ReportCrux Market Research has published a new report titled "Biopharma Market by Product(Monoclonal Antibodies [Anti Cancer Monoclonal Antibodies, Anti Inflammatory Monoclonal Antibodies, and Other Monoclonal Antibodies], Purified Proteins [Leukemia Inhibitory Factor (LIF), P53 Protein, P38 Protein, and Other Purified Proteins], Recombinant Proteins [Serum Albumin, Amyloid Protein, Defensin, and Transferrin],Vaccines [Recombinant Vaccines, Conventional Vaccines, and Recombinant Enzymes], Recombinant Growth Factors [Erythropoietin, and Granulocyte Colony Stimulating Factors], Recombinant Hormones [Recombinant Human Growth Hormones, Recombinant Insulin, and Other Recombinant Hormones], and Other Product Types); by Therapeutic Application (Oncology, Inflammatory and Infectious Diseases, Neurological Diseases, Infectious Diseases, Cardiovascular Diseases, Metabolic Disorders, Hormonal Disorders, and Other Diseases).Biopharmaceuticals Market SizeBiopharma Market is estimated to grow from USD 244.1 Billion in 2019 to USD 546.6 Billion by 2027, at a CAGR of 10.6% during 2020-2027Biopharmaceuticals are produced by living organisms, such as microorganisms and animal cells, and have a high therapeutic value.
Most biopharmaceuticals are life-form pharmaceutical products, genetically modified from plants and animals and are classified as transgenic organisms, and this process is used to generate biopharmaceuticals.These massive and complex molecular drugs are often referred to as biologics or biotech drugs.
Recombinant human insulin was one of the first substances to be licensed for medical purposes, and there are currently almost 300 biopharmaceutical drugs that have been licensed and are available on the market.The global demand for biopharmaceuticals is driven by a number of factors like increase in the elderly population, an increase in the prevalence of chronic diseases like cancer and diabetes, and an increase in the global acceptance of biopharmaceuticals.
In addition, an increase in strategic partnerships between biopharmaceutical companies is also expected to complement the growth of the biopharmaceuticals industry.Furthermore, clearance for newer biopharmaceutical products and continuous R is also expected to improve this market positively.
However, the high costs of these medications are one of the main constraints on this industry and, in order to make them economically viable, the cost needs to be reduced greatly.Segmentation AnalysisThe global market for the biopharma is segmented into product, therapeutic area, application, and region.By ProductRecombinant growth factorsMonoclonal antibodiesRecombinant proteinsVaccinesPurified proteinsRecombinant hormonesOtherMonoclonal:28%By Therapeutic Applicationoncologyinflammatory and infectious diseasesneurological diseasesinfectious diseasescardiovascular diseasesmetabolic disordershormonal disordersotherOncology:25%By RegionNorth AmericaLatin AmericaEuropeAsia-PacificMiddle-East & AfricaNorth America:37%By ProductBased on product, the market is for biopharma is segmented into recombinant growth factors, monoclonal antibodies, recombinant proteins, vaccines, purified proteins, recombinant hormones, and other product types.
Contrary, the recombinant proteins segment is expected to show rapid growth over the forecast period.By Therapeutic ApplicationBased on therapeutic application, the market is categorized into oncology, inflammatory and infectious diseases, neurological diseases, infectious diseases, cardiovascular diseases, metabolic disorders, hormonal disorders, and other diseases.
