The global Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 561,375.9 million in 2022 and is expected to exhibit a CAGR of 9.6% over the forecast period 2022-2030.
Market Overview:
The biopharmaceutical and biomedicine market comprises a range of products such as biologics, vaccines, regenerative medicines, and cell therapies. These products have transformed the medical landscape by targeting the specific mechanisms of diseases and offering more effective treatments compared to conventional drugs. Biopharmaceuticals and biologics have revolutionized the treatment of various chronic diseases like cancer, diabetes, and autoimmune disorders. The growing demand for personalized medicines and the need for effective therapeutics with minimal side effects are propelling the growth of the biopharmaceutical and biomedicine market.
Market key trends:
One of the key trends fueling the biopharmaceutical and biomedicine market growth is the rising adoption of artificial intelligence and machine learning technologies. Pharma companies are increasingly leveraging AI/ML tools to accelerate drug discovery and development. AI aids in analyzing vast datasets, predicting disease outcomes, and identifying new drug targets. It is also helping streamline clinical trials. Another driver is the increasing approvals for regenerative medicines like gene therapies and cell therapies. The success of some novel regenerative therapies in treating previously untreatable conditions has boosted investments in this area. Moreover, the growing focus on personalized medicine is prompting companies to develop targeted therapies tailored to a patient’s genetic makeup and disease characteristics. This trend is expected to significantly transform the future of healthcare.
Porter’s Analysis
The threat of new entrants: The biopharmaceutical and biomedicine market requires heavy investment in R&D to develop new drugs. This poses high entry barriers for new players.
Bargaining power of buyers: Individual buyers have low bargaining power due to unique medical benefits offered by patented biopharmaceutical drugs. However, large players like hospitals can negotiate on bulk purchases.
Bargaining power of suppliers: Few global players dominate the supply of active pharmaceutical ingredients and raw materials. This gives them significant bargaining power over drug makers.
Threat of new substitutes: Alternative treatment options pose a moderate threat. Novel drug delivery solutions can render existing biologics substitutable.
Competitive rivalry: The market landscape is highly competitive with huge R&D spending by major players. Product differentiation and focus on specialty areas have intensified competition.
Key Takeaways
The global biopharmaceutical and biomedicine market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period 2022-2030, due to increasing prevalence of chronic diseases. The market was valued at US$ 561,375.9 million in 2022.
The US region currently dominates the market owing to supportive regulatory environment and presence of key players. However, Asia Pacific region is expected to exhibit the fastest growth on back of rising healthcare expenditure, large patient pool and growing generics market in India and China.
Key players operating in the biopharmaceutical and biomedicine market are Amgen Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Pfizer Inc., Sanofi, Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, NanoString, QIAGEN, Affimed GmbH, GSK plc., Merck KgaA, and Teva Pharmaceutical Industries Ltd. These players are engaged in new product launches through R&D and expansion in high growth regions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
