by Biopharmaceuticals are medicinal products manufactured in, extracted from or semi synthesized from biological sources using biotechnology techniques. They include vaccines, blood products, recombinant therapeutic proteins and monoclonal antibodies. Biopharmaceuticals offer targeted drug delivery and fewer side effects compared to traditional drugs.
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:
Increasing research and development investments from pharmaceutical giants as well as startups in biologics such as monoclonal antibodies and therapeutic proteins are fueling the growth of the biopharmaceuticals market. Biologics have revolutionized the treatment of various chronic and life-threatening diseases. Pharmaceutical companies are exploring advanced technologies like gene therapy and cell therapy to develop innovative biopharmaceutical products. For instance, cell therapies using chimeric antigen receptor T cells (CAR-T) and gene therapies are exhibiting promising results in cancer treatment and are projected to dominate the biopharmaceuticals industry in the coming years.
SWOT Analysis
Strength: Biopharmaceuticals have some advantages over traditional small molecule drugs as they enable targeted drug delivery and are less toxic. They can be designed to act on specific proteins/pathways.
Weakness: Biopharmaceutical R&D and production processes are complex and costly. Regulations are stringent for approval and manufacturing control. Supply chain and logistics management is challenging at a large scale.
Opportunity: Rise in chronic and life-threatening diseases, especially cancer, cardiovascular disorders etc driving growth in demand. Growing geriatric population worldwide also increases the patient pool. Emerging economies offer scope for market expansion.
Threats: Biosimilars pose pricing pressures on innovator biologics losing patents. High attrition rates in drug development add risks. Rising healthcare costs and uncertain reimbursement policies could hamper adoption. Supply disruptions also threaten continuous availability.
Key Takeaways
The Global Biopharmaceuticals Market Size is expected to witness high growth. 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.
North America currently dominates due to presence of major players and high healthcare spending. However, Asia Pacific is projected to be the fastest growing region due to rising income levels, healthcare reforms and increasing patient pool.
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. They are focusing on developing novel biologic drugs through extensive R&D while ensuring cost efficiencies in manufacturing and supply chains. Partnerships and M&As allow them to expand their product portfolios and global footprints.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
