The size of the biopharmaceuticals market will power at a compound annual growth rate of 7.1% by the end of this decade, to touch a value of USD 720.8 billion by 2030.
This significant growth of the industry is due to the surging prevalence of chronic diseases, like cancer, diabetes and cardiovascular ailments. Moreover, the increasing geriatric population and the growing demand for advanced biologic drugs.
The surging number of clinical trials and heavy investments by companies in research and development of novel biologics and biosimilars will also help the industry to grow.
Biopharma medicines are used worldwide these days due to Europe-wide average price lowering from 8% for anti-TNF biosimilar products to 33-34% for erythropoietin and G-CSF biosimilars in comparison to previous biosimilars. Properties like efficacy and safety are the main reasons for prevalence of bio-based drugs worldwide.
Oncology category is set to experience a significant growth rate during forecast period owing to surging number of approvals for bio-pharmaceutical products for malignancy treatments.
Moreover, biopharmaceuticals are also used in treatment of neurogenerative disorders, the basic need for some of them is to inject bio-medicines directly into the brain.
Technological advancements and companies focusing on R&D in bio-based drugs have played a vital role in maximizing the survival chances of cancer patients, cure hepatitis, help in the recovery of patients suffering from arthritis and revolutionized the treatment for various diseases.
Monoclonal antibodies held the largest share of 36% and is projected to grow with a CAGR of around 7.2% during forecast period. mAbs are the prominent class of biologics accounting for more than 20% of all the therapeutic candidates.
Many mAbs are ready to use as anti-cancer, anti-inflammatory and other therapeutic treatments. Because of their significant use in cancer treatment, they are becoming prominent in developed countries like U.S. and the U.K. These are a perfect fit for monotherapy or in addition with conventional therapies.
With the introduction of cytokines and interferons (IFNs), a new age has arrived for biologic therapies which can be used in neoplastic disorders, infectious diseases and multiple sclerosis.
They do not act directly on molecules and cells, instead these agents execute their biologic effects indirectly, through various immunological and other cells.
North America is the largest contributor in biopharmaceuticals market with a revenue share of 44%, which is due to heavy R&D investments, surging adoption of technologically advanced solutions, well established players and their urge for coming up with new patents.
It is due to the continuous developments in biological drugs, requirement for advance medications, increasing prevalence of chronic diseases and snowballing focus of various companies on R&D, the requirement for biopharmaceuticals will continue to grow in the future.
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