by The Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 561,375.9 million in 2022 and is expected to exhibit a CAGR of 9.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The biopharmaceutical and biomedicine market comprises products such as biologics, monoclonal antibodies, vaccines, regenerative medicines, and cell and gene therapies. Biopharmaceuticals are increasingly used for the treatment of various chronic and infectious diseases such as cancer, diabetes, autoimmune disorders, COVID-19, and cardiovascular conditions. Monoclonal antibodies act as targeted therapeutics for cancer and have revolutionized cancer treatment in recent years.
Market Dynamics:
The market is expected to witness high growth owing to increasing R&D investment by key companies and growing number of new product launches. Major biopharmaceutical companies are increasing their R&D spending to develop novel biologics and cell and gene therapies to treat complex diseases. For instance, in 2021, Amgen Inc. spent US$ 5.9 billion, which was 19.6% of total revenue, on research and development activities. Additionally, approval and commercialization of new products is also fueling market growth. In 2021, the U.S. Food and Drug Administration approved 37 novel drugs, majority of which were biologic therapies. Moreover, rising prevalence of chronic and life-threatening diseases globally is creating high demand for biopharmaceuticals. However, high costs associated with drug development and manufacture of biopharmaceuticals remains a major challenge. Stringent regulatory processes also increase clinical development timelines.
Segment Analysis
The global biopharmaceutical and biomedicine market is dominated by the therapeutic biologics segment. This segment held over 60% of the market share in 2022 owing to the increasing demand for biologics in treating chronic diseases such as cancer, diabetes and autoimmune disorders. Biologics have been more effective in treating these medical conditions compared to traditional drugs due to their high specificity and low toxicity. Within therapeutic biologics, monoclonal antibodies are the largest sub-segment as they can be tailor-made to treat specific diseases.
PEST Analysis
Political: Governments across major countries have increased funding for R&D in biopharmaceuticals and biomedicine in order to develop innovative treatment options. Various regulations have also been formulated to ensure patient safety and product quality.
Economic: The rising per capita healthcare expenditure along with the growing burden of lifestyle diseases has boosted the demand for advanced biopharmaceuticals and biomedicine. The market is also supported by favorable reimbursement policies for expensive biologics.
Social: Changing lifestyle habits and increased life expectancy rates have led to high prevalence of chronic conditions. There is also greater awareness and acceptance among patients regarding biopharmaceutical therapies.
Technological: Rapid advancements in areas such as recombinant DNA technology, monoclonal antibodies and 3D bioprinting have facilitated the development of novel biologics and customized solutions. Biomanufacturers are also focusing on continuous manufacturing technologies for enhancing production efficiency.
Key Takeaways
The global biopharmaceutical and biomedicine market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of chronic diseases worldwide. The market was valued at US$ 561,375.9 million in 2022.
The United States represents the largest and fastest growing regional market for biopharmaceuticals and biomedicine. Factors such as high healthcare spending, extensive R&D activities and presence of leading players are driving market growth in the region. The US market is expected to surpass US$ 280 billion by 2030.
Key players operating in the biopharmaceutical and biomedicine market are Amgen Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Pfizer Inc., Sanofi, Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, NanoString, QIAGEN, Affimed GmbH, GSK plc., Merck KgaA, and Teva Pharmaceutical Industries Ltd. Major players are focused on developing novel biologic compounds through extensive research efforts and strategic collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
