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

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.