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North America Biopharmaceuticals Market Research Report – Segmented By Product Type, Therapeutic Type & Country (the United States, Canada and Rest of North America) - Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2022 to 2027)

Published: January, 2022
ID: 582
Pages: 145
Formats: report pdf report excel report power bi report ppt

North American Biopharmaceuticals Market Size (2022 to 2027)

The North American Biopharmaceuticals Market size is projected to be worth USD 73.25 billion in 2022 and is estimated to be growing at a CAGR of 8.75% to reach USD 111.42 billion by 2027.

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 market for biopharmaceuticals in North America is driven by the rising burden of chronic disease and increased investment in research and development activities in the United States. The United States has been called the world's life sciences innovation capital, and it 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 biopharmaceuticals 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 on the market expansion. In addition, there are several problems and challenges 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: 

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

By Therapeutic Type: 

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

By Country: 

  • The United States
  • Canada
  • Mexico
  • Rest of North America

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 in 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 (%) is also increasing, boosting the market's growth. Also, access to healthy healthcare and pharmaceuticals to the middle class and low-income families worldwide drive 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 to tap the 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 the non-pharma companies like Facebook are also driving the growth of the United States Biopharmaceuticals Market.  

The Canadian biopharmaceuticals market is expected to be growing at a lucrative CAGR during the forecast period. In Canada, 16% of the total expenditure is represented by the pharmaceutical sector. More than 60% of the health expenditure is directed to physicians, drugs, and hospitals, so that these factors are contributing to considerable growth for the Biopharmaceuticals sector. The rise in 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 the 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. 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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