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 News

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.

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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 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. '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'

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.

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.

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.

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Biopharmaceuticals Market News

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