The size of the biopharmaceuticals market will power at a compound annual growth rate of 7.1% by the end of this decade, to touch a value of USD 720.8 billion by 2030.
This significant growth of the industry is due to the surging prevalence of chronic diseases, like cancer, diabetes and cardiovascular ailments. Moreover, the increasing geriatric population and the growing demand for advanced biologic drugs.
The surging number of clinical trials and heavy investments by companies in research and development of novel biologics and biosimilars will also help the industry to grow.
Biopharma medicines are used worldwide these days due to Europe-wide average price lowering from 8% for anti-TNF biosimilar products to 33-34% for erythropoietin and G-CSF biosimilars in comparison to previous biosimilars. Properties like efficacy and safety are the main reasons for prevalence of bio-based drugs worldwide.
North America is the largest contributor in biopharmaceuticals market with a revenue share of 44%, which is due to heavy R&D investments, surging adoption of technologically advanced solutions, well established players and their urge for coming up with new patents.
It is due to the continuous developments in biological drugs, requirement for advance medications, increasing prevalence of chronic diseases and snowballing focus of various companies on R&D, the requirement for biopharmaceuticals will continue to grow in the future.