The global biopharmaceuticals market was valued at $ 160,440.4 million in 2014, and it is expected to grow with a CAGR of 9.6% during the period 2015 – 2020. The global biopharmaceuticals market is increasing, due to growing aging population. In addition, the increasing healthcare investments around the world are propelling the increase in R&D investments, which is fuelling the growth of the global biopharmaceuticals market. Furthermore, the increasing prevalence of chronic diseases due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity is also contributing to the growth in demand of biopharmaceuticals globally. On the basis of types, the global recombinant human insulin market segment is expected to witness fastest growth during the forecast period. Among the application segment, the oncology segment accounted for the largest market in the global biopharmaceuticals market in 2014; and is expected to witness fastest growth, with 11.1% CAGR during the period 2015 – 2020.
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The R&D investments in formulation and development of a drug have increased, due to the growing demand for prevention, treatment, and complete curative options for various diseases. Many pharmaceutical companies are focusing on developing more effective products to treat life-threatening diseases and encourage patients to live healthier lives with reduced disabilities. Also, the aging population is increasing rapidly around the world. The increasing aging population is propelling the growth of the global biopharmaceuticals market, as the pool of elder population is more prone to illness due to low immunity levels, and high recovery time consumption. The technological advancements in biopharmaceuticals have transformed treatment options for many diseases in the recent years. The technological advancements in biopharmaceuticals help to increase the chances of survival for cancer patients, curing hepatitis, and recovery of patients with arthritis.
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However, the high cost and side effects of biopharmaceuticals is a key restraint, which is adversely impacting the growth of the global biopharmaceuticals market. In addition, the entry of low cost biosimilars of existing biopharmaceuticals, also acts as a restraint in the growth of the global biopharmaceuticals market. The Asian biopharmaceuticals market is expected to witness fastest growth, with a CAGR of 10.6% during the period 2015 – 2020.