The global biopharmaceuticals market has been forecast to increase at a compound annual growth rate (CAGR) of 13.5% over the next seven years, increasing from a value of approximately $199.7 billion at the beginning of 2013, to reach a total of $497.9 billion by 2020.
The global biopharmaceutical industry has come a long way since its first drug - Humulin was approved in 1982. Today more than three hundred biopharmaceuticals have already been approved and many more are in late stages of clinical development.
These drugs have not only advanced the prevention and treatment of a number of life threatening diseases, but have also provided the thrust for the continued success of the pharmaceutical industry.
Among different product segments, monoclonal antibodies (moAb) constitutes the largest product segment in the global biopharmaceuticals market accounting for an estimated share of 25.6% in 2013, equating to US$51.1 billion.
In terms of therapeutic area, neurology applications is the largest market for global biopharmaceuticals with an estimated 2013 share of 28.2% valued at US$56.3 billion, and further expected reach a projected US$144.5 billion by 2020.
Under mounting economic pressures to increase their outputs, pharmaceutical manufacturers have embraced biopharmaceuticals as a means to maintain flow in their drying pipelines. Bringing a biopharmaceutical, however, represents a very risky proposition as out of every ten drugs that enter the clinical phases, only three manage to gain market approval.
The pharmaceutical R&D pipeline and industry have been witnessing greater degree of dependence on biopharmaceuticals. Development of these products is being undertaken by a growing number of players in the pharmaceutical industry, which include the big pharma companies as also generic drug manufacturers, who are also engaged in developing biosimilars.
In conjunction with the traditional small biopharmaceutical companies, the new bigger entrants have been focused on continually expanding the global biologics pipeline, implying that the number and proportion of new pharmaceuticals being commercialised would increasingly comprise biopharmaceuticals and not small molecule drugs.
As the cost of developing biopharmaceuticals and bringing them to market is generally much higher, offering enhanced profit margins, it comes as no surprise that the global pharmaceutical industry would continue to rely on biopharmaceuticals for profits and innovation, in addition to its very survival.
For more information on the global biopharmaceuticals market, see the latest research: Biopharmaceuticals Market Research
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