USA's biotechnology pharmaceutical market set to expand at CAGR of 7.7% to 2013

23 September 2010

The market for pharmaceutical biotechnology in the USA is forecast to reach $60.1 billion in 2013 from $44.7 billion in 2009; thus, increasing at a compound annual growth rate (CAGR) of 7.7% over the period, according to a report from TechNavio.

Pharmaceutical biotechnology represents the fastest growing sector in the pharmaceutical market in the USA. This could be attributed to the entrants of new generation biotechnology drugs, which are highly potential and effective in treating a wide range of diseases including age-related diseases. Further, there is an increasing demand for customized treatment, as a result of which many biotechnology pharmaceutical companies are engaging in the development of drugs targeted at specific genes. Besides, the R&D spending by pharmaceutical companies has risen steadily, notes the TechNavio report.

Regulatory process and cost a barrier to market entry

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