Biopharmaceuticals Market

Market Overview:

The global biopharmaceutical market size reached US$ 273.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 480.0 Billion by 2028, exhibiting a growth rate (CAGR) of 10.1% during 2023-2028. The growing chronic diseases, wide availability at retail pharmacies, and thriving healthcare industry represent some of the key factors driving the market.

A biopharmaceutical is a medicinal product that comprises sugars, proteins, nucleic acids, living cells, or tissues and extracted or semi-synthesized from biological sources, such as humans, animals, or microorganisms. It can cure or treat diseases safely and effectively by demonstrating biological activities and performing specific functions by acting on the pathophysiology of disease. It is useful in immunohistochemistry, which discovers antigens in fixed tissue sections and immunofluorescence tests that detect the substance in frozen tissue sections or in live cells. It assists in treating a variety of diseases for which no other drugs or medical devices are available. It also aids in manufacturing vaccines that resemble a pathogen and made from inactivated microbes, live attenuated microbes, toxoids, and part of surface antigens to prevent infectious diseases. It is used as a therapeutic agent, such as blood components, immunosera, antigens, hormones, cytokines, enzymes, allergenics, cell therapies, gene therapies, tissues, monoclonal antibodies, and products derived from recombinant deoxyribonucleic acid (DNA).

Biopharmaceutical Market Trends:

At present, there is a rise in the demand for biopharmaceuticals, as they are structurally like human body components. This, along with the increasing utilization of biopharmaceuticals to treat cancer, diabetes, psoriasis, and rheumatoid arthritis in a highly effective manner, represents one of the key factors supporting the growth of the market. Besides this, the growing awareness among the masses about the effectiveness and availability of biopharmaceuticals is offering a favorable market outlook. In addition, there is an increase in the prevalence of chronic diseases, such as autoimmune disorders and hematological malignancies, among individuals across the globe. This, coupled with the thriving healthcare industry, is propelling the growth of the market. Moreover, key players are extensively investing in research and development (R&D) activities of the new drugs and their clinical trials. In line with this, governing agencies of various countries are focusing on developing the biopharmaceutical industry to manufacture various vaccines, which is strengthening the growth of the market. Apart from this, the growing demand for biopharmaceuticals on account of the rising utilization of monoclonal antibodies and antibody derivatives in therapeutics of in vitro diagnostics is positively influencing the market. Additionally, the wide availability of biopharmaceuticals at retail pharmacies, along with the increasing number of retail pharmacies worldwide, is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global biopharmaceutical market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on indication and class.

Indication Insights:

• Autoimmune Diseases
• Oncology
• Metabolic Disorders
• Others

The report has provided a detailed breakup and analysis of the biopharmaceutical market based on the indication. This includes autoimmune diseases, oncology, metabolic disorders, and others. According to the report, autoimmune diseases represented the largest segment.

Class Insights:

• Recombinant Proteins
• Monoclonal Antibodies
• Purified Proteins
   

A detailed breakup and analysis of the biopharmaceutical market based on the class has also been provided in the report. This includes recombinant proteins, monoclonal antibodies, and purified proteins. According to the report, monoclonal antibodies accounted for the largest market share.

Regional Insights:

• North America
  • United States
  • Canada
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • United Kingdom
  • Russia
  • Turkey
• Asia Pacific
  • Japan
  • China
  • Australia
  • South Korea
  • India
  • Indonesia
     

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Latin America (Mexico, Brazil, and Argentina); Europe (Germany, France, Italy, Spain, the United Kingdom, Russia, and Turkey); and Asia Pacific (Japan, China, Australia, South Korea, India, and Indonesia). According to the report, North America (the United States and Canada) was the largest market for biopharmaceutical. Some of the factors driving the North America biopharmaceutical market included the growing prevalence of chronic diseases, rising geriatric population, high healthcare expenditure, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global biopharmaceutical market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include AbbVie Inc., Amgen Inc, Biogen Inc., Eli Lilly and Company, F. Hoffmann-La Roche AG, Johnson & Johnson, Merck & Co. Inc., Novo Nordisk A/S, Pfizer Inc., Sanofi S.A, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the biopharmaceutical market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global biopharmaceutical market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the biopharmaceutical industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.