Biopharmaceuticals, also called biologics, are medical products sourced from living organisms, cells, or proteins through biotechnology processes. They are important in modern healthcare, supporting the advancement of customized medicine. These drugs can be customized to address specific molecular aspects of an individual's disease, facilitating personalized treatment strategies based on the patient's unique genetic profile or disease subtype.
Key Takeaways
• By Type, Monoclonal Antibodies segment takes the lead in 2023
• In addition, the vaccine segment is expected to have robust growth over the forecasted period.
• By Application, Oncology takes the lead & drives the market in 2023
• North America has a 46.4% share of revenue in the global food safety testing market in 2023
Market Dynamic
The global rise in chronic diseases like cancer, autoimmune disorders, diabetes, & cardiovascular conditions involve advanced treatment approaches, & biopharmaceuticals emerge as pivotal solutions. These therapies target the root causes of complex diseases, improving therapeutic outcomes & patient care. Growing investments in research & development, particularly in developed & developing economies, contribute to market growth, as does the ongoing improvement of medical instruments & devices. Collaborations between public & private entities, focused on funding 7 applying innovative technologies, further create lucrative opportunities for market expansion.
However, xerostomia, often underdiagnosed & underreported, faces growth challenges due to limited awareness among healthcare professionals & the general population, which hinders identification & treatment. Some medications for xerostomia may have limitations or safety concerns, potentially limiting their usage. Further, individuals with certain medical conditions or on multiple medications may face limited treatment options due to contraindications or adverse effects, posing additional challenges for the biopharmaceuticals market.
Research Scope and Analysis
By Type
The global biopharmaceuticals market, categorized by type, includes erythropoietin, hormones, interferon, insulin, vaccines, monoclonal antibodies, and others. Monoclonal antibodies account for a large share of the biopharmaceutical market revenue in 2023, owing to their therapeutic efficiency in addressing different chronic conditions like cardiovascular disorders, cancer, rheumatoid arthritis, multiple sclerosis, & more. Their targeted approach reduces the impact on healthy cells, resulting in fewer side effects. Monoclonal antibodies, mainly, have gained prominence due to their precise cell-targeting nature, which has accelerated their adoption worldwide, as patients highly recognize their benefits in treating diverse disorders.
Further, in the forecast period, the vaccines segment is expected to dominate the global market, as the anticipation stems from a growing number of disorders & increased investments by vaccine developers, highlighting a concerted effort to advance therapeutic solutions & contribute to the overall expansion of the biopharmaceutical market.
By Application
The global biopharmaceuticals market, categorized by application, encompasses infectious disease, oncology, metabolic disease, immunology, cardiovascular disease, blood disorders, & other applications. Oncology holds the largest market share in 2023 & is predicted to maintain its dominance in the forecast period, which is attributed to the significant use of biopharmaceuticals in treating a spectrum of diseases, like prostate cancer, lung cancer, breast cancer, & colorectal cancer. Such an alarming increase in cancer cases globally further contributes to oncology's sustained prominence.
Further, promising growth prospects, are anticipated in cardiovascular disorders, which are fueled by the increase in prevalence of cardiovascular diseases worldwide & the increasing investment by biopharmaceutical manufacturers in the development of new medications for cardiovascular conditions. As a result, the market is expected to witness notable expansion in addressing the growing healthcare challenges related to cardiovascular disorders.
The Biopharmaceutical Market Report is segmented on the basis of the following:
By Type
• Monoclonal Antibodies
• Insulin
• Vaccine
• Hormone
• Interferon
• Erythropoietin
• Others
By Application
• Blood Disorder
• Oncology
• Infectious Disease
• Cardiovascular Disease
• Metabolic Disease
• Immunology
• Others
Regional Analysis
North America asserts dominance in the global biopharmaceutical market in 2023, holding a major
46.4% market share in revenue, which is fueled by growing investments from market players & supportive government policies, mainly in the large US market, which also holds the intellectual property rights for the majority of newly developed medicines. Factors like increased healthcare expenditure, growing awareness of biopharmaceutical availability, & an increase in the number of chronic diseases further contribute to North America's leading position.
Also, the Asia Pacific region emerges as a highly promising market during the forecast period. Home to over half of the global population, Asia Pacific benefits from growing healthcare expenditure, a rise in the prevalence of chronic diseases, and major government investments in advanced healthcare infrastructure. Moreover, the presence of top Contract Manufacturing Organizations (CMOs) in the region plays an essential role in driving the biopharmaceutical market's growth.
By Region
North America
• The U.S.
• Canada
Europe
• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe
Asia-Pacific
• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA
Competitive Landscape
The biopharmaceuticals market experiences fragmentation as many companies operate within it involves the examination of both international & local companies that have a significant market share. Further industry is characterized by diverse players contributing to its dynamics, with well-known entities vying for prominence alongside regional players, shaping a competitive & varied market environment.
In March 2022, BioNTech SE announced the expansion of its strategic partnership with Regeneron to progress its FixVac candidate BNT116 in conjunction with Libtayo, a PD-1 inhibitor, for NexGen non-small cell lung cancer (NSCLC). The collaboration includes joint clinical trials, looking for their combination in diverse patient groups with advanced NSCLC. The expanded agreement showcases a concerted effort by both companies to explore innovative treatments for this specific form of lung cancer.
Some of the prominent players in the global Biopharmaceutical Market are:
• Abbott
• Sanofi
• Novo Nordisk
• Merck & Co
• Pfizer
• Amgen
• Biogen
• AbbVie
• Johnson & Johnson
• Eli Lilly & Company
• Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Biopharmaceutical Market:
The COVID-19 pandemic triggered unexpected challenges for the global biopharmaceutical market, influencing both demand & supply dynamics. On one hand, the growing need for treatments & vaccines drove research & development efforts, encouraging innovation & collaboration. However, the economic recession led to budget constraints & disrupted supply chains, impacting the industry's growth. Further, a growing focus on healthcare resilience & vaccine production capabilities emerged as priorities, reshaping market priorities. The pandemic highlighted the sector's critical role, stimulating investments in biopharmaceutical developments while highlighting the importance of adaptability in the face of coming global health crises.
Recent Developments
• In May 2022, LOTTE acquired Bristol Myers Squibb's manufacturing facility in East Syracuse, New York, intending to change it into the LOTTE Center for North America Operations, which positions the site as a hub for LOTTE's new biologics Contract Development & Manufacturing Organization (CDMO) business in the United States, marking a significant development in their expansion & presence in the biopharmaceutical industry.
• In May 2022, Eli Lilly & Company unveiled its plans to invest USD 2.1 billion for the expansion of its manufacturing facilities in Indiana, USA, which highlights the company's commitment to improving its production capabilities, likely contributing to increased pharmaceutical manufacturing capacity & supporting its role in the pharmaceutical industry within the United States.
• In January 2022, Amgen entered into a partnership with Generate Biomedicines with the focus of jointly exploring & developing protein therapeutics, while focusing on advancing treatments for five clinical targets spanning several therapeutic areas & using multiple modalities. Further, the partnership signifies a concerted effort to use combined expertise in the pursuit of innovative & diverse therapeutic solutions in the field of biomedicine.