Global biopharmaceuticals market is expected to expand at 10% CAGR over 2015–2020

The global biopharmaceutical market was valued at $ 160,440.4 million in 2014, and it is expected to grow with a compound annual growth rate (CAGR) of 9.6% during the period 2015-2020.

The global biopharmaceuticals market is increasing, due to growing aging population. In addition, the increasing health care investments around the world are propelling the increase in R&D investments, which is fuelling the growth of the global biopharmaceuticals market, according to a new report from P&S Market Research.

Furthermore, the increasing prevalence of chronic diseases due to unhealthy lifestyle, poor diet, excess alcohol consumption, and lack of physical activity is also contributing to the growth in demand of biopharmaceuticals globally. On the basis of types, the global recombinant human insulin market segment is expected to witness fastest growth during the forecast period. Among the application segment, the oncology segment accounted for the largest market in the global biopharmaceuticals market in 2014; and is expected to witness fastest growth, with 11.1% CAGR during the period 201 -2020.