USD 377.87 million
Report ID:
SQMIG35H2058 |
Region:
Global |
Published Date: October, 2024
Pages:
219
|Tables:
99
|Figures:
67
Global Biopharmaceuticals Market size was valued at USD 263.02 billion in 2022 and is poised to grow from USD 286.40 billion in 2023 to USD 566.08 billion by 2031, growing at a CAGR of 8.89% during the forecast period (2024-2031).
A biopharmaceutical is a business that provides services to other biopharmaceutical companies on a contract basis, including packaging and drug manufacturing. This permits major biopharmaceutical associations to rethink their assembling activity, hence empowering them to zero in on drug revelation and medication promoting. Due to a lack of in-house production capacity, a number of small biotechnology companies outsource fill and finish manufacturing, which helps reduce capital expenditures. Biopharmaceuticals are drugs that are used for medical purposes and are made by using biotechnology to extract proteins and nucleic acids directly from the biological source. The majority of biopharmaceuticals are pharmaceuticals derived from living things. Genetically modified plants and animals are referred to as transgenic organisms. This process is used to produce biopharmaceuticals, but it is a highly contentious approach that is still in the trial phase. One of the first substances to be approved for therapeutic purposes was recombinant human insulin; currently, nearly 300 biopharmaceutical products have been approved and are available for purchase. The growth of this market is being driven by a few key factors, including an expanding geriatric population, rising levels of awareness, and rising costs associated with healthcare. In addition, this market is anticipated to benefit from ongoing R&D and approval for newer biopharmaceutical products. However, one of the industry's biggest obstacles is the high cost of these drugs, which must be significantly reduced to make the business viable.
US Biopharmaceuticals Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 377.87 million
Largest Segment
Biopharma Companies
Fastest Growth
Health and Care
Growth Rate
7.80% CAGR
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Global Biopharmaceuticals Market is segmented by Type, Application, Distribution Channel, and Region. Based on Type, the market is segmented into Immunomodulators (Monoclonal Antibodies, Cytokines, Interferons, Others), Enzymes (Hydrolases, Lyases, Oxidoreductases, Others), Vaccines (Recombinant/Conjugate/Subunit, Inactivated, Live Attenuated, Toxoid), Hormones (Human Growth Hormones, Insulin, Thyroid Stimulating Hormones, Others), Others . Based on Application, the market is segmented into Cardiology, Oncology, Respiratory, Immunology, Neurology, Others. Based on Distribution Channel, the market is segmented into Hospital Pharmacies, Drug Stores & Retail Pharmacies, Online Pharmacies. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Biopharmaceuticals Market Analysis by Product type
Based on the product type, In 2023, the Recombinant Protein Segment commanded the largest share of the market.This growth is due to the use of microorganisms in gene therapy and the production of human proteins using recombinant DNA technology.Since 1985, linear growth has been stimulated with recombinant growth hormone.IGF-1 (insulin-like growth factor 1) secretion is the primary mechanism by which rGH functions.In recent years, rhGH has helped children with growth retardation who are GH deficient (GHD).The use of recombinant DNA technology to treat serious illnesses like these is further propelling the biopharmaceutical market's expansion. In addition, it is anticipated that the Monoclonal Antibodies segment will expand at the fastest CAGR of 8.8% between the years 2024 and 2031 due to the widespread use of monoclonal antibodies in oncology to treat a variety of cancers and the key benefits of monoclonal antibodies in the diagnosis and treatment of "cancer," "myocardial infarctions," and development therapy for "neoplastic and hematopoietic disease," as well as a plethora.
Biopharmaceuticals Market Analysis by End use
On the basis of end use, The Health and Care, Biopharma Companies, Diagnostic Labs, Clinical Research Institute, Clinical Research Organizations (CROs), and Others. In 2023, the biopharma companies segment held the largest share of the market.This growth is due to the significant advancements in new medicine and its application to the treatment of complex diseases.This market is also expanding as a result of the recent progress in molecular medicine research and development made by numerous prominent market players and government agencies. In addition, it is anticipated that the Clinical Research Organizations segment will expand at the fastest CAGR of 9.1% between the years 2024 and 2031 as a result of the expansion of research into the development of novel molecular drugs through the use of molecular biology and the assistance that clinical research organizations provide to patients in the form of individualized treatment in order to diagnose and treat complex diseases.
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North America Expected to Dominate the Market, The biopharmaceuticals market in North America is being driven primarily by the rising incidence of chronic diseases in the United States and rising investments in R&D.In the field of life sciences, the United States has been acknowledged as the global innovation capital.In the early stages of biopharmaceutical companies, it participates in global capital investments. The North American biopharmaceuticals market is anticipated to expand as a result of the increase in COVID-19-related clinical trials.Nearly 1,750 clinical trials for the development of vaccines and drugs for the treatment of COVID-19 were in progress as of January 2021, according to the Pharmaceutical Research and Manufacturers of America. 420 of these clinical trials were based in the United States. Globocan estimates that there will be 2,281,658 new cases of cancer in the United States in 2020.Additionally, 612,390 deaths were recorded. The studied market is driven by the demand for effective therapeutics and the high incidence of cancer.
In Walk 2020, Thermo Fisher Logical Inc. contributed almost USD 475 million to grow its biologics, cell and quality treatment, and medication item improvement offices and increment its worldwide business abilities. In a similar vein, Eli Lilly and Company agreed to acquire Dermira, a biopharmaceutical company, in January 2020.The addition of Dermira's lebrikizumab, an IL-13 antibody intended for the treatment of moderate-to-severe atopic dermatitis, to the company's biopharmaceutical portfolio aided this acquisition.
As a result, the studied market is anticipated to expand significantly in North America over the forecast period due to the aforementioned factors.
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Biopharmaceuticals Market Drivers
Increase in Chronic Disease Patient Pool to Propel Growth
Biopharmaceuticals Market Restraints
On account of the low incomes and the high burden of healthcare costs, people in developing nations are unable to afford biomedicines and therapies. This may prevent the market from expanding significantly in the forecast period. In 2020, as per Joined Country Improvement Program, 1.3 billion individuals which is 22% of the all-out populace are living in neediness. They are unable to acquire better healthcare facilities because of their poor financial situation. Due to a lack of high-quality healthcare infrastructure, half of the world's population is unable to access essential medical facilities, according to the World Health Organization(WHO).The biopharmaceuticals market is experiencing difficulties as a result of these issues.
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There are numerous major players in the highly competitive biopharmaceuticals market. Some mid-size and small businesses are expanding their geographical reach as a result of technological advancements and product innovations. Players such as Pfizer Inc., and AstraZeneca PLC both have a large share of the biopharmaceutical market and are involved in a variety of strategic alliances, including acquisitions and partnerships, to expand their product lines.
Biopharmaceuticals Market Top Players Company Profile
Biopharmaceuticals Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our biopharmaceuticals market analysis, the primary factor contributing to the rapid expansion of this market is the successful therapeutic application of monoclonal antibodies and antibody derivatives. The increase in prevalence of cardiac issues as a result of lifestyle changes and irregular eating and sleeping habits are likely to increase the patient pool for different chronic diseases. This is projected to aid in expansion of the global biopharmaceuticals market in the long run. Regionwise, North America is expected to dominate the market in the coming years. The recombinant protein segment held the largest share of the market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 263.02 billion |
Market size value in 2031 | USD 566.08 billion |
Growth Rate | 8.89% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Biopharmaceuticals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Biopharmaceuticals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Biopharmaceuticals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Biopharmaceuticals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Report ID: SQMIG35H2058