The Global Biopharmaceuticals Market size was valued at US$397.24 Billion in the year 2023 and is projected to grow to US$ 654.76 Billion by 2030. This market is expected to register a CAGR of 7.4% during the analysis period. Due to the increase in growing burden of chronic, infectious, and neurological diseases and growing geriatric population worldwide, a rise in the demand for Biopharmaceuticals is expected to emerge.
The biopharmaceutical market is a sector of the pharmaceutical industry that focuses on developing and manufacturing medications derived from biological sources. Biopharmaceuticals, also known as biologics, are drugs made from living organisms or their components, such as proteins, nucleic acids, or cells. The biopharmaceutical market has experienced significant growth in recent years due to advancements in biotechnology and increased understanding of disease mechanisms. Biologics have revolutionized the treatment of various diseases, including cancer, autoimmune disorders, and genetic diseases.
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Key Takeaways from Market Study
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Market Growth: The biopharmaceuticals market has been experiencing robust growth globally. Factors such as increasing prevalence of chronic diseases, aging population, and technological advancements in biotechnology have contributed to the market’s expansion.
- Therapeutic Areas: Biopharmaceuticals have made significant contributions in various therapeutic areas, including oncology, autoimmune diseases, cardiovascular disorders, infectious diseases, and genetic disorders. These drugs have revolutionized the treatment landscape by providing more effective and precise therapies.
- Biosimilars: Biosimilars are biological drugs that are highly similar to an already approved reference biologic. They offer cost-effective alternatives to expensive biopharmaceuticals. The emergence of biosimilars has enhanced competition, lowered healthcare costs, and increased patient access to these therapies.
- Research and Development: The biopharmaceuticals industry invests heavily in research and development to discover and develop new drugs. This ongoing innovation leads to the introduction of novel therapies and the expansion of treatment options for patients.
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Regulatory Framework: The development and commercialization of biopharmaceuticals involve stringent regulatory processes to ensure safety, efficacy, and quality. Regulatory bodies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), play a crucial role in overseeing the approval and post-marketing surveillance of these drugs.
Competitive Landscape:
Several prominent companies dominate this market, including: Amgen Inc., Abbvie Inc., GlaxoSmithKline PLC, Pfizer Inc., Novo Nordisk AS, Novartis AG, Johnson & Johnson, Eli Lilly and Company, Bristol-Myers Squibb Company, and F. Hoffmann-La Roche Ltd., among others.
Biopharmaceuticals Market Report Coverage
| The market size value in 2023 |
Sustainable and environmental footprint awareness may drive the choice of active ingredients and materials for the Biopharmaceuticals Market, as well as packaging. By engaging in these activities, manufacturers can expand their product portfolios, expand their geographical reach, and capture a larger share of the market.
Based on geography, the global biopharmaceuticals market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Recent Developments:
- In October 2022, Phanes Therapeutics, Inc. (Phanes) received clearance from the U.S. Food and Drug Administration (FDA) to commence Phase I studies with PT217, its anti-Delta-like ligand 3 (DLL3)/anti-Cluster of differentiation 47 (CD47) bispecific antibody being developed for patients with small cell lung cancer (SCLC) and other neuroendocrine cancers.
- In May 2022, LOTTE purchased Bristol Myers Squibb’s manufacturing facility in East Syracuse, New York. The East Syracuse site will serve as the LOTTE Center for North America Operations for LOTTE’s new biologics contract development and manufacturing organization business.
- In February 2022, Johnson and Johnson and its China-focused partner company Legend Biotech Corp developed a therapy to treat white blood cell cancer type approved by the US Food and Drug Administration (FDA). New therapies that aid in treating oncologic disorders.
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In January 2022, Amgen collaborated with Generate Biomedicines to discover and create protein therapeutics for five clinical targets across several therapeutic areas and multiple modalities.
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Biopharmaceuticals Market Segmentation by Category
Based on Product Type, the market is segmented into Monoclonal Antibodies, Recombinant Growth Factors, Purified Proteins, Recombinant Proteins, Recombinant Hormones, Vaccines, Recombinant Enzymes, Cell and Gene Therapies, Synthetic Immunomodulators, and Other Product Types. Out of which, Monoclonal Antibodies Segment is expected to dominate the biopharmaceuticals market during the forecast period and this is attributed to the rise in burden of cancer. Monoclonal antibodies find their application in the areas of cancer treatment
Vaccines Segment is also expected to witness significant growth in the near future and this is owing to the rise in patient pool and increasing demand for safe/effective vaccines.
Based on Therapeutic Application, the market is segmented into Oncology, Inflammatory and Infectious Diseases, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders, Cardiovascular Diseases, Neurological Diseases, and Other Diseases. Out of which, Oncology Segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of cancer around the world.
Cardiovascular Diseases Segment is also expected to witness robust growth in the near future and this is owing to increasing prevalence of cardiovascular diseases worldwide.
1. Executive Summary | Biopharmaceuticals Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4.Trends
Read More TOC…
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