Global Biopharmaceuticals Market Size, Share, Growth Analysis, By By Product type(Monoclonal Antibodies, Gene Therapies), By Application(Oncology, Inflammatory Diseases), By End-use(Health And Care, Biopharma Companies) - Industry Forecast 2024-2031

Report ID: SQMIG35H2058 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 99 | Figures: 67

Global Biopharmaceuticals Market Insights

Global Biopharmaceuticals Market was valued around USD 377.87 million in 2022 and is expected to rise from USD 407.34 million in 2023 to reach USD 742.87 million by the end of 2031, by recording a CAGR of 7.80% 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 Biopharmaceuticals Market Report Snapshots

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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. 'Pfizer, Inc.', 'F. Hoffmann-La Roche AG', 'Johnson & Johnson Services, Inc.', 'Sanofi', 'Amgen Inc.', 'AbbVie Inc.', 'Merck & Co., Inc.', 'Biogen Idec', 'Bayer AG', 'Eli Lilly and Company', 'Novartis AG'

Around the world, chronic diseases such as cancer, diabetes, and heart disease are the most common cause of death and disability.The World Health Organization (WHO) estimates that cancer will account for nearly one in six deaths worldwide by 2020, making it a leading cause of death.Biopharmaceuticals based on proteins effectively treat various cancers.Major issues include an increase in tobacco use, smoking habits, secondhand smoke exposure, poor diets, excessive alcohol consumption, and a lack of physical activity as a result of a sluggish lifestyle.According to the American Heart Association, cardiovascular disease (CVD) causes death every second in the United States.Invizius and 3P Biopharmaceuticals, two biotech companies, have developed novel technology for cardiovascular disease patients on hemodialysis. The biopharmaceuticals market is expected to expand between 2024 and 2031 as a result of the rising incidence of chronic diseases worldwide.

The primary factor contributing to the rapid expansion of the biopharmaceuticals market is the successful therapeutic application of monoclonal antibodies and antibody derivatives. Cancer, rheumatoid arthritis, multiple sclerosis, and cardiovascular diseases are some of the conditions for which monoclonal antibodies can be used as therapeutic agents. Healthcare systems have been experiencing significant strain as a result of the COVID-19 outbreak. Researchers from all over the world are constantly trying to deal with this growing burden. As a result, demand for COVID-19-specific monoclonal antibodies is likely to soar. For instance, the Drug Controller General of India (DCGI) granted approval in July 2020 for the emergency treatment of cytokine release syndrome in patients with acute respiratory distress syndrome who are also infected with COVID-19 with an anti-CD6 IgG1 monoclonal antibody manufactured by Biocon Ltd. (India). In addition, the segment is anticipated to be driven by increasing FDA approvals and new product launches for various indications. For instance, MacroGenics' MARGENZATM was approved by the US Food and Drug Administration (FDA) in December 2020 for the treatment of pretreated metastatic HER2-positive breast cancer. For the treatment of relapsed or refractory multiple myeloma, the FDA approved GlaxoSmithKline's belantamab mafodotin-blmf (BLENREP) in August 2020. As a result, it is anticipated that the biopharmaceuticals market will expand significantly over the forecast period as a result of the aforementioned factors.

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.

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Global Biopharmaceuticals Market Size, Share, Growth Analysis, By By Product type(Monoclonal Antibodies, Gene Therapies), By Application(Oncology, Inflammatory Diseases), By End-use(Health And Care, Biopharma Companies) - Industry Forecast 2024-2031

Global Biopharmaceuticals Market Insights

Global Biopharmaceuticals Market Report Snapshots

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