China is one of the world’s largest and fastest-growing drug markets. At a five-year compound annual growth rate (CAGR) of 14.0%, BCC Research predicts that the Chinese drug market will reach $424.3 billion by 2021. At this pace, China is likely to overtake the United States to become the world’s largest consumer of drugs by 2025.
The global erythropoietin biosimilars market has been expanding rapidly in the past decade. This acceleration has primarily been the result of patent expiries of major erythropoietin biologics in the European market coupled with a demand for cheaper erythropoietin agents in the Asia-Pacific, South American, Middle Eastern, and African markets. BCC Research projects that over the next five years, the global market for erythropoietin biosimilars will continue to enjoy healthy gains while the global market for erythropoietin biologics (i.e., patented products) will shrink substantially.
The pharmaceutical industry is facing challenges and changes more radical than any in the past 50 years. The worldwide economic recession has had a profound impact on a sector that is normally resilient to market ups and downs. In addition to cutting costs and restructuring, the industry has had to confront the fact that its trading environment has fundamentally changed because its customers are more cost conscious than ever. At this critical time, the pharmaceutical world has also stumbled upon the so-called patent cliff: R&D pipelines have not been able to produce a sufficient supply of replacements for blockbuster drugs that have lost patent protection.
The vaccine market, initially considered a low-profit business, is now one of the brighter spots for pharmaceutical companies in terms of revenue streams. According to BCC Research, the global market for vaccine technologies reached $33.3 billion in 2016 and is poised to reach $45.2 billion by 2021, growing at a five-year compound annual growth rate (CAGR) of 6.3%. Technological advancements with respect to development of novel vaccines for infectious diseases, cancers, and allergies are anticipated to spur market growth.