The global biopharmaceutical market is expected to witness significant growth over the forecast period. Biopharmaceuticals are drugs used for medical purposes and are produced by the extraction of proteins and nucleic acids direct from the biological source using biotechnology. Most biopharmaceuticals are the pharmaceutical products derived from the life forms, genetically modified plants and animals are known as transgenic organisms, and this process is used to produce biopharmaceuticals however it is a very controversial method and is still under the trial phase. Recombinant human insulin was amongst the first substances to be approved for therapeutic purposes and currently, there are nearly 300 biopharmaceutical products that have been approved and are available on the market. The increasing geriatric population, growing awareness levels, and rising healthcare expenditure are the few key factors that are driving the growth of this market. Furthermore, approval for newer biopharmaceutical products and continuous R&D in this segment is expected to positively reinforce this market. However high prices of these drugs are one of the biggest restraints to this industry and to make it commercially viable the cost needs to be significantly reduced.
On the basis of markets, biopharmaceuticals can be segmented into four categories namely biosimilar market, enzyme market, protein therapeutics market, and cancer monoclonal antibodies market. The global biosimilar market has the highest market share and is expected to maintain its high growth rate for the estimated period. This industry is driven by the factors such as high pharmaceutical expenditure and the presence of expensive drugs in this sector. Additionally, the global protein therapeutics market is also expected to register a very high growth rate for the estimated period owing to its efficiency in target therapy which has little or no side effects. The global enzyme market and cancer monoclonal market are expected to grow at a steady pace for the forecasted period.
On the basis of geography, the biopharmaceutical market can be segmented into four key regions namely North America, Europe, Asia Pacific, and RoW. North America has the highest industry share for the estimated period owing to the presence of sophisticated healthcare infrastructure, growing geriatric population base, and increased healthcare expenditure in the region. Asia Pacific is expected to register the highest growth rate for the forecasted period mainly due to the presence of unmet industry opportunities in the region.
Key players in the global biopharmaceutical market are Novartis A.G., Pfizer Inc, Merck & Co., GlaxoSmithKline Plc, Abbott Laboratories, Amgen Inc., and Biogen Idec.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.