by The biopharmaceutical and biomedicine market comprises a wide range of bioengineered medicines and health products derived from living organisms using biological processes. Modern biopharmaceuticals include monoclonal antibodies, blood factors, vaccines, cellular and gene therapy products that are used for treating various medical conditions and improving health. The demand for biopharmaceuticals is rapidly growing around the world due to aging populations, increasing prevalence of chronic diseases, and advancements in biotechnology for developing novel therapies.
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 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the biopharmaceutical and biomedicine market is the rising adoption of gene therapies and cell therapies. Major players are investing heavily in R&D of these innovative treatment modalities that have potential to cure genetic disorders and regenerate cells/tissues. Gene therapies involving modification of cell genes to produce therapeutic proteins are being tested for treating neurological diseases, cancer and rare genetic conditions. Cell therapies utilizing stem cells are also demonstrating promising results in clinical trials for a variety of conditions. This has made gene and cell therapies one of the fastest growing segments within the global biopharmaceutical and biomedicine industry.
Porter’s Analysis
Threat of new entrants: The biopharmaceutical and biomedicine market requires huge R&D investments and stringent regulatory compliances which act as entry barriers for new players.
Bargaining power of buyers: There exist a large number of buyers in this market in the form of pharmaceutical companies, research organizations and hospitals. However, most drugs have few substitutes.
Bargaining power of suppliers: A few major players control the supply of basic raw materials. Moreover, development of biopharmaceuticals requires highly specialized equipment and reagents supplied by few dominant firms.
Threat of new substitutes: New drug development takes significant time and resources. Further, switch to substitute requires new drug approvals. This reduces threat of substitutes.
Competitive rivalry: The market is dominated by few major players. However, intense R&D is increasing competition among existing pharma firms.
Key Takeaways
The Global Biopharmaceutical and Biomedicine Market Demand is expected to witness high growth over the forecast period supported by increasing research and approvals.
Regional analysis: North America dominates currently due to presence of major players and public-private investments in R&D. Asia Pacific is fastest growing region owing to rising healthcare spending, lower costs and improving regulatory environment.
Key players: Key players operating in the biopharmaceutical and biomedicine market are KABA Group, Yubico, SecuGen Corporation, Anviz Global, Nitgen Co., Ltd., Integrated Biometrics, BIO-key International, Daon Inc., Suprema Inc., Integrated Biometrics, ASSA ABLOY, Dormakaba Holding, Allegion plc, HID Global Corporation, Gunnebo Security Group, IDenticard Systems, PrimeKey Solutions AB, Thales Group, Gemalto NV, NXP Semiconductors N.V.
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