Report Overview:
The global biopharmaceuticals market is estimated to be valued at US$371.26 Bn in 2022 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biopharmaceuticals are pharmaceutical drugs produced by biological processes using recombinant DNA technology. They help in treatment of serious and life-threatening medical conditions such as cancer, osteoarthritis, diabetes etc. Biopharmaceuticals are more targeted and precise as compared to small molecule drugs.
Market key trends:
The increasing research and development activities for development of novel biologics is one of the major trends witnessed in the biopharmaceuticals market. Various biopharmaceutical companies are conducting extensive R&D for development of advanced therapeutics in various therapeutic areas such as oncology and autoimmune diseases. For instance, in October 2023, Amgen Inc. announced positive top-line results from a Phase 2 study, RepSox, evaluating investigational brodalumab (AMG 827) in moderate-to-severe plaque psoriasis.
Here is the segment analysis and key takeaways for the given biopharmaceuticals market research report:
Segment Analysis
The Biopharmaceuticals Market Demand is segmented based on product, application, and end user. By product, the market is segmented into monoclonal antibodies, recombinant growth factors, purified proteins, recombinant proteins, therapeutic vaccines, gene therapy, recombinant coagulation factors, and others. Among these, the monoclonal antibodies segment holds the largest market share owing to the wide applications of monoclonal antibodies in treating various diseases including cancer, autoimmune disorders, and infectious diseases. Monoclonal antibodies exhibit high specificity and fewer side effects compared to traditional chemotherapy.
Key Takeaways
The global biopharmaceuticals market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases.
North America dominates the global biopharmaceuticals market, holding around 45% of the total market share. This is attributed to the well-developed healthcare sector and presence of major market players in the region. However, Asia Pacific is expected to exhibit the fastest growth over the forecast period. Growing healthcare expenditure, rising elderly population, and increasing focus of international players on emerging Asia Pacific markets are expected to drive the regional market.
Key players operating in the biopharmaceuticals market are Amgen Inc., Abbvie Inc., GlaxoSmithKline PLC, Pfizer Inc., Novo Nordisk AS, Novartis AG, Johnson & Johnson, Eli Lilly and Company, Bristol-Myers Squibb Company, and F. Hoffmann-La Roche Ltd., among others. Biopharmaceutical companies are engaged in new product launches, expansion of manufacturing facilities, and collaborations with research institutes to strengthen their product pipelines and market positions.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
