According to Coherent Market Insights, the global biopharmaceuticals market size is estimated to be valued at USD 397.24 billion in 2023 and is expected to surpass USD 654.76 billion by 2030, growing at a CAGR of 7.4% from 2023 to 2030.
The biopharmaceuticals market's greatest revenue-generating sector is now monoclonal antibodies. Their widespread use in the treatment of numerous chronic illnesses, including cancer and autoimmune disorders, accounts for their market domination. Pharmaceutical companies are accelerating research activities focused on monoclonal antibody production. This is owing to the increasing frequency of chronic diseases caused by lifestyle choices. Over the course of the projected period, this aspect is anticipated to significantly fuel market expansion.
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Market Trends:
Growing Use of Pipeline Medicines The market for biopharmaceuticals is seeing a significant increase in pipeline medications. This reflects a sign of strong product innovation and promising future growth. More than 1,300 biopharmaceutical therapeutic concepts were in clinical development as of February 2020. Monoclonal antibodies made up the majority of these candidates, which were being tested for the treatment of various cancers and immunological disorders.
Collaborations and partnerships between small drug development firms and biopharma giants have become a major trend in the market. Through these collaborations, smaller businesses can access the clinical resources and knowledge of larger organizations, advancing their product candidates through several stages of research and testing.
Biopharmaceuticals Market Report Coverage
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Report Coverage |
Details |
|
Market Revenue in 2023 |
$397.24 billion |
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Estimated Value by 2030 |
$654.76 billion |
|
Growth Rate |
Poised to grow at a CAGR of 7.4% |
|
Historical Data |
2017–2021 |
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Forecast Period |
2023–2030 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Product Type, By Therapeutic Application |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Growth Drivers |
• Rise in patient pool across the globe • Growing geriatric population |
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Restraints & Challenges |
• High-end manufacturing requirements • Complicated and cumbersome regulatory requirements |
Market Opportunities:
The biopharmaceuticals industry's biologics development segment is expanding quickly. This is due to research and development activities done to create new biologics. Recombinant proteins and monoclonal antibodies are in greater demand for treatments of serious illnesses like cancer. In order to facilitate the large-scale manufacture of biologics, businesses are making significant investments in the establishment of cutting-edge biologics manufacturing facilities and technology, such as cell culturesystems.
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The biosimilars market is making a substantial contribution to the expansion of the biopharmaceuticals sector as a whole. Major biologic medications' patents expiring have prompted more approvals and the introduction of less expensive biosimilar copies. This has improved the affordability and accessibility of treatment. Leading pharmaceutical companies are creating biosimilar forms of insulin, interferon, human growth hormone, and granulocyte-colony stimulating hormone.
Key Market Takeaways
The global biopharmaceuticals market is anticipated to witness a CAGR of 7.4% during the forecast period 2024-2030, owing to increasing prevalence of chronic and lifestyle diseases globally.
On the basis of product type, monoclonal antibodies segment is expected to hold a dominant position. The segment is anticipated to account for over 30% market share in 2030 due to high efficacy and specificity.
On the basis of therapeutic application, the oncology segment dominates and is expected to continue its dominance over the forecast period. This is owing to increasing cancer burden globally. Moreover, growing approval of novel monoclonal antibodies and recombinant proteins to treat cancer are also contributing to segment growth.
By region, North America is expected to hold a dominant position over the forecast period. This is owing to presence of major market players, high healthcare spending, technological advancements, and favorable regulatory environment for drug development in the U.S. and Canada.
Competitor Insights
- Amgen Inc.
- Bristol-Myers Squibb Company
- Abbvie Inc.
- Eli Lilly and Company
- Johnson & Johnson
Recent Developments:
In July 2023, Pfizer invested USD 25 million in Caribou Biosciences. This is done to progress an immune-cloaked allogeneic CAR-T cell therapy, CB-011.
In April 2023, InflaRx N.V.'s Gohibic (vilobelimab), a first-in-class monoclonal anti-human complement factor C5a antibody, was granted an Emergency Use Authorization by the U.S. Food and Drug Administration for the treatment of COVID-19 in hospitalized adults when initiated within 48 hours of receiving invasive mechanical ventilation, or extracorporeal membrane oxygenation.
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Detailed Segmentation:
By Product Type:
- Monoclonal Antibodies
- Recombinant Growth Factors
- Purified Proteins
- Recombinant Proteins
- Recombinant Hormones
- Vaccines
- Recombinant Enzymes
- Cell and Gene Therapies
- Synthetic Immunomodulators
- Other Product Types
By Therapeutic Application:
- Oncology
- Inflammatory and Infectious Diseases
- Autoimmune Disorders
- Metabolic Disorders
- Hormonal Disorders
- Cardiovascular Diseases
- Neurological Diseases
- Other Diseases
By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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