Biopharmaceuticals Market Size To Hold USD 856.1 Bn By 2030
The global biopharmaceuticals market size was exhibited at USD 333.09 billion in 2022 and is expected to hold around USD 856.1 billion by 2030, growing at a CAGR of 12.5% from 2022 to 2030.
A biopharmaceuticals or biological medical product refers to any pharmaceutical drug produced in extracted form from biological sources. It includes vaccines, blood components, allergenic, somatic cells, gene therapies, whole blood, living medicines, tissues, and recombinant therapeutic protein used in cell therapy. It consists of sugars, proteins, nucleic acids, or a complex mixture of these substances. Some of its oldest forms are extracted from the animal's bodies and other humans. It includes a wide array of biological products in medicine. It profoundly affects various medical fields, primarily rheumatology and oncology, but also cardiology, dermatology, gastroenterology, neurology, and others.
Biopharmaceuticals treat chronic diseases like rheumatoid arthritis and inflammatory bowel disease. It is closely related to pharmacokinetics and produced using biotechnology. The large majority of biopharmaceutical products are derived from life forms.
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The emergence of COVID-19 has had a moderate effect on the biopharmaceuticals market. It strained the healthcare systems. The imposition of the lockdown and social distancing restrictions led to the halt of various operations and supply chain disruptions and has affected overall production and sales. Biopharmaceutical companies have been working on manufacturing effective COVID-19 therapies, which is projected to accelerate the market's growth. The Increasing Prevalence of chronic disorders and the rising elderly population base significantly contribute to market growth across the globe. In line with this, growth in the incidence of chronic illnesses such as cancer and diabetes positively influences the global market growth. Furthermore, the rapid adoption of biopharmaceuticals creates a positive outlook for the market. Apart from this, constant innovations backed by biopharmaceutical technologies catalyze market growth.
Moreover, strategic collaborations among biopharmaceutical companies propel market growth. Besides, the Prevalence of associated health issues and the surging demand for advanced biologic drugs offers numerous opportunities for market growth. Additionally, biopharmaceutical companies' increasing number of clinical trials and heavy investments in research and development activities on novel biologics and biosimilars fuel the market growth. Innovations in cancer treatment and gene therapies boost the overall market growth. The rising product demand as hormones, cytokines, enzymes, monoclonal antibodies, and immunosera propel market growth. The growing demand for gene-based biopharmaceuticals to treat various diseases fuels market growth. The escalating awareness about biopharmaceuticals' benefits positively influences the global market growth. The burgeoning healthcare industry and the surging geriatric population catalyze market growth.
Biopharmaceuticals Market Report Scope
Market Size In 2022
USD 333.09 Billion
Market Size By 2030
USD 856.1 Billion
Growth Rate From 2022 to 2030
CAGR of 12.5%
2022 to 2030
By Type, By Application
Abbott Laboratories, Amgen, Inc., Biogen, Inc., Eli Lilly and Company, F. Hoffmann-La Roche, Ltd., Johnson & Johnson, Merck & Co., Inc., Novo Nordisk A/S, Pfizer, Inc., Sanofi
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
- Based on the type, the monoclonal antibodies dominated the market and accounted for the largest revenue share. The increasing usage of monoclonal antibodies in therapeutics drives the segment's growth. The monoclonal antibodies are used to treat chronic diseases such as cancer, cardiovascular diseases, multiple sclerosis, and rheumatoid arthritis. It is less toxic and has low side effects as it only affects the targeted cells. The rising awareness about its benefits positively influences the segment's growth. On the other hand, vaccines are expected to witness a promising CAGR in the coming years. This is attributed to the heavy investments in developing vaccines and the rising burden of diseases.
- Based on the application, oncology dominated the market in terms of revenue. This is due to the rapid product adoption itreatingof various cancers such as lung, breast, colorectal, and prostate cancer. On the other hand, cardiovascular disease is expected to witness a promising CAGR in the coming years. Heavy investments by the market players to develop innovative drugs for CVDs catalyze the segment's growth.
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Based on the region, the market has been segmented into North America, Europe, Asia Pacific, and RoW. North America dominated the market and accounted for the largest revenue share. This is due to the presence of sophisticated healthcare infrastructure. The increasing geriatric population base and the rising healthcare expenditure significantly contribute to the market growth across the region. Supportive government policies accelerate market growth.
The growing awareness regarding the availability of biopharmaceuticals stimulates market growth. The rising Prevalence of chronic diseases favors market growth. Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to unmet industry opportunities in the region. The rising Prevalence of various chronic diseases significantly contributes to the market growth. The heavy investments by the governments in developing sophisticated healthcare infrastructure boost the overall market growth across the region.
Driver: Increasing prevalence of chronic conditions
The Increasing Prevalence of chronic diseases significantly contributes to the market growth across the region. In line with this, biopharmaceuticals are structurally the same as human body components. This helps in treating rheumatoid arthritis, cancer, and diabetes in a highly effective manner. The rising usage in the treatment of chronic disorders such as diabetes, autoimmune diseases, cancer, and hematological malignancies positively influences market growth across the globe. Furthermore, growing research & development activities carried out by critical players catalyze market growth. Apart from this, the approval of newer biopharmaceutical products propels the market growth.
Opportunity: Growing research and investments
The key players heavily invest in research and development activities to develop biopharmaceutical products. This factor offers numerous opportunities for market expansion. In line with this, the increasing focus on research creates a positive outlook for the market. Furthermore, the considerable investments by the market players in developing new drugs boost the overall market growth. The rising government focus on developing the biopharmaceutical industry offers lucrative opportunities for market growth. The increasing chronic diseases and growing geriatric population drive the global market growth. The expanding healthcare sector strengthens the market growth. The growing awareness about the effectiveness of biopharmaceuticals positively influences the market growth.
Restraint: High investments
The investments required to conduct research and development activities to develop newer drugs and biopharmaceutical products are very high. This factor restricts the biopharmaceutical Market growth.
Challenge: Regulatory issues
The stringent regulatory issues challenge the biopharmaceutical Market growth. The approval rate of new drugs is prolonged, and governments impose various strict regulations. All these factors hamper the market growth.
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- In July 2021, Takeda Pharmaceutical partnered with Frazier Healthcare to form a new biopharmaceutical company, HilleVax.
- In February 2021, Eli Lilly and Company entered a strategic collaboration and license agreement with Rigel Pharmaceuticals. The company collaborated to co-develop and commercialize R552. It is a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor.
- In December 2020, Amgen Inc. partnered with McKesson. They will help improve cancer care in community cancer care settings.
Major Key Players
- Abbott Laboratories
- Amgen, Inc.
- Biogen, Inc.
- Eli Lilly and Company
- F. Hoffmann-La Roche, Ltd.
- Johnson & Johnson
- Merck & Co., Inc.
- Novo Nordisk A/S
- Pfizer, Inc.
- Monoclonal Antibodies
- Growth & Coagulation Factor
- Blood Disorder
- Infectious Disease
- Neurological Disease
- Cardiovascular Disease
- Metabolic Disease
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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