As per our research report, the global biopharmaceuticals market is estimated to grow at a CAGR of 9.2% during the forecast period. The market size was worth USD 250.50 billion in 2024 and is forecasted to be worth USD 389.15 billion by 2029.
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.
Global Biopharmaceuticals Market Drivers:
The growing number of patients suffering from chronic diseases and the increasing geriatric population prone to neurodegenerative and autoimmune disorders are driving the biopharmaceutical market growth. The number of diagnoses with various chronic diseases is growing with each year passing. Every year, many people worldwide experience disability or death. Cardiovascular diseases, cancer, diabetes, and arthritis are considered the major chronic diseases by the Centers for Disease Prevention and Control (CDC). According to the same source, an estimated 859,000 Americans die yearly from CVDs. More than 37.3 million people in the United States have diabetes, and the number is growing consistently with each year passing. Cancer has been causing the second-highest number of deaths in the United States annually. An estimated 1.7 million people are diagnosed with cancer in the United States. As mentioned above, the growing incidence of chronic diseases among people promotes the need for biopharmaceuticals and results in global market growth. There is a massive demand for biopharmaceuticals due to the increasing incidence of chronic diseases whose treatment is possible using these drugs.
In addition, the other major drivers contributing to the growth of the global biopharmaceuticals market are the increased global geriatric population 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. In addition, 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.
Global Biopharmaceuticals Market Restraints:
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 biopharmaceutical market. In addition, the threat of drug failure 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 a lot of work and patience. Furthermore, the 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.
Impact of COVID-19 on the global biopharmaceuticals market:
COVID-19 has had a mixed impact on the biopharmaceutical market. 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, faced a supply shortage due to the COVID-19 crisis. Most materials and devices are expected to be 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. The pandemic crisis, still going on, 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 biopharmaceutical market is expected to accelerate as most market participants will be entirely involved in developing the vaccine for COVID-19 shortly.
Market Size Available
2023 to 2029
2024 to 2029
By Product Type, Therapeutic Type, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leader Profiled
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.
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.
Global Biopharmaceuticals Market – By Product Type:
Based on the product type, the monoclonal antibodies segment had the largest worldwide market share in 2023 and is estimated to hold a major share of the global market during the forecast period. Monoclonal antibodies are the most emerging technology. 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.
The recombinant human (RH) insulin segment is estimated to hold a considerable share of the worldwide market during the forecast period owing to the regulation of the metabolism of carbohydrates, fats, and protein by promoting the absorption of glucose from the blood into the liver, fat, and skeletal muscle cells. In addition, it was the first biopharmaceutical approved for human therapeutic uses.
Global Biopharmaceuticals Market - By Therapeutic Type:
In terms of therapeutic application, the oncology segment was the largest in the biopharmaceutical market in 2023. Biopharmaceuticals are mainly working on cancer-related trials compared to others. Many people who have cancer need personalized treatment and diagnostic procedures. Utilizing personalized anticancer biopharmaceuticals effectively controls and prevents cancer with fewer side effects and increases the life span of cancer patients. Biopharmaceuticals also work on macro molecules-based therapeutic drugs. Protein-based biopharmaceuticals are also used to increase the lives of millions of cancer patients.
On the other hand, segments such as diabetes and CVDs are anticipated to showcase a healthy CAGR in the coming years. Biopharmaceuticals are also responsible for the treatment and drug innovation of diabetes and cardiovascular diseases. In 2021, diabetes will be the ninth leading cause of death in the world. It is estimated that 1.7 million people have died of diabetes. Type 2 diabetes is the most common disease in many people. These biopharmaceutical companies are researching drugs, vaccines, and insulins for the fast reduction of diabetes levels in patients without any side effects.
Global Biopharmaceuticals Market - By Region:
Geographically, the biopharmaceuticals market in North America was the largest regional segment in the worldwide market in 2023. 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 at 46%, followed by Canada. Because of increased 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 pharmaceutical research and development(R&D) and hold the intellectual property rights on most new medicines. In addition, the U.S. government has decided to spend more money on developing advanced medicine for different diseases. Introducing advanced therapeutics, an increasing proportion of active INDs and new drug approvals, fast-growing biotech, meaningful corporate partnerships, and new technologies due to the spread of the coronavirus pandemic in this region drive the market forward.
In the forecast period, the Asia-Pacific biopharmaceuticals market is forecasted to develop as the fastest-growing region. Increasing awareness regarding biological drugs is driving the market in the area. Asia-Pacific is expected to grow steadily throughout the forecast period. India is rich in manufacturing vaccines for diphtheria, pertussis, tetanus, and measles. Increased R&D investments, increasing population growth, and increasing infrastructural facilities for drug manufacturing are the factors that drive the market forward. India supplies two-thirds of antiretroviral drugs worldwide to fight against AIDS. India has an increasing number of educational institutions for developing biopharmaceutical sciences and industries, which drives the market forward in this region. Due to the increase in COVID-19 cases, obesity, and sedentary lifestyles, biopharmaceutical industries have more demand due to the invention of many drugs and vaccines to prevent and reduce the virus in the body. Chinese biopharmaceutical companies supply most mRNA vaccines developed by Providence Therapeutics, a Canadian biotech company in Greater China. Japan is expected to have the largest pharmaceutical markets in the world. The Government of Japan is increasing investment in healthcare and innovative products in biopharmaceutical companies.
The European biopharmaceutical market is anticipated to hold a substantial share of the worldwide market during the forecast period. Germany is one of the main places for developing and producing biopharmaceuticals. In addition, this region has increased research on diagnostic procedures and personalized medicines.
The Latin American biopharmaceuticals market is expected to showcase a steady CAGR during the forecast period.
The biopharmaceuticals market in MEA is estimated to hold a moderate share of the worldwide market in the coming years.
KEY MARKET PLAYERS:
A list of crucial competitors dominating the global Biopharmaceuticals market profiled in this report is 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:
The monoclonal antibodies segment accounted for the major share of the global biopharmaceuticals market in 2023.
Geographically, the North American region dominated the biopharmaceuticals market worldwide in 2023.
The global biopharmaceuticals market size was valued at USD 192.46 billion in 2021.
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