines produced using biotechnology methods like genetic engineering and includes vaccines, blood components, recombinant therapeutic proteins/antibodies, and monoclonal antibodies. Biopharmaceuticals are often used for treating serious medical conditions like cancer, autoimmune diseases, and other chronic disorders. These drugs provide targeted treatment options and have lesser side effects than traditional small-molecule drugs. The market is witnessing high demand due to increasing prevalence of chronic diseases and growing geriatric population globally.

Market key trends:
One of the key trends gaining traction in The Biopharmaceuticals Market Demand is the increasing adoption of biosimilars. Biosimilars are quasi-generic versions of original biologics and provide more affordable treatment options when the patents of biologics expire. Regulatory agencies in various regions are also approving biosimilars to enhance competition and reduce healthcare costs. For instance, the U.S. FDA had approved over 50 biosimilars as of January 2023. The patents expiration of major biologics is also expected to increase biosimilars market share in the forecast period. This trend is expected to drive the overall growth of the biopharmaceuticals market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is relatively low in the biopharmaceuticals market due to huge R&D costs involved in developing new biopharmaceutical drugs and stringent regulatory requirements.

Bargaining power of buyers: The bargaining power of buyers is moderate as biopharmaceutical drugs are usually developed for specific therapeutic areas with limited substitutes. However, pricing pressure exists from governing bodies and insurance companies.

Bargaining power of suppliers: The bargaining power of suppliers is moderate given the specialized expertise required. However, presence of alternative material and device suppliers keeps their bargaining power in check.

Threat of new substitutes: The threat of new substitutes is moderate as new drug delivery technologies and therapeutics occasionally challenge existing biopharmaceutical drugs.

Competitive rivalry: The competitive rivalry is high among existing players given their focus on pipeline development and product launches to gain market share.

Key Takeaways

The global biopharmaceuticals market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period 2023-2030, due to increasing prevalence of chronic diseases and rising demand for monoclonal antibodies and recombinant proteins.

The North America region currently dominates the biopharmaceuticals market owing to presence of major players and supportive regulatory environment. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising healthcare expenditure, increasing disposable incomes and growing incidences of lifestyle diseases in countries like China and India.

Key players operating in the biopharmaceuticals market are Amgen Inc., Abbvie Inc., GlaxoSmithKline PLC, Pfizer Inc., Novo Nordisk AS, Novartis AG, Johnson & Johnson, Eli Lilly and Company, Bristol-Myers Squibb Company, and F. Hoffmann-La Roche Ltd., among others. These players are focused on expanding their product portfolios through acquisitions and partnerships with biotech companies to strengthen their market position.

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https://www.dailyprbulletin.com/biopharmaceuticals-market-share-growth-and-demand/

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