Biopharmaceuticals and Biomedicine Market: Global Market Opportunities, Size, Share, Emerging Trends
The Biopharmaceuticals and Biomedicine Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, production and consumption
The Biopharmaceuticals and Biomedicine Market - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, production and consumption, supply chain analysis, ecosystem analysis, competitive landscape, and market composition analysis.
Biopharmaceuticals and biomedicine are the drugs extracted from biological sources with complex molecular structure offering high efficacy and limited side effects and accounts for approximately 1/5th of the global pharmaceutical market. The biopharmaceuticals are gaining popularity fueled by government initiatives across North America and Europe and rising adoption in treatment of critical diseases such as Cancer. However, the biopharmaceuticals and biomedicines are complex in nature and demand sophisticated and elegant manufacturing infrastructure to develop new products. The technological and operational challenges in manufacturing of biopharmaceuticals and biomedicines result in increasing the cost of these drugs. The high price associated with biopharmaceuticals and biomedicines is anticipated to be the major impediment in adoption of these drugs at a global level. However, government initiatives and subsidies and strong research & development activities are anticipated to reduce the effect of price during the forecast period. The global biopharmaceuticals and biomedicine market is anticipated to grow at a CAGR of 9.5% during the forecast period.
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Cell & gene therapy to be the most demanding segment for biopharmaceutical and biomedicines
The global biopharmaceuticals and biomedicine market is segmented based on type, application, and geography. Based on type, global biopharmaceuticals and biomedicine market is segmented into Nano medicine, cell & gene therapy, system biology, bio informatics, molecular enzymes & kits, and others. Among these, the cell & gene therapy biopharmaceutical and biomedicine dominated the market in 2018 and is anticipated to be the dominating segment throughout the forecast period. The bio informatics segment is anticipated to grow at a prominent rate during the forecast period owing to focused research and development activities.
Limited side effects, potent action and high effectiveness to drive demand for biopharmaceutical and biomedicine in therapeutics
Based on application, the global market is segmented into therapeutics, diagnostics, and research & development. Among the applications, therapeutics applications of biopharmaceutical and biomedicine accounted for largest share to the global market with a revenue contribution of more than 75% in 2018. The market dominance is primarily attributed to the high cost associated with the therapeutic biopharmaceuticals and deployment in treatment procedures of critical diseases. Research & Development in the field of biopharmaceutical and biomedicine is anticipated to escalate during forecast period with an aim to produce cost efficient biopharmaceutical and biomedicines.
Based on geography, the global biopharmaceuticals and biomedicine market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America dominated the market in 2018 owing to the presence of biopharmaceuticals and biomedicine manufacturers across the region. Moreover, rising government spending on research & development of biopharmaceuticals and biomedicines, government initiatives to promote use of biopharmaceuticals and biomedicines, strong healthcare infrastructure, and streamlined healthcare insurance policies are the major factors contributing towards the growth of biopharmaceutical and biomedicine market in North America. Europe is anticipated to witness prominent growth during the forecast period owing to rising healthcare spending across the region.
Major players dominating the global biopharmaceuticals and biomedicine market include AbbVie Inc., Affimed N.V., Amgen Inc., Bristol - Myers Squibb, Celgene Corporation, Eli Lilly and Company, F. Hoffmann-La Roche AG, Johnson & Johnson, NanoString Technologies, Inc., Novartis AG, Novo Nordisk A/S, Pfizer, Inc., Qiagen N.V., and Sanofi S.A.
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