According to the latest report by IMARC Group, titled "Biopharmaceutical Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global biopharmaceutical market reached a value of US$ 249.4 Billion in 2021. Biopharmaceutical refers to a pharmaceutical product that is generally manufactured using various biological sources, including living cells or organisms. Primarily developed in industrial and academic laboratories, it aids in the treatment of several diseases, such as cancers and metabolic disorders. It is widely preferred by healthcare professionals across the globe since it causes minimum side effects to the body, targets only specific molecules, and exhibits high specificity to address various untreatable medical conditions. The demand for biopharmaceutical products is continuously increasing due to the easy accessibility to quality healthcare facilities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biopharmaceutical Market Trends:
The global market is primarily driven by the rising prevalence of chronic diseases among individuals. This is supported by the sedentary lifestyle led by the masses and the growing geriatric population. Moreover, continuous improvements in biotechnology, along with the increasing investments and funding by numerous public and private firms to upgrade the overall infrastructure, are creating a positive market outlook. Additionally, continual technological advancements, such as the widespread adoption of 3D printing and gene writing as well as the integration of artificial intelligence with supercomputers, are creating lucrative growth opportunities for key players in the biopharmaceutical market. In line with this, extensive research and development (R&D) activities conducted in genetic research are favorably impacting the market growth worldwide. The market is further driven by the rising manufacturing of vaccines on account of the rapid outbreak of coronavirus disease (COVID-19). Other factors, including the increasing number of research laboratories and clinical trials across multiple countries and supportive regulations implemented by various governments, are also influencing the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 440.2 Billion by 2027, exhibiting a CAGR of 10.25% during 2022-2027.
- Based on the indication, the market has been classified into autoimmune diseases, oncology, metabolic disorders and others.
- On the basis of the class, the market has been segregated into recombinant proteins, monoclonal antibodies and purified proteins.
- Based on the region, the market has been divided into 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).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players 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. and Sanofi S.A.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal