The biopharmaceuticals encompass a diverse range of applications, playing a pivotal role in cancer treatment, autoimmune diseases, infectious diseases, and the management of chronic conditions. These therapeutic products, derived from biological sources, offer advantages such as precision and specificity in targeting molecules, biological similarity to reduce immune reactions, and the ability to develop innovative therapies previously challenging with traditional pharmaceuticals. Biopharmaceuticals support the concept of personalized medicine, providing tailored treatments based on individual characteristics.
According to Data Bridge Market Research analyses the Global Biopharmaceuticals Market which was USD 915.6 million in 2022, is expected to reach USD 2,332.57 million by 2030, and is expected to undergo a CAGR of 12.40% during the forecast period of 2023-2030.
"Increased investments in research and development boosts the market growth"
The increasing investment in research and development (R&D) activities for medical instruments and devices, particularly in the context of biopharmaceuticals, is a pivotal driver for the growth of the biopharmaceuticals market. Both developed and developing economies are witnessing a surge in R&D spending, creating promising market growth opportunities. The focus on advancing medical instruments, specifically in biopharmaceutical development, is expected to result in innovative products, therapies, and technologies. This commitment to R&D not only enhances the market's growth rate but also positions the biopharmaceutical sector to address unmet medical needs, driving demand and expansion in the market.
What restraints the growth of the global biopharmaceuticals market?
“Underdiagnoses and lack of awareness associated with the market growth”
Underdiagnoses and lack of awareness pose significant challenges to the global biopharmaceuticals market as they hinder the identification and treatment of various medical conditions. The market's potential growth is restrained by the fact that certain diseases may go undetected due to insufficient diagnostic resources or limited healthcare access, particularly in developing regions. Additionally, a lack of awareness among both healthcare professionals and the general public about the availability and benefits of biopharmaceuticals further contributes to the market restraint. This gap in awareness hampers the adoption of biopharmaceutical products, limiting its market penetration.
Segmentation: Global Biopharmaceuticals Market
The global biopharmaceuticals market is segmented on the basis of product type, services, raw material, compendial methods, and application.
- On the basis of product type, the global biopharmaceuticals market is segmented into monoclonal antibodies, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormone, vaccines, synthetic immunomodulatory, and other
- On the basis of service, the global biopharmaceuticals market is segmented into laboratory testing, custom testing / customer proprietary testing, compendial, and multi compendial laboratory testing
- On the basis of raw material type, the global biopharmaceuticals market is segmented into formulation excipients, active pharmaceutical ingredients (API), and compendial methods (USP / EP / JP) based vendor qualification program support
- On the basis of application, the global biopharmaceuticals market is segmented into oncology, inflammatory and infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders, cardiovascular diseases, neurological diseases, and other
Regional Insights: North America is expected to dominate the Global Biopharmaceuticals Market
North America leads the global biopharmaceuticals market due to its robust healthcare infrastructure, advanced treatment options, and commitment to biomedical research. The region's strong emphasis on precision medicine aligns well with the targeted nature of biopharmaceuticals, resulting in improved therapeutic outcomes and personalized patient care.
Asia-Pacific is expected to grow from 2023 to 2030, driven by increased government healthcare initiatives, rapid technological advancements, and a growing demand for high-quality healthcare services in the region. This convergence of factors is expected to enhance the overall healthcare landscape and contribute to substantial advancements in the Asia-Pacific healthcare sector during the forecast period.
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Recent Developments in Global Biopharmaceuticals Market
- In February 2021, a groundbreaking collaboration was unveiled as Bristol Myers Squibb and The Rockefeller University signed a definitive agreement. This agreement granted Bristol Myers Squibb a worldwide exclusive license to advance, produce, and market Rockefeller's innovative monoclonal antibody ("mAb") duo treatment designed to neutralize the SARS-CoV-2 virus for COVID therapy or prevention. The treatment, a combination of two monoclonal antibodies, effectively blocks the SARS-CoV-2 spike protein, offering a promising approach to neutralizing the virus
- In March 2023, F. Hoffmann-La Roche Ltd made a significant stride in Alzheimer's disease diagnostics by partnering with Eli Lilly and Company. This collaboration aims to support the development of Roche’s Elecsys Amyloid Plasma Panel (EAPP), a cutting-edge blood test designed to enable earlier detection of Alzheimer’s disease. This strategic partnership reflects a commitment to advancing innovative diagnostic tools for the benefit of patients and the field of neurodegenerative disease research
The Prominent Key Players Operating in the Global Biopharmaceuticals Market Include:
- Amgen Inc. (U.S.)
- Lilly (U.S)
- Johnson & Johnson Private Limited (U.S.)
- Sanofi (France)
- Abbott (U.S.)
- AstraZeneca (U.K.)
- Amgen Inc. (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- bioMérieux (France)
- Novartis AG (Switzerland)
- Bristol-Myers Squibb Company (U.S.)
- Novo Nordisk A/S (Denmark)
- Merck & Co., Inc. (U.S.)
- GlaxoSmithKline Plc (U.K.)
- Biogen (U.S.)
- Bayer AG (Germany)
- Pfizer Inc., (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global biopharmaceuticals market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Biopharmaceuticals Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
