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

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.