NEW YORK--(BUSINESS WIRE)--According to a new market research published by Persistence Market Research titled, “Global Market Study on Biopharmaceuticals: Asia to Witness Highest Growth by 2020”, the global biopharmaceuticals market is anticipated to expand at a 9.4% CAGR during the forecast period 2014-2020. The global biopharmaceuticals market is projected to be worth US$ 278.2 Bn by 2020.
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Increase in prevalence of chronic diseases, technological advancements in the biopharmaceuticals sector, and increasing R&D investments are the key drivers fuelling the growth of the biopharmaceuticals market. Additionally, the use of biopharmaceuticals in treating diseases that can’t be treated by conventional medicines has also created the demand for these drugs in the market. Concerns about the potential side-effects of biopharmaceuticals, coupled with their high cost are some of the key challenges that can restrain the growth of this market.
North America is the most lucrative region for the global biopharmaceuticals market. The biopharmaceuticals market in North America was valued at US$ 64.6 Bn in 2014 and it is projected to reach US$ 111.5 Bn by 2020, registering a growth rate of 9.5%.
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On the other hand, the Asian market is anticipated to offer growth opportunities to biopharmaceuticals companies, owing to improving quality of healthcare and adoption of these drugs by pharmacies, drug wholesalers, physicians, and patients. It is anticipated that the biopharmaceuticals market in Asia will witness highest growth as compared to other key regions profiled in the report.
The key biopharmaceutical companies include Merck & Co., Inc., AbbVie Inc., Sanofi, Bristol-Myers Squibb Company, Biogen Idec, Pfizer, Inc., AstraZeneca PLC, Amgen Inc., Bayer AG, Eli Lilly and Company, F. Hoffmann-La Roche AG, Novartis AG GlaxoSmithKline Plc, Johnson & Johnson Services, and Abbott Laboratories.
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Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries.