Biopharmaceutical And Biomedicine Market to Attain Worth US$ 800.0 Bn by 2025 | Coherent Market Insights Analysis with Amgen Inc., F. Hoffmann-La Roche AG, Novartis AG, Johnson & Johnson, Pfizer, Sanofi S.A., Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Etc.
Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Biopharmaceutical and Biomedicine Market – Insights
Biopharmaceuticals are medical drugs that are produced using biotechnology and biological sources. Biopharmaceuticals contain a number of products such as monoclonal antibodies, vaccines, recombinant human insulin, human growth hormone, erythropoietin, interferon, colony-stimulating factor, and blood factors. Currently, biopharmaceuticals account for over one-fifth of pharmaceutical market, and this percentage share of biopharmaceuticals is expected to increase, owing to its advantage compared to totally synthesize pharmaceutical drugs. Fewer side effects, high effectiveness and potent action, and ability to cure the disease rather than treat are some of the major advantages of these drugs.
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Market Dynamics- Drivers
Increasing launch, approvals, and robust pipeline of biopharmaceutical products is expected to drive growth of the market
Increasing launch, approvals of novel biopharmaceuticals and robust pipeline of these products is expected to drive the global biopharmaceuticals & biomedicine market during the forecast period. In the recent past, regulatory bodies in key regions such as U.S. and Europe have approved a number of biopharmaceutical products, which have been subsequently launched in the market. For instance in 2017, Johnson & Johnson received the U.S. Food and Drugs Administration (FDA) approval for its new immunology product—Tremfya (Guselkumab)—used for the treatment of moderate to severe plaque psoriasis. In 2017, Sanofi S.A. received the U.S. FDA approval for its new Admelog, a rapid-acting insulin, indicated for the management of blood sugar levels at mealtime. In 2017, the U.S. FDA approved GlaxoSmithKline Plc.’s New Shingrix, a shingles vaccine. The U.S. FDA approved this vaccine to be used by people aged 50 years and above as an immunization against the painful condition caused by latent varicella infection. In 2017, Spark Therapeutics, Inc. received the U.S. FDA approval for its LUXTURNA (voretigene neparvovec-rzyl). LUXTURNA is first gene therapy and pharmacologic treatment for an inherited retinal disease (IRD), and the first approved adeno-associated virus (AAV) vector gene therapy in the U.S. In 2017, HumanZyme Inc. launched its new HumanKine Interferon beta (IFN beta) expressed from HEK293 cells. IFN beta is an interferon of type I family, which activates Th1-type innate immune responses against viral and bacterial infection. In 2016, Novo Nordisk A/S launched its new next-generation once-daily basal insulin Tresiba (insulin degludec) in the U.S. market, and in 2017, Nordisk A/S received China Food and Drug Administration (CFDA) approval to market its Tresiba (insulin degludec) in China. Thus, frequent product approvals and launches are expected to propel the global biopharmaceuticals & biomedicines market growth over the forecast period.
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The global biopharmaceutical and biomedicine market was valued at US$ 358.4 Bn in 2016 and is expected to witness a CAGR of 9.4% over the forecast period (2017–2025).
Increasing strategic acquisitions and collaboration by key players is expected to drive market growth in the near future
Key players in the market are involved in various growth strategies such collaborations and acquisitions, which in turn, is expected to fuel the market growth in the near future. For instance, in February 2018, LGC Limited, a U.K.-based Company, acquired Lucigen Corporation, a U.S.-based developer, and manufacturer of molecular biology enzymes, reagents and kits. Through this strategic acquisition, LGC Limited expanded its portfolio with the Lucigen’s extensive portfolio of NGS kits, enzymes, competent cells, and cloning systems. In February 2018, Servier Laboratories and ImmunoQure AG entered into a strategic collaboration for development of a therapeutic autoantibody neutralizing interferon- a. In March 2018, Wuxi Biologics Co. Ltd. collaborated with Adagene Inc., for the discovery and development of novel antibody therapeutics. In 2017, Omicia, Inc., acquired a bioinformatics startup Spiral Genetics at an undisclosed amount. Through this acquisition of Spiral’s advanced tools, Omicia, Inc., expanded its bioinformatics tools portfolio and strengthened its position in the global market.
Moreover, increasing funding and investments to support the development and research of new biopharmaceutical is also expected to drive the market growth. For instance in 2017, Indian government launched a National Biopharmaceutical Mission. As per the program, the government has invested US $250 Mn that includes a US$ 125 Mn loan from the World Bank to promote development of biological drugs in India. In 2017, The University of Liverpool and the Johns Hopkins University School of Medicine (JHUSM) collaborated for the development of new nanomedicine approaches for HIV therapy, and received an award of US$ 3 million from National Institutes of Health (NIH) to generate new technologies and continue research and development.
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Market Dynamics- Restraints
Cost of biopharmaceutical and biomedicine products are quite high as these need research and development process. Moreover, their manufacturing process is too complex, which require skilled scientists. Such expensive biopharmaceutical products are not affordable to organizations in emerging economies such as India, China, and Africa. High cost of biopharmaceutical and biomedicine is a major factor hindering its adoption. For instance, in India a vial of Avastin, a monoclonal antibody, costs between US$ 372.65 to US$ 402.46. Cost of gene therapy such as Kymriah is very high. Kymriah is a CD19-directed genetically modified autologous T cell immunotherapy indicated for the treatment of patients up to 25 years of age with B-cell precursor acute lymphoblastic leukemia. The cost of Novartis AG’s cancer therapy Kymriah is about US$ 475,000. Thus, high cost associated with biopharmaceuticals is expected to restrain growth of the global biopharmaceuticals & biomedicines market in the near future.
Key players operating in the global biopharmaceutical and biomedicine market include Amgen Inc., F. Hoffmann-La Roche AG, Novartis AG, Johnson & Johnson, Pfizer, Inc., Sanofi S.A., Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol – Myers Squibb, NanoString Technologies, Inc., Qiagen N.V., Celgene Corporation, and Affimed N.V.
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