The pharmaceutical giants are focusing on development of biopharmaceuticals through investment in research & development and production of biopharmaceuticals and biomedicines. Biopharmaceuticals has emerged as a prime segment of pharmaceutical industry and has witnessed prominent growth over last couple of years and holds significant growth potential. Though the cost associated with biopharmaceuticals is significantly high as compared to traditional drugs, rising demand for effective treatment and increasing per capita healthcare expenditure are dynamically shaping the global biopharmaceutical and biomedicine market. Additionally, increasing research & development expenditure, and rising prevalence of chronic diseases are anticipated to be major factors fueling demand for biopharmaceutical and biomedicines during forecast period.
North America dominated the global biopharmaceutical and biomedicine market owing to rapid transformation of healthcare landscape and steady adoption of biopharmaceuticals. Additionally, availability of excellent research & development infrastructure in the United States, and streamlined insurance reimbursement policies, are other parameters supporting the growth of North America biopharmaceutical and biomedicine market
