According to the latest report by IMARC Group, titled “Biopharmaceutical Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global biopharmaceutical market size reached US$ 232 Billion in 2020. Biopharmaceuticals are complex drugs that are extracted and synthesized from biological sources by using the recombinant deoxyribonucleic acid (DNA) technology. Some of the common sources include whole blood, tissue transplant, antibodies, gene therapy, human reproductive cells, breast milk, fecal microbiota, and stem-cell therapy. Biopharmaceuticals are mainly composed of sugar, protein, nucleic acid, and a combination of living cells. These medications can be classified into monoclonal antibodies and receptor constructs. As compared to conventional small molecule drugs, biopharmaceuticals are more efficient and exhibit higher specificity and activity. They also target specific molecules and can be tailored according to individual needs, thereby reducing the side effects associated with dosages.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Biopharmaceutical Market Trends:
The increasing prevalence of chronic illnesses, including diabetes, cardiovascular disorders, cancer, and Alzheimer’s, along with the rising inclination toward targeted therapy, is majorly driving the global biopharmaceutical market growth. The escalating product demand can also be attributed to the increasing geriatric population that is more susceptible to developing such ailments. In line with this, biopharmaceuticals are structurally similar to human compounds, which has accelerated their adoption across the healthcare sector to cure several rare diseases. Additionally, the increasing healthcare expenditure and continuous research and development (R&D) activities to engineer safer and more effective pharmaceutical products are contributing to the market growth. Besides this, amidst the ongoing coronavirus disease (COVID-19) pandemic, key players are utilizing biologics to develop vaccines against acute respiratory disorders, which is further creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 367 Billion by 2026, growing at a CAGR of 7.8% during 2021-2026.
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Competitive Landscape with Key players:
The global biopharmaceutical market is concentrated in nature with the presence of a small number of key players who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Novo Nordisk
- Sanofi SA
- Johnson & Johnson
- Merck & Co.
- Biogen Idec
Global Biopharmaceutical Market Segmentation:
Our report has categorized the market based on region.
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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