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US Biopharmaceutical Market to Reflect Impressive Growth Rate by 2024

May 3rd 2019 at 1:12 PM

Biopharmaceuticals are considered as medical drugs that are manufactured with the assistance of biotechnology. In the global Biopharmaceutical Market, the U.S. is the major market and is projected to lead throughout the forecast period in terms of revenue. On the basis of therapeutic applications, the U.S. biopharmaceutical market can be categorized into thrombolytic agents, blood factors, hormones, interferon’s, hematopoietic growth factors, and vaccines. Furthermore, on the class of medical drug, the U.S. biopharmaceutical market can be divided into monoclonal antibodies, recombinant proteins, and purified proteins.

The research study on U.S. biopharmaceutical market offers a detailed analysis, focusing on the key factors estimated to impact the development of the overall market in the next few years. The product portfolio, key applications, latest trends, technological developments, geographical segmentation, and the competitive scenario of the U.S. biopharmaceutical market have been provided in the research report. The key business strategies and tactics used by the leading players have been included in the scope of the research report. In addition, the company overview, SWOT analysis, financial overview, and the recent developments have been listed down in the report.

The tremendously rising geriatric population, less number of marketed generics, and the strong pipeline of biopharmaceuticals are some of the vital factors estimated to supplement the growth of the U.S. biopharmaceutical market throughout the forecast period. In addition, the high lobby power of several biopharma companies, fewer patent expirations, and the expansion of indicators are projected to encourage the development of the overall market in the next few years. A significant rise in the FDA-approved biopharma products is predicted to generate lucrative opportunities throughout the forecast period. All these factors are expected to contribute extensively towards the development of the overall market.

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On the flip side, the U.S. biopharmaceutical market is expected to face several challenges which are expected to restrict the growth of the market in the near future. The rising competition from alternative pharmaceutical products, safety warning and black box labeling, and the high cost of biopharmaceuticals are some of the factors estimated to hamper the growth of the U.S. biopharmaceutical market in the next few years. In addition, the complications related to high technology, the requirement for high investment for research and development activities, and the time lag for product development are estimated to curtail market’s growth in the coming years. Nevertheless, the unmet medical needs are estimated to offer growth opportunities in the near future.

According to the research study, the U.S. market is one of the largest markets of the global biopharmaceutical market and is expected to remain in the leading position throughout the forecast period. At present, this market accounts for around half of the global market in terms of production and is projected to register a progressive growth rate throughout the forecast period. The launch of advanced and newer products at short intervals offers consumers with a wide range of products to choose from, which is estimated to encourage market growth. In addition, the expansion of product portfolio is expected to increase the consumption and drive the demand for biopharmaceutical products in the next few years.

Furthermore, the tremendously rising elderly population and the increasing incidence of a large number of disorders are projected to encourage the leading players to focus on innovations to develop effective products in the next few years. In addition, the approval for new indications of prevailing drugs and therapies are estimated to fuel the growth of the U.S. biopharmaceutical market in the coming years.

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The U.S. biopharmaceutical market is highly competitive in nature and is projected to witness participation of several new players in the next few years. The key emphasis of the leading players on innovations and research and development activities is expected to fuel the development of the overall biopharmaceutical market in the near future. In addition, the rising number of strategic collaborations and mergers and acquisitions is estimated to encourage the growth of the market in the near future. Some of the prominent players operating in the U.S. biopharmaceutical market at present are Novartis, Abbot Laboratories, Johnson and Johnson, Pfizer, and Merck.

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