by The global Biopharmaceutical and Biomedicine Market is engaged in the development and manufacturing of drugs and medical devices for treatment of various diseases. Biopharmaceuticals and biomedicine deals with manufacturing of products involving use of biological systems including organisms, cells, cell components, or similar. Some key products and technologies included in this market are monoclonal antibodies, recombinant proteins, stem cell therapeutics, gene therapeutics, vaccine, and medical devices. Increasing prevalence of chronic diseases like cancer and diabetes is driving demand for highly efficacious biologics compared to conventional drugs. Furthermore, rising investment by both public and private players for development of biologics and biosimilars is also fueling growth of this market.
The global Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 20025.57 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing investment in biologics: Significant investment by pharmaceutical and biotechnology companies for development and commercialization of innovative biologics is driving growth of this market. Large pharmaceutical companies are increasingly focusing on developing biosimilars and biobetters versions of blockbuster biologics to gain major market share. For instance, in 2021, total biopharma industry investment in Research and Development was over US$ 105 billion.
Rising prevalence of chronic diseases: Growing incidence of chronic diseases globally is a major factor fueling demand for highly efficacious biopharmaceutical products. According to estimates, around 42% of global all-caused deaths in 2019 were attributed to cardiovascular diseases, cancers, chronic respiratory diseases, and diabetes. Growing geriatric population and increasing lifestyle diseases is likely to further drive market growth during the forecast period.
Segment Analysis
The global biopharmaceutical and biomedicine market can be segmented based on type of drugs, and therapeutic applications. The vaccines segment dominates the market currently due to various vaccination programs undertaken by governments worldwide. Vaccines help prevent the spread of infectious diseases and keep many serious illnesses at bay. The vaccines segment enjoys robust growth supported by ongoing research. Therapeutic applications of biopharmaceuticals and biomedicines include oncology, cardiovascular diseases, diabetes, rheumatoid arthritis and others. Of these, oncology has emerged as the fastest growing application segment as new cases of cancer continue to rise globally. Biopharmaceutical developers are focusing on developing novel biologics to treat cancer more effectively.
PEST Analysis
Political: Governments globally are increasing healthcare budgets to promote development of new biopharmaceuticals and support ongoing research. Favorable regulatory guidelines and intellectual property laws also encourage biopharmaceutical investments. However, pricing pressures and bid mechanisms pose challenges.
Economic: Emerging economies present massive opportunities owing to improving access to healthcare. Rise of middle-class population with more purchasing power increases demand for premium biopharmaceutical drugs. However, higher R&D costs and capital requirements restrain market growth to an extent.
Social: Increasing lifestyle diseases and growing geriatric population globally is a key driver. Awareness about benefits of vaccination and new treatment options also favors the market’s prospects. However, social stigmas linked with some diseases hamper adoption potentially.
Technological: Advancements in recombinant DNA technology, genomic sequencing, and cell and gene therapy have revolutionized the development of biopharmaceuticals. Continued improvements in manufacturing techniques help optimize production efficiency and lower costs of biologics.
Key Takeaways
The Global Biopharmaceutical And Biomedicine Market Size is expected to witness high growth over the forecast period supported by various factors. The global Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 20025.57 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.
Demand for biopharmaceuticals is increasing in Asia Pacific region owing to rising healthcare expenditures of major countries like China and India. Widening patient pool experiencing lifestyle and chronic diseases necessitates preventive and curative measures in the region, which drives the APAC biopharmaceutical and biomedicine market growth.
Key players operating in the biopharmaceutical and biomedicine market are CF Industries Holdings, Inc., Yara International ASA, Saudi Arabian Fertilizer Company, Nutrien Ltd., Ostchem Holding, EuroChem Group, Bunge Limited, CVR Partners LP, Luxi Chemical Group Co.,Ltd., and Coromandel International Ltd. Biopharmaceutical developers are investing significantly in R&D to develop new biologics for various therapeutic areas. They are also pursuing mergers and acquisitions, and partnerships with smaller biotechs to strengthen product pipelines. Advancements in modern biologics have revolutionized treatment for life threatening illnesses.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
