The Business Research Company’s Pharmaceuticals Market – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, October 22, 2020 /EINPresswire.com/ — Pharmaceutical companies are increasingly using biomarkers in the drug development process to reduce the time taken to bring the product into the market. Biomarkers are biological indicators which are objectively measured and evaluated for biological processes, pathogenic processes or pharmacological responses to a therapeutic intervention. They are helpful to predict the drug efficacy faster than conventional clinical endpoints, the point at which an undesired or abnormal effect of the drug is observed indicating withdrawal from therapy. Companies in this market are investing in the development of biomarkers for use in various activities such as tracking drug activity, studying pharmacodynamics (relationship between the drug concentration at the site of action and the biochemical and physiological effect) of drugs and to study diseases and treatment pathways. Companies such as Genentech and Janssen are increasingly investing in the use of biomarkers for understanding the efficacy of a potential respiratory drug. For example, Janssen has a partnership with U-BIOPRED (unbiased biomarkers in prediction of respiratory disease outcomes), a group in Europe, that aims to understand more about severe asthma.
The global pharmaceuticals market size reached a value of nearly $1,217.1 billion in 2019, and is expected to decline to $1,209.6 billion in 2020 at a rate of -0.6%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The global pharmaceuticals market size is then expected to recover and grow at a CAGR of 8.5% from 2021 and reach $1,738.2 billion in 2023.
Technology is expected to be a continued driver of the pharmaceuticals market growth during the forecast period. An area of particular development is likely to be physiology simulation modeling. Markets such as this one will benefit from the greater efficiencies offered by new technologies. For example, Eli Lilly and Pfizer have adopted Amazon’s Elastic Compute Cloud (EC2) platform to conduct simulation models in early drug discovery, that have been operational within hours, whereas traditional models would have taken weeks to conduct simulations. Technological advances will contribute to the growth of the pharmaceuticals market.
According to pharmaceuticals market trends, pharmaceutical companies are offering drugs for customized individual treatment for better treatment against different diseases. Personalized medicine, also referred to as precision medicine, aims to provide medical care according to the patient’s individual characteristics, needs, preferences and genetic makeup. Precision therapies are increasingly being adopted in the respiratory drugs market as firms increasingly let go of the one-size-fits-all model for common medical conditions. Major companies such as GSK, Teva Pharmaceuticals and AstraZeneca are investing in the development of personalized medicines.
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Source: EIN Presswire