The Global Biopharmaceutical Market Size accounted for USD 328 Billion in 2021 and is estimated to garner a market size of USD 853 Billion by 2030 rising at a CAGR of 11.3% from 2022 to 2030. The growing number of chronic and infectious diseases is primarily triggering the global biopharmaceutical market revenue. The rising number of clinical trials is one of the popular biopharmaceutical market trends that is supporting industry growth. In addition to that, increasing surplus investments in biotech and pharma companies is another trend that is strengthening the biopharmaceutical market growth.
Biopharmaceutical Market Report Key Highlights
The biopharmaceutical sector involves research, discovery, testing, and manufacturing of medicines and therapeutics that cure disease and improve patient health. Biopharmaceuticals are substances that are produced using living organisms, such as microorganisms and animal cells, and have a high therapeutic value. These large and complex molecular drugs are known as biologics and biotech drugs.
Global Biopharmaceutical Market Dynamics
Biopharmaceutical Market Report Coverage
|Biopharmaceutical Market Size 2021||USD 328 Billion|
|Biopharmaceutical Market Forecast 2030||USD 853 Billion|
|Biopharmaceutical Market CAGR During 2022 - 2030||11.3%|
|Biopharmaceutical Market Analysis Period||2018 - 2030|
|Biopharmaceutical Market Base Year||2021|
|Biopharmaceutical Market Forecast Data||2022 - 2030|
|Segments Covered||By Product, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Abbott, Amgen Inc., Biogen Inc., Eli Lilly and Company, F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc., Merck Sharp & Dohme Corp., Novo Nordisk A/S, Pfizer Inc., Sanofi, and others.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Biopharmaceutical Market Dynamics
Research and development activities bolster the growth of biopharmaceuticals
Scientific and technological advances fuel the development of new treatments and cures for patients. The nation's innovative biopharmaceutical research companies remain committed to bringing new and important treatment options to patients and are consistently working to introduce new efficiencies in the R&D process. As per the reports revealed by the Pharmaceutical Research and Manufacturers Of America (PhRMA), members alone invested an estimated US$ 58.8 Bn in R&D in 2015 and have invested more than half a trillion since the past. Additionally, the biopharmaceutical sector represents the single largest share of business R&D accounting for approx. 17% of all R&D spending by US businesses. Innovative biopharmaceutical companies are increasingly incorporating the patient perspective into all stages of drug development, involving patient insights on their diseases, symptoms, and treatment option with the strong support of collaboration between the companies. America's innovative biopharmaceutical companies collaborate with academic researchers, the National Institutes of Health (NIH), the FDA, nonprofit patient and disease groups, clinical research organizations, clinical trial centers, health care providers, and venture and other private capital investors, among others.
High government involvement propels the growth of biopharmaceutical market globally
The Biopharmaceutical Development Program (BDP) develops, manufactures, and provides novel biological agents for early-phase clinical trials. This program offers leading-edge development and analytical technologies for antibodies, recombinant proteins, peptide and DNA Metabolic diseases, virus Metabolic Disease and oncolytic viruses, gene therapy products, and other biological and immunomodulating agents. For instance, on March 2020, The International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) confirmed that the biopharmaceutical industry commits to accelerating its efforts to use its skills, technology, and resources to bring safe, effective diagnostics, treatments, and Metabolic Disease to patients worldwide as a matter of urgency for responding to COVID-19 pandemic. Moreover, Karnataka Innovation and Technology Society, a registered society with the brand name K-Tech under the Department of Information Technology, Biotechnology and Science and Technology is facilitating and promoting the Information Technology (IT) and Biotechnology (BT) sectors in the state by organizing as well as participating in Trade shows, Conferences, Symposia, Seminars held at National and International levels, etc. This enables to project of the State and its potential for investments, implementation of its policies and programs, and assisting industries in getting quick clearances and administration incentives and concessions announced in State policies. Such factors highly support the growth of the global biopharmaceutical market globally.
Biopharmaceutical Market Segmentation
The worldwide biopharmaceutical market is split based on product, application, and geography.
Biopharmaceutical Market By Product
According to our biopharmaceutical industry analysis, monoclonal antibody is expected to register significant market share in the forecast period. Successful utility of monoclonal antibody and antibody derivatives in therapeutics acts as a major driver for the growth of global biopharmaceutical market. Therapeutic application of monoclonal antibody involves treatment for rheumatoid arthritis, multiple sclerosis, cardiovascular diseases, and others.
Biopharmaceutical Market By Application
As per our biopharmaceutical market forecast, oncology segment is projected to dominate the global biopharmaceutical market in the coming years. According to the American Society of Clinical Oncology, the rising prevalence of cancer coupled with the high cost of drug involved in treating cancer primarily drives the oncology market growth. Cancer incidence and mortality are rapidly increasing worldwide, with the global cancer burden expected to reach 19.3 million cases and 9.9 million cancer deaths by 2020. Despite advances in cancer treatment, cancer remained the world's second leading cause of death in 2018.
Biopharmaceutical Market Regional Outlook
The Middle East & Africa (MEA)
Biopharmaceutical Market Regional Analysis
North America dominates the biopharmaceutical market and is expected to continue a similar trend in the coming years. As per the reports revealed by the Information Technology & Innovation Foundation, the US leads the world in life science in terms of innovation. Till 2016, the US-headquartered enterprises accounted for 42% of new chemical and biological entities introduced and approved globally. Moreover, pharmaceutical companies invested 40% more in the US than in Europe. This has resulted in the US becoming the world's largest funder of biomedical R&D investment over the past two decades and a share by some analysts have estimated around 80% high. This contributed to an unprecedented era of life sciences innovation and the creation of jobs in the US. The biopharmaceutical companies have invested over half a trillion dollars in R&D, while more than 350 new medicines have been approved by the Food and Drug Administration (FDA). Furthermore, The International Trade Administration (ITA), the US is the largest market for biopharmaceuticals, accounting for one-third of the global market and is the world leader in biopharmaceutical R&D. More than 800,000 people work in the biopharmaceutical industry in the United States across a broad range of occupations, including scientific research, technical support, and manufacturing. The US attracts the majority of global venture capital investments in start-up biopharmaceutical enterprises.
On the other hand, Asia-Pacific is expected to record the fastest growing CAGR in the forthcoming years. Among the APAC region, China is the dominant country focusing on biopharmaceutical development. Key developments involve building large-scale and high-throughput genome sequencing technology and equipment, and massive biological information processing and analysis technology. Moreover, the construction of public technology service platform to build a large-scale biological resource pool and the core platform of the biological information center, build networked national biological resources and biological information service facilities, strengthen the deep exploration of genetic information, and promote the development of new sequencers. The Chinese Government has implemented a drug regulatory system and its approval system. This ultimately results in high consumption of the products and also ensures the production of high-quality Chinese produced drugs that other nations will import. This is highly supported by the International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH). Both the U.S. Government and U.S. industry encouraged this move to international standards.
Biopharmaceutical Market Players
The global biopharmaceutical companies profiled in the report include Abbott, Amgen Inc., Biogen Inc., Eli Lilly and Company, F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc., Merck Sharp & Dohme Corp., Novo Nordisk A/S, Pfizer Inc., Sanofi, and others.
The market size of biopharmaceutical market in 2021 was accounted to be USD 328 Billion.
The projected CAGR of biopharmaceutical market during the analysis period of 2022 to 2030 is 11.3%.
The prominent players of the global biopharmaceutical market are Abbott, Amgen Inc., Biogen Inc., Eli Lilly and Company, F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc., Merck Sharp & Dohme Corp., Novo Nordisk A/S, Pfizer Inc., Sanofi, and others.
North America held the dominating biopharmaceutical during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for biopharmaceutical during the analysis period of 2022 to 2030.
Increasing incidences of chronic disorders, growing geriatric population in the world, and rapidly rising infectious diseases drives the growth of global biopharmaceutical market.
Based on product, monoclonal antibodies segment is expected to hold the maximum share biopharmaceutical market.