USD 377.87 million
Biopharmaceuticals Market Size, Share, Growth Analysis, By Type(Immunomodulators (Monoclonal Antibodies, Cytokines, Interferons, Others)), By Application(Cardiology, Oncology, Respiratory, Immunology), By Distribution Channel(Hospital Pharmacies, Drug Stores & Retail Pharmacies, Online Pharmacies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35H2058 |
Region:
Global |
Published Date: October, 2024
Pages:
219
|Tables:
99
|Figures:
67
Biopharmaceuticals Market Insights
Global Biopharmaceuticals Market size was valued at USD 263.02 billion in 2022 and is poised to grow from USD 286.40 billion in 2023 to USD 566.08 billion by 2031, growing at a CAGR of 8.89% during the forecast period (2024-2031).
The requirement for biopharmaceuticals continues to increase owing to the increasing population of the world and also a significant increase in diseases and chronic medical disorders associated with old age. The World Health Organization reports that in 2020, adults aged 65 or older number more than children below five years of age. According to projections, the two demographics are expected to equal each other by 2050. The biggest reason for an increase in demand for healthcare services is an increasingly age-related population profile and particularly an aging profile towards managing age-related diseases and chronic illnesses such as cancer, neurological disorders, and cardiovascular ailments. There is also the need for family and professional care as people grow old and need support in everyday matters, medical care, and rehabilitation. This has increased the demand for market participants in biopharmaceutical firms to increase investment, especially in R&D. Business is attempting to combat specific health problems of the aging population through new medicines that address a wide range of complaints from cancer and genetic disorders and autoimmune diseases. Other growth factors include biopharmaceutical products, old and new, which have received increased numbers of regulatory approvals. These legislative developments will, therefore, enable faster access to innovative medicines and fasten the global biopharmaceuticals market growth during the projection period.
US Biopharmaceuticals Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Biopharma Companies
Fastest Growth
Health and Care
Growth Rate
7.80% CAGR
Global Biopharmaceuticals Market ($ Mn)
Country Share for North America Region (%)
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Biopharmaceuticals Market Segmental Analysis
Global Biopharmaceuticals Market is segmented by Type, Application, Distribution Channel, and Region. Based on Type, the market is segmented into Immunomodulators (Monoclonal Antibodies, Cytokines, Interferons, Others), Enzymes (Hydrolases, Lyases, Oxidoreductases, Others), Vaccines (Recombinant/Conjugate/Subunit, Inactivated, Live Attenuated, Toxoid), Hormones (Human Growth Hormones, Insulin, Thyroid Stimulating Hormones, Others), Others . Based on Application, the market is segmented into Cardiology, Oncology, Respiratory, Immunology, Neurology, Others. Based on Distribution Channel, the market is segmented into Hospital Pharmacies, Drug Stores & Retail Pharmacies, Online Pharmacies. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Biopharmaceuticals Market Analysis by Type
As per the biopharmaceuticals market forecast, the immunomodulators category led the market in 2023. The category of monoclonal antibodies leads the market because it has gotten various regulatory approvals for use in different purposes. Industry players are also forming strategic alliances to address the rising demand of treatment for a few pivotal disorders. Apart from monoclonal bodies, cytokines and interferons are significant to the growth of the segment. In May 2022, AstraZeneca and RD Biotechnology Ltd. agreed to a license deal to develop, manufacture, and sell monoclonal antibodies (mAbs) targeting SARS-CoV-2. In addition, increased approval of monoclonal antibodies by the regulatory bodies for chronic diseases propels the growth of the market segment.
Based on the biopharmaceuticals market analysis, in 2023, the vaccines segment accounted for the second-largest share. This category includes recombinant/conjugate/subunit, live attenuated, inactivated, and toxoid. The growth of new and seasonal diseases such as COVID-19, influenza, and others for which prevention is the only way to avert these diseases is driving the growth of the vaccines segment. Moreover, the streamlined demand for vaccines, which is supporting the expansion of the market throughout the forecasting period, is the consequence of yearly immunization activities. According to the WHO 2022 Global Vaccination Report, in 2021, over 16 million doses of 47 vaccines supplied from the global market were produced by 94 companies.
Biopharmaceuticals Market Analysis By Distribution Channel
The hospital pharmacies segment dominated the biopharmaceuticals market share in 2023 due to the growth of hospitals across the globe. While the healthcare infrastructure is continuously spreading, access to hospital pharmacies to avail essential pharmaceuticals is becoming more and more widespread for patients. In addition, due to various modes of payment and government subsidies in many countries, hospital pharmacies sell drugs at a relatively low price, making the service attractive to the patient. Patients should stay in the hospital for follow-up, monitoring, and control of adverse drug effects longer-for instance, up to 7–10 days in diseases such as TB. Since hospital pharmacists deliver highly specialized close observation services in inpatient facilities, it further increases their demand over time.
In the online pharmacies segment, growth would be at the highest CAGR by the end of the forecast period. Growing acceptance and adoption of digital platforms that have helped patients easily order prescriptions from the comfort of their homes from anywhere contributes largely to this growth. Saving money is among the advantages that come along with online pharmacies, which further offer doorstep delivery and lower prices. Online pharmacy ordering is cheap and easy, making it an excellent alternative to going to the physical pharmacy locations. Online pharmacy growth is predicted to continue growing as many customers continue searching for medical products using e-commerce, offering an opportunity for huge market growth.
Global Biopharmaceuticals Market By End Use (%)
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Biopharmaceuticals Market Regional Insights
North America had the largest revenue share accounted for USD 285.00 billion in 2023. The region is expected to continue dominating over the research period, mainly on account of increased diagnosis and treatment rates and the increasing incidence of chronic diseases, such as cancer. Strong policies on payment for hospital inpatient stay promote new and advanced treatment uptake. The complex treatment, such as the CAR-T cell therapies, will have paid amounts that will increase further the availability of advanced care. Avalere Health's September 2022 research reported that the charge amount for the CAR-T treatment through MS-DRG 018 was at USD 246,955. It will only fuel the development of additional drugs in the market and feeds into this market's growth perpetually.
However, Europe, with promising development potential in the next years, also requires a large portion of industry. Main factors that motivate this growth are increased corporate partnerships for the release of new drug treatments, growing government financing, and a general increase in R&D activities. In June 2023, EIB awarded a funding worth EUR 25 million, or about USD 26.7 million, to Apeiron Biologics to fund their research and development activities of new drugs for cancer therapy. These R&D costs are predicted to foster additional innovation in the European market to increase production and distribution of advanced cures and treatments that will enable growth in the biopharmaceuticals industry.
Global Biopharmaceuticals Market By Geography
- Largest
- Fastest
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Biopharmaceuticals Market Dynamics
Biopharmaceuticals Market Drivers
Increasing Rate of Chronic Diseases
- One of the factors favorably impacting market expansion is related to this factor that is witnessing a sharp increase in the incidence of chronic illnesses across the globe. Apart from this, the governments of every region are launching various awareness drives to bring these diseases into people's consciousness and opting for these drugs. Medication demand in the biopharmaceutical industry for specialist domains that treat rare, chronic, and hereditary disorders will gradually increase.
Advances in Drugs and Biotechnology
- Advances in technology such as the CRISPR gene editing, monoclonal antibodies, and cell and gene treatments are giving rise to new biopharmaceutical products. The development industry has grown due to these changes and the resulting breakthroughs in various treatments previously considered incurable or not easily manageable. The market growth is boosted due to the improved effectiveness of the therapeutic agents resulting from the ability to address diseases on a molecular level.
Biopharmaceuticals Market Restraints
High Cost for Development and Manufacturing
- The high cost of development and manufacturing hampers the growth of the market. Biologics are manufactured using advanced technology and strict manufacturing protocols. Consequently, they are relatively more expensive to produce and develop, which can restrict their access or affordability. The dearth of affordability associated with the development and formulation of biology makes them inaccessible to many patients and healthcare systems.
Regulatory and Approval Issues
- Biopharmaceutical products are subjected to tight regulatory controls in the form of arduous approval processes and rigorous clinical trials, among others. Regulatory hurdles could delay market introduction of new drugs, which consequently increases the time and cost of developing new drugs. In some areas, complex or inconsistent rules may further delay the diffusion of new drugs by making it even tougher to access the market.
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Biopharmaceuticals Market Competitive Landscape
The biopharmaceuticals industry is highly competitive with a mix of strong international pharmaceutical companies, biotechnology enterprises, and emerging firms dedicated to developing novel therapies. Together, these all make up the challenging scenario that will mainly be characterized by persistent innovation, high R&D spending, regulatory hurdles, and pressure to develop novel biologics, biosimilars, and personalized medicines.
Biopharmaceuticals Market Top Players Company Profile
- Pfizer Inc.
- AbbVie Inc.
- Bristol-Myers Squibb Company
- Johnson & Johnson Services, Inc.
- Bayer AG
- Eli Lilly and Company
- Sanofi
- Merck & Co., Inc.
- F. Hoffmann-La Roche Ltd.
- Novartis AG
- GSK plc
- Takeda Pharmaceutical Company Limited
- Amgen Inc.
- Biogen Idec
- Regeneron Pharmaceuticals, Inc.
- Vertex Pharmaceuticals Inc.
- Astellas Pharma Inc.
- Chugai Pharmaceutical Co., Ltd.
- UCB S.A.
- Incyte Corporation
Biopharmaceuticals Market Recent Developments
- In December 2023, Novartis AG reported that the U.S. FDA approved Fabhalta, the first oral monotherapy for the treatment of adult PNH.
- In October 2023, Lilly reported that the U.S. FDA has approved the infusion/injection of Omvoh (mirikizumab-mrkz) for the treatment of patients with moderately to severely active ulcerative colitis.
- In September 2023, BieGene and Novartis AG entered into an agreement to develop, manufacture, and commercialize the TEVIMBRA (tislelizumab) antibody.
Biopharmaceuticals Key Market Trends
- Gene and Cell Therapies: Gene and cell therapies remain among the most significant biopharmaceutical market trends. As they provide new treatments for rare diseases, cancers, and genetic disorders. These treatments offer more tailored options perhaps curative by providing cell or DNA replacement. Advances in viral vector delivery systems and CRISPR technology drive the effectiveness of these treatments despite issues associated with cost and regulatory approval.
- Biosimilars and Biologics: Increasingly, biologics, large, complex drugs developed from living organisms, are being prescribed to help patients who suffer from chronic conditions, cancer, and other autoimmune diseases. Cost-effective versions of these drugs, known as biosimilars, are becoming more accessible as many biologics approach the end of their patents. This trend has helped more patients to attain access to necessary medicines. It is further raising competition in the space of biologics and has boosted incentives for cost-effectiveness and innovation.
Biopharmaceuticals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, this is against the backdrop of novel technologies, the development of gene and cell therapies in conjunction with the growing adoption of biologics and biosimilars that are predicted to result in the revolutionary overhaul of the market. These also promote more personalized care delivery besides providing new therapeutic alternatives for unmet medical needs. However, challenges such as high prices, complex regulation processes, and demand for robust infrastructure remain. In all, biotech companies, pharmaceuticals, and regulators will have to cooperate for the sector to overcome those hurdles as it develops. All things considered, innovations from the biopharmaceutical sector are bound to change the therapeutic environment totally and improve outcomes in patients while opening doors to treatments that can save lives.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 263.02 billion |
| Market size value in 2031 | USD 566.08 billion |
| Growth Rate | 8.89% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Biopharmaceuticals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Biopharmaceuticals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Biopharmaceuticals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Biopharmaceuticals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Biopharmaceuticals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Biopharmaceuticals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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