February 23, 2024

The Global Biopharmaceuticals Market Is Propelled By Growing Demand Of Monoclonal Antibodies And Therapeutic Proteins

Biopharmaceuticals are medications made from living cells and organisms used for various indications including cancer, chronic diseases, infectious diseases, hematological diseases, and others. They have advantages over conventional small molecule drugs as they provide targeted disease treatment and have fewer side effects. The growing prevalence of chronic diseases along with the development of novel biologics is driving significant demand for biopharmaceuticals.

The global Biopharmaceuticals Market is estimated to be valued at US$ 397.24 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Monoclonal antibodies and therapeutic proteins: Monoclonal antibodies and therapeutic proteins are widely used in the treatment of various chronic diseases. The development and approvals of novel monoclonal antibodies and therapeutic proteins in indications such as cancer, autoimmune diseases, and others are fueling market growth. For instance, in 2021, the U.S FDA approved Janssen’s (Johnson & Johnson) Stelara (ustekinumab) for the treatment of adults with active psoriatic arthritis. Rising demand for targeted and safe biologics for diseases is augmenting the growth of the monoclonal antibodies and therapeutic proteins segment of the biopharmaceuticals market.

SWOT Analysis
Strength: Biopharmaceuticals have high efficacy and precision in targeting diseases. Their production involves biological systems that enable complex molecules useful for treating chronic diseases.
Weakness: Long development cycles and high costs involved in R&D, clinical trials and regulatory approvals. Intellectual property rights and data exclusivity regulations pose challenges.
Opportunity: Developing biologics for addressing unmet medical needs, especially in oncology and rare diseases. Refining production technologies to reduce costs and make them affordable for more patients.
Threats: Biosimilars and generic drugs gaining approvals post patent expiries increase market competition. Stringent regulatory oversight and manufacturing complexities raise compliance risks.

Key Takeaways

The global biopharmaceuticals market demand is expected to witness high growth over the forecast period supported by strong demand for biologics to treat chronic and complex diseases. The global Biopharmaceuticals Market is estimated to be valued at US$ 397.24 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030.

Regional analysis indicates North America currently dominates led by the US owing to rapid uptake of novel biologics and a favorable regulatory environment supporting R&D. The Asia Pacific region is expected to grow at the fastest pace driven by increasing healthcare investments, expanding biomanufacturing capabilities and a large patient pool in major markets like China and India.

Key players operating in the biopharmaceuticals market are Accenture, Teleperformance SE, Infosys Limited (Infosys BPM), WNS (Holdings) Ltd., HCL Technologies Limited, AMDOCS, CBRE Group Inc., Sodexo, NCR Corporation, TTEC Holdings, Inc., Wipro Limited, and Capgemini. Major players are focusing on developing biologics through innovation with several drugs in their late stage pipelines expected to drive future revenues. Strategic collaborations and M&As remain key strategies to gain access to new therapeutic areas and bolster manufacturing infrastructure.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it