by The Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 20025.57 Bn or Mn 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 Overview:
The biopharmaceutical and biomedicine market comprises biomedicine and biopharmaceutical molecules, therapeutic proteins such as monoclonal antibodies and antisense nucleic acids designed for specific disease conditions. Advancements in regenerative medicines and cell and gene therapies have presented new treatment options for a range of conditions, including cancer, metabolic diseases and cardiovascular conditions. Stem cell therapies have shown promising results in treating various neurological conditions and soft tissue injuries.
Market Dynamics:
The growth of the market is attributed to rising prevalence of chronic and lifestyle diseases globally. Chronic diseases such as cancer, diabetes and cardiovascular diseases have high treatment and healthcare costs. Biopharmaceutical products are effective treatment options for several chronic and life-threatening diseases. Furthermore, there is a growing demand for biologics and biosimilars for treatment of various diseases due to their high efficiency and targeted approach. Growing R&D investments by key players for development of novel biological therapies will also boost the market growth over the forecast period. Another driver for the market growth is increasing adoption of regenerative medicines across developing regions. Cell and gene therapies offer permanent cure for various degenerative and genetic conditions, which is increasing their demand.
Segment Analysis
The biopharmaceutical and biomedicine market is dominated by the biologics sub segment. Biologics are medicines manufactured in or extracted from biological sources and include therapeutics such as vaccines, blood components, allergenics, somatic cells, gene therapies, tissues, recombinant therapeutic proteins, and living cells used in cell therapy. They are increasingly being used to treat various acute and chronic diseases due to advantages such as high specificity and low side effects. The biologics sub segment accounts for over 40% of the market share owing to the increasing demand for monoclonal antibodies and recombinant proteins for treating diseases such as cancer and autoimmune disorders.
PEST Analysis
Political: Regulatory approvals for new biologics and biosimilars have accelerated in major markets due to government initiatives that aim to improve access to affordable biopharmaceuticals. However, changes in trade policies affect supply chains and pricing of imported biologics.
Economic: Growth in the biopharma industry is supported by rising healthcare spending globally and high demand for personalized medicines to treat prevalent chronic diseases. However, cost pressures related to drug development and possible price controls impact industry profitability.
Social: Increasing awareness about diseases and advanced treatment options is driving patients towards biopharmaceuticals. Social media is also giving patients a platform to learn about new research and demand affordable access to novel therapeutics.
Technological: Adoption of artificial intelligence, machine learning, 3D bioprinting and continuous manufacturing is helping accelerate drug discovery and production processes. Technologies such as cell and gene therapies also offer transformative treatment options.
Key Takeaways
The global Biopharmaceutical and Biomedicine Market Growth is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of chronic diseases and demand for targeted therapies. The market was valued at US$ 20025.57 Bn in 2023.
Regional analysis: North America dominates the market currently due to presence of major players, higher healthcare spending and advanced research infrastructure. However, Asia Pacific is expected to exhibit fastest growth over the coming years supported by rising patient population, increasing affordability and improving healthcare systems in countries such as China and India.
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. Companies are engaging in acquisitions and partnerships to gain access to novel biologics platforms and expand their product portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
