The global biopharmaceutical market size is expected to hit US$ 758.41 billion by 2029 and is expanding growth at a notable CAGR of 12.5% from 2021 to 2030.
The global biopharmaceutical market size is expected to hit US$ 758.41 billion by 2029 and is expanding growth at a notable CAGR of 12.5% from 2021 to 2030.
Growth Factors
The surging geriatric population and rising prevalence of various chronic diseases such as cancer, cardiovascular diseases, COPD, respiratory diseases, and neurological diseases are the major factors that are driving the growth of the global biopharmaceutical market. According to the World Health Organization, around 65 million people across the globe suffer from COPD.
As per the International Agency for Research on Cancer, there were around 19.3 million new cancer cases reported in 2020. Furthermore, the cardiovascular diseases are the leading cause of death across the globe. The rising burden of these chronic diseases have fostered the demand for the biopharmaceutical drugs across the globe. Animal cells and living organisms are used in the production of the biopharmaceuticals, which increases its therapeutic value and hence increases its effectiveness in the treatment of diseases. The growing demand for the biopharmaceuticals across the globe owing to the rising consumer awareness and high therapeutic values of the drugs is driving the revenue growth of the market.
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Report Highlights:
- By type, the monoclonal antibodies was the dominating segment in the global biopharmaceutical market. The monoclonal antibodies are very much effective in the treatment of various chronic diseases. The low toxicity and low side effects of the monoclonal antibodies has resulted in its increased demand across the globe. The monoclonal antibodies only impacts the effected cells and does not affects the normal cells. The increased demand for the monoclonal antibodies especially in the developed regions has significantly fostered the growth of this segment.
- Based on the application, the oncology segment dominated the global biopharmaceutical market, accounting for largest revenue share in 2020.According to the GLOBOCAN report published by the International Agency for Research on Cancer (IARC), in 2020, approximately 10 million cancer deaths and 19.3 million new cancer cases were recorded globally. The new cancer cases is expected to rise by 47% from 2020 to 2040. The rising prevalence of cancer across the globe has led to the dominance of this segment.
- North America was the dominating biopharmaceutical market in 2020. This is primarily attributed to the increased presence of numerous top biopharmaceutical companies. The government has played a crucial role in the rapid growth of the biopharmaceutical industry. The US holds the major intellectual property rights of most of the newly developed biopharmaceutical drugs. Furthermore, the increased prevalence of various chronic diseases in North America has exponentially augmented the demand for the innovative biopharmaceutical drugs. The high healthcare expenditure and favorable reimbursement policies contributes to the growth of the North America biopharmaceutical market.
- Asia Pacific is expected to exhibit the fastest-growing rate during the forecast period. Asia Pacific is witnessing a rising prevalence of chronic diseases owing to numerous factors. The growing awareness regarding the biopharmaceutical products and the rising healthcare expenditure in the region is anticipated to boost the market growth. The presence of several top biopharmaceutical companies in the nations like China, India, and South Korea are dominating the Asia Pacific biopharmaceutical market and contributing significantly to the market growth.
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Future of Biopharmaceutical Market
The globe is witnessing a rapid rise in the pool of patients across the globe. The biopharmaceutical companies are heavily investing in the research and development activities for the development of new and innovative drugs. The rising awareness regarding the various biopharmaceutical products among the consumers is expected to drive the market demand in the foreseeable future. The biopharmaceutical industry alone constitutes around 20% of the pharmaceutical industry and this share is expected to rise rapidly in the upcoming years.
COVID-19 Impact Analysis:
- The COVID-19 pandemic created a huge burden on the global healthcare sector owing to the rapid spread of the diseases among the population.
- The biopharmaceutical companies surged their investments in the research and development activities for the discovery of the cure and vaccines for the treatment of the COVID-19 disease.
- Monoclonal antibodies were extensively used for the development of drugs for the COVID-19 disease.
Key Developments in the Marketplace:
- In July 2021, Takeda Pharmaceutical entered into a partnership with Frazier Healthcare to form a new biopharmaceutical company named HilleVax.
- In October 2019, Novartis acquired the US FDA approval for its RTH258injection that is used to treat the age-related macular degeneration
- In August 2020, Sanofi SA entered into an agreement to acquire Principia Biopharma Inc., which is involved in developingcure for immune-mediated diseases.
Some of the prominent players in the global biopharmaceutical market include:
- Biogen, Inc.
- Abbott Laboratories
- Pfizer, Inc.
- Amgen, Inc.
- Eli Lilly and Company
- Sanofi
- Johnson & Johnson
- Merck & Co., Inc.
- Novo Nordisk A/S
- F. Hoffmann-La Roche, Ltd.
Market Segmentation
By Type
- Monoclonal Antibodies
- Insulin
- Vaccine
- Hormone
- Interferon
- Erythropoietin
- Growth & Coagulation Factor
- Others
By Application
- Blood Disorder
- Oncology
- Infectious Disease
- Neurological Disease
- Cardiovascular Disease
- Metabolic Disease
- Immunology
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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