Biopharmaceuticals Market

Global Biopharmaceuticals Market Size (2022 to 2027)

As per our research report, the global biopharmaceutical market is estimated to grow at a CAGR of 9.2% during the forecast period. The market size was worth USD 210.17 billion in 2022 and is forecasted to be worth USD 326.3 billion by 2027. Companies such as Amgen Inc., AbbVie Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, and Novo Nordisk are forecasted to account for a significant biopharmaceuticals market share in the global market during the forecast period.

Disease treatment techniques have been revolutionized using Biopharmaceuticals or biologics because of their efficiency against autoimmune diseases & cancer and better mode of action. Therefore, the healthcare industry is expected to shift from traditional small molecule drugs to Biopharmaceuticals.

COVID-19 has shown a mixed impact on the biopharmaceuticals market.

COVID-19 has a significant impact on every medical industry, likewise biopharmaceuticals. The disruptive effects of COVID-19 have placed enormous strain on the global supply of pharmaceutical products, biologics, and biological preparations. Manufacturing devices and preparative materials such as API, etc., faced a supply shortage due to the crisis in COVID-19. Most of the materials and devices necessary are expected to get delivered on time but are affected due to the COVID-19 pandemic. As most manufacturers are from China, this affected the market growth in all other countries and slowed production. Due to the pandemic crisis still going, it impacted research and developmental activities. Many organizations have held the funds. Researchers, scientists, doctors, and other staff are the most affected set of people by COVID-19.

However, the growth rate of the biopharmaceuticals market is expected to be accelerated as most market participants are involved completely in developing the vaccine for COVID-19 in the near future.

The rising geriatric population prone to neurodegenerative and autoimmune disorders provides a strong business base to the global biopharmaceuticals market.

There is a massive demand for biopharmaceuticals due to the increasing incidence of chronic diseases whose treatment is possible using these drugs. Additionally, the other major drivers contributing to the growth of the global biopharmaceuticals market are the increased geriatric population globally and the rise in the prevalence of chronic conditions. Furthermore, an increase in the occurrence of vulnerable diseases such as cancer and diabetes, growth in obesity and sedentary lifestyle among the population, and growing acceptance of biopharmaceuticals due to their ability to treat previously untreatable diseases are further significantly driving the market growth. According to WHO, cancer is the leading cause of death globally, and diabetic patients are also increasing daily due to lifestyle changes. A sedentary lifestyle leads to several chronic diseases, thus boosting the market growth. Biopharmaceuticals hold the potential to cure the disease entirely and not just the symptoms, hence increasing its acceptance.

Side effects associated with the over-consumption of drugs and the high manufacturing cost hamper the biopharmaceuticals market growth.

High costs associated with the drug development process are significant restraints to the biopharmaceuticals market. The threat of failure of drugs and challenging developments affects market growth. With a price of 100 million USD, it generally takes 5 to 9 years to develop a biopharmaceutical product. This regulatory framework for establishment takes over a lot of work and patience. World Health Organization (WHO) also has set strict approval standards for biopharmaceuticals, which is further estimated to restrict the growth scope of the market to some extent.

REPORT COVERAGE:

This research report on the global biopharmaceuticals market segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2026.

Biopharmaceuticals Market – By Product Type:

• Monoclonal Antibodies (mAb)       
• Erythropoietin       
• Biotech Vaccines  
• Recombinant Human (RH) Insulin 
• Granulocyte colony-stimulating factor (G-CSF)       
• Interferon               
• Human Growth Hormones (HGH)  

The monoclonal antibodies segment is estimated to lead the global biopharmaceuticals market based on the product type during the forecast period. Monoclonal antibodies are the technology that is the most emerging. Monoclonal antibodies are identical to immune cells and represent a copy of the unique parent cell. Monoclonal antibodies alone contribute 40% of the global biopharmaceutical market.

Biopharmaceuticals Market – By Therapeutic Type:

• Neurology               
• Infectious diseases              
• Diabetes  
• Oncology 
• Cardiovascular       
• Other Therapeutic Areas  

In terms of therapeutic application, oncology was the largest segment in the biopharmaceutical market in 2021.

Biopharmaceuticals Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, North America was the largest market for biopharmaceuticals globally in 2021. Technological advancements in the region are propelling the dominance of the region. In North America, the United States biopharmaceuticals market holds the largest market share of 46%, followed by Canada.

In the forecast period, Asia-Pacific is forecasted to develop as the fastest-growing region in the global Biopharmaceuticals market. Increasing awareness regarding biological drugs is driving the market in the area. Asia-Pacific is expected to grow steadily at a CAGR of 8.34% throughout the forecast. Because of an increase in R&D investment, a rise in the adoption and availability of biopharmaceuticals for disease treatment, and a surge in disease diagnosis awareness. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), U.S. firms conduct over half the world's research and development(R&D) in pharmaceuticals and hold the intellectual property rights on most new medicines. The LAMEA region is also expected to boost market growth. Europe is the second-largest Biopharmaceuticals market in the world. The European biopharmaceutical market alone is projected to increase by USD 44.26 billion in 2020 and is estimated to grow at a CAGR of 8.89% to reach USD 67.76 billion by 2025.

KEY MARKET PLAYERS:

List of crucial competitors dominating the global Biopharmaceuticals market profiled in this report are Merck & Co., Inc., F. Hoffmann-La Roche AG, Eli Lilly and Company, Inc., Sanofi, Amgen Inc., AbbVie Inc., Biogen Idec, Bayer AG, Johnson & Johnson Services, Pfizer, Inc. and Novartis AG.

RECENT HAPPENINGS IN THE MARKET:

• In January 2021, Pfizer Inc. and Biopharmaceutical New Technologies (BioNTech) developed a COVID 19 vaccine. As a result, these two biopharmaceutical companies become the first to receive emergency validation from the WHO. 
• In September 2020, Sanofi and GlaxoSmithKline Plc collaborated to develop a COVID 19 vaccine. The vaccine developed is ready to begin human trials. These two vaccine makers have started their trials across 11 sites in the United States.
• In December 2020, Amgen Inc. acquired a drug known as AMG634 and bought Otezla from Celgene in 2019 for $13.4 billion. In addition, Amgen Inc. has received a license to treat tuberculosis and leprosy, one of the investigational pipeline drugs to Medicines Development for Global Health.
• In July 2020, SomaLogic enlarged its collaboration to discover a new drug with giant biopharmaceutical Amgen Inc. SomaLogic uses more than 40,000 blood samples to quantity different biomarkers for clinical trial patients.
• In August 2020, Biogen’s BLA Aducanumab accepted the FDA's priority review for Alzheimer’s diseases, co-developing with Eisai. This will be the first therapy for the clinical decline in Alzheimer’s disease if the drug is approved.