Number of pages: 100 | Report Format: PDF | Published date: August 08, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global biopharmaceuticals market was pegged at US$ 401.32 billion in 2021 and is expected to witness a CAGR of 7.5% during the forecast period.
Biopharmaceuticals are medicinal drugs derived from biological sources such as animals, plants, humans, and microorganisms using biotechnological techniques such as recombinant DNA technology. Vaccines, somatic cells, blood components, allergenic, gene therapies, and recombinant therapeutic proteins are examples of biopharmaceuticals. Biopharmaceuticals have revolutionized the treatment of inflammatory diseases such as psoriasis, multiple sclerosis, rheumatic diseases, inflammatory bowel disease, and growth hormone disorders. Recombinant human insulin was one of the first substances to be approved for therapeutic purposes, and there are now nearly 300 biopharmaceutical products approved and on the market.
The global biopharmaceuticals market is being driven by a number of factors, including an increase in the elderly population, and growth in the prevalence of chronic diseases such as cancer and diabetes. The growing acceptance of biopharmaceuticals due to their ability to treat previously untreatable diseases has resulted in huge market demand for biopharmaceuticals. Furthermore, an increase in strategic collaborations among biopharmaceutical companies is expected to supplement the biopharmaceutical industry's growth. However, one of the most significant constraints to this industry is the high cost of these drugs, which must be significantly reduced in order ensure widespread commercial viability.
The global biopharmaceuticals market has been analyzed from four perspectives: by product type, therapeutic application, end user, and region.
Biopharmaceuticals Market by Product Type
On the basis of product type, the global biopharmaceuticals market has been segmented into monoclonal antibody, interferons, growth & coagulation factors, recombinant proteins, hormones, vaccines, cell & gene therapies, and others. Monoclonal antibody dominated the market during the forecast period. These antibodies are created by cloning identical immune cells from a single parent cell. The successful application of monoclonal antibodies and antibody derivatives in therapeutics is the primary driver of the segment's rapid growth. Monoclonal antibodies have therapeutic applications in cancer, rheumatoid arthritis, multiple sclerosis, and cardiovascular diseases. When compared to chemotherapy drugs, their lower toxicity and increased safety have been shown to improve patient survival rates and reduce adverse side effects. These factors are expected to aid the segment's growth during forecast period.
Biopharmaceuticals Market by Therapeutic Application
On the basis of application, the global biopharmaceuticals market has been segmented into oncology, immunology, cardiovascular diseases, neurological diseases, metabolic diseases, blood disorder, and others. The oncology segment dominated the global market during the forecast period owing to rising prevalence of cancer. Furthermore, technological advancements are also assisting the growth of this market. These advancements have increased the survival rate of patients suffering from serious diseases such as cancer.
Biopharmaceutical Market by End User
Based on end users, the global biopharmaceuticals market has been segmented into hospital and retail pharmacies, biopharma companies, diagnostic labs, and clinical research organizations. The hospital and retail pharmacies dominated the segment during forecast period owing to the greater footfall and increasing number of retail & hospital pharmacies, combined with the easy accessibility and availability of biopharmaceuticals.
Biopharmaceutical Market by Region
Based on the region, the global biopharmaceuticals market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global market owing to the rising prevalence of chronic diseases, as well as increased investment in research and development is driving the biopharmaceuticals market in North America. The United States has been named the world's life sciences innovation capital. It is involved in global capital investments in biopharmaceutical companies in their early stages. For instance, according to Globocan 2020, the estimated number of cancer cases in the United States in 2020 will be 2,281,658, with 612,390 deaths. The high incidence of cancer raises the demand for effective therapeutics, which drives the market growth.
Some of the key players operating the global biopharmaceuticals market include
Hold significant market share in biopharmaceuticals and engage in various strategic alliances such as acquisitions and collaborations to expand their product portfolios.
The global biopharmaceuticals market is being driven by a number of factors, including an increase in the elderly population, an increase in the prevalence of chronic diseases such as cancer and diabetes, and an increase in biopharmaceutical adoption globally.
Some of the key players operating the global biopharmaceuticals market include Pfizer, Inc., F. Hoffmann-La Roche Ltd., AbbVie, Inc., Johnson & Johnson Private, Ltd., Novartis AG, Bayer AG among others.
The oncology segment dominated the market during the forecast period owing to rising prevalence of cancer
North America dominated the market owing to the high prevalence of chronic diseases, as well as increased investment in research and development.
*Insights on financial permanence is subject to availability of information in public domain