The North American Biopharmaceuticals Market size is projected to be worth USD 79.65 billion in 2023 and is estimated to be growing at a CAGR of 8.75% to reach USD 121.16 billion by 2028.
Biopharmaceutical products' ability to treat previously untreatable diseases has resulted in the introduction of novel medicines to the market. In addition, the desire to avoid the side effects associated with some small-molecule therapies and invasive surgical procedures is driving up market demand for biopharmaceuticals. The rising burden of chronic disease and increased investment in research and development activities in the United States drives the market for biopharmaceuticals in North America. The United States has been called the world's life sciences innovation capital and is a major investor in biopharmaceuticals. The rising demand for in-depth testing of raw materials before final product launch to ensure optimum quality, the growing number of favorable quality internal standards and government regulations, and rapid advancements and developments in testing equipment are all expected to fuel the North American biopharmaceuticals market's growth. High levels of public awareness and growing occurrences of chronic illnesses such as arthritis, rheumatoid arthritis, and cancer are two reasons that contribute to North America's dominance. Furthermore, changes in the healthcare infrastructure, growing government spending on healthcare programs, and major competitors in North America all contribute to the market's growth.
Chronic illnesses are becoming more common due to unhealthy lifestyles, poor diets, excessive alcohol use, and a lack of physical exercise, all of which are contributing factors to the growth of the biopharmaceutical industry. Increased research and development work is projected to create new and more effective biopharmaceutical products. As a result of the increased healthcare spending, the biopharmaceutical industry is projected to develop rapidly. Almost all pharmaceutical industries in the area have been working to produce effective COVID-19 treatments during the current pandemic. This is likely to enhance the market in North America during the pandemic.
The market's growth is limited by strict regulatory restrictions and the significant expenditure required to develop a biopharmaceutical medication. During the forecast period, high expenses associated with the deployment of testing equipment are anticipated to stifle the biopharmaceuticals market's expansion. The market's biggest challenge is a lack of competence in the operation of testing equipment. Stringent pharmaceutical procedures faced by health practitioners, biopharmaceutical firms, and stakeholders are the main challenges to market expansion. In addition, several problems and challenges are involved with new medication discovery and the promotion of such unique treatments.
This research report on the North American Biopharmaceuticals Market has been segmented and sub-segmented into the following categories:
By Product Type:
By Therapeutic Type:
Regionally, the United States is the leading market for Biopharmaceuticals and is the revenue leader by a significant margin. Canada accounts for the second-largest share of the market. The increasing old age population in the United States is anticipated to fuel the growth of the U.S. Biopharmaceuticals market. More than 15% of the population is higher than 65 years of age. As the population rises, the purchase percentage (%) also increases, boosting the market's growth. Also, access to healthy healthcare and pharmaceuticals to the middle class and low-income families worldwide drives the growth of the U.S. Biopharmaceuticals market.
In the U.S., the employees' income level will be expected to rise by 3.21% by 2023. The stable economic condition and the rising employment rate are growing the pharmaceutical companies focus on tapping rare and specialty diseases. In addition, new technological innovations in advanced biology, cell therapies, nucleic acid therapeutics, Bioelectronics, and implants will attract investors in the sector; even non-pharma companies like Facebook are also driving the growth of the United States Biopharmaceuticals Market.
The Canadian biopharmaceuticals market is expected to grow at a lucrative CAGR during the forecast period. In Canada, the pharmaceutical sector represents 16% of the total expenditure. More than 60% of the health expenditure is directed to physicians, drugs, and hospitals, so these factors are contributing to considerable growth for the Biopharmaceuticals sector. The demand for quality treatment procedures is now boosting the market growth. Innovations and the patient count are significantly growing in Canada and are expected to drive the market's growth.
Partnering with small and medium-sized enterprises, government and research centers, and Contract Research Organizations (CROs) will enhance market growth in the coming future. In Canada, they have 60% small molecules and 82% innovator biologics outside of big pharma, which will capture huge businesses for the country during the forecast period. In addition, Canadian CROs accomplish an increasingly significant share of research and development.
KEY MARKET PLAYERS:
A few of the significant players operating in the North America 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.
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