Biopharmaceuticals are the substances extracted from living organisms like animal cells and microorganisms which have higher therapeutic values. Such complex and large molecule drugs are referred to as biologics or biotech drugs.
One of the major factors driving the growth of the global bio-pharma market is the growing elderly population all across the globe. There is a significant spike in the prevalence of chronic diseases all across the globe. Such growing prevalence is inducing health care professionals to develop effective therapeutic pharmaceutical substances to treat several chronic diseases like cancer and diabetes. Companies are entering into strategic collaboration agreements to lower the production time of pharmaceutical substances by sharing the operational tasks and outsourcing activities, which in turn will supplement the growth of the market significantly. The constant ongoing innovations of advanced technology in the area of biopharmaceutics will contribute vigorously towards the development of cheaper, faster, and better biologics in the forthcoming years. The global bio-pharma market is likely to be driven majorly by the strategic investments and growing research & development activities in the field of healthcare to bring diversification and bioprocessing facilities for patients.
The global bio-pharma market can be segmented into end-user, therapeutic application, product type, and region.
By end-user, the market can be segmented into clinical research institute & CROs, diagnostic labs, biopharma companies, health & care, and others.
By therapeutic application, the market can be segmented into hormonal disorders, metabolic disorders, autoimmune disorders, neurology, cardiology, inflammatory diseases, and oncology. By product type, the market can be segmented into recombinant protein, thrombolytics & anticoagulants, gene therapies, growth factors, monoclonal antibodies, cell & gene therapies, blood components, enzymes, vaccines, hormones, cell & gene therapies, and others.
North America accounts for the largest share in the global bio-pharma market due to the growing initiatives from the government to strengthen the healthcare infrastructure and facilitate advanced care facilities for the patients.
Asia Pacific is expected to witness a significant growth rate in the forthcoming years due to the presence of prominent biopharmaceutical industry leaders in the region. Moreover, the growing disposable income of people is inducing them to demand high-end medical services, which in turn is likely to propel the growth of the regional market during the forecast period.
Some of the significant players in the global bio-pharma market are Sanofi, Pfizer, Inc., Novo Nordisk A/S, Merck & Co., Inc., Johnson & Johnson, F. Hoffmann-La Roche, Ltd., Eli Lilly and Company, Biogen, Inc., Amgen, Inc., and Abbott Laboratories. To cite, an anti-CD6 IgG1 monoclonal antibody known as tocilizumab (ALZUMAb) was approved in July 2020 from Biocon Ltd. It is utilized in the treatment of patients suffering from cytokine release syndrome, who are affected by Covid-19.