By Dr. Martin Schilling, Director Cell Culture Ingredients, Evonik Health Care
The market for biological drugs continues to grow at an impressive pace over the past years. Analysts tracking the rise of the biopharma industry spotted its astonishing trajectory well before COVID-19. The biopharma sector generates annual global revenues in the region of $300 billion, representing more than 25% of the total pharmaceutical market. The annual growth rate of biopharma has consistently exceeded that of conventional pharmaceuticals.
Since biopharmaceuticals are drugs produced in living systems, the rise of biopharma provides the basis for an equally impressive market development for cell culture products. The global cell culture market is expected to reach $42.9 billion by 2026 with a compound annual growth rate of 11.8% from 2016 to 2020.
In this article, explore three key trends will underpin the sustainable growth of biopharma beyond COVID-19.