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Global Biopharmaceutical Market to Exceed USD 166 Billion by 2017
Driven by their high potency and ability to attack targets beyond the reach of traditional small molecule drugs, the global biopharmaceutical market is expected to exceed sales worth USD 166 Billion by 2017.
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 iopharmaceutical, however, represents a very risky proposition as out of every ten drugs that enter the clinical phases, only three manage to gain market approval. But the industry’s USD 109 Billion figures and double digit growth rates in recent years bears a testimony to the fact that the ones that finally do get approval represent goldmines for investors.
Although factors like biosimilar entry and cost containment in the developed markets are likely to restrain the growth of this market in the coming years, IMARC expects that with their high potency and ability to attack targets beyond the reach of traditional small molecule drugs, biopharmaceuticals provide the industry with a huge scope for future growth. A rich late stage pipeline and increasing demand in emerging markets are also expected to be major drivers in the coming years. IMARC expects the global biopharmaceutical market to exceed sales worth USD 166 Billion by 2017.
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