The market will be growing at the rate of 8% owing to growing R&D scope alongside increasing investment scenario respiratory devices & rising cases of respiratory illnesses, says a report by Ken Research
Global Respiratory Devices Market Ecosystem
The Global Biopharmaceuticals market is moderately fragmented in nature, with the presence of many international players as well as local players. Some of the major players in the industry include Amgen Inc., Abbvie Inc., Johnson & Johnson, Eli Lily & Company amongst others.
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- “Innovation boosting the market?” With improving technologies, companies are now investing in innovative products treating otherwise untreated illnesses.
The biopharmaceutical product’ capability to address previously untreatable conditions has paved the way for introducing innovative drugs in the market. According to the Alzheimer’s Association 2021 report, the US Food and Drug Administration (FDA) approved five drugs for treating Alzheimer’s. They are rivastigmine, galantamine, donepezil, memantine, and memantine, combined with donepezil. Other innovations are also in place. For instance, in September 2022, bluebird bio, Inc.’s SKYSONA (elivaldogene autotemcel) slows the progression of neurologic dysfunction in boys 4-17 years of age with early, active cerebral adrenoleukodystrophy (CALD), was approved by CBER. Similarly, in June 2022, CBER approved PRIORIX, a live vaccine for measles, mumps, and rubella, manufactured by GSK plc.
Recent Trends in Global Biopharmaceuticals Market
- “R&D to be the need of future:” With a massive opportunity for R&D alongside profits, companies are now expanding their horizons in pharmaceuticals market.
The global Biopharmaceuticals market holds a huge potential for research & development alongside profits. The industry is thus experiencing a plethora of new entrants alongside a massive investment influx. For instance, in Feb 2023, Egyptian health tech, Yodawy raised $16 Mn backed by Hero Ventures. Similarly, other new entrants are new biotechnological companies, such as Celltrion and Samsung Bioepis. Companies from emerging countries, like Biocon and Dr. Reddy’s, are companies in fast-developing economies.
Time Period Captured in the Report:
- Historical Period:2017- 2022
- Base Year: 2022
- Forecast Period: 2022-2027
Key Target Audience:
- Government
- Hospitals
- Clinics
- Others
For More Insights On Market Intelligence, Refer To The Link Below: –
Global Biopharmaceuticals Market Outlook to 2027
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