The Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 561,375.9 million in 2022 and is expected to exhibit a CAGR of 9.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biopharmaceuticals and biomedicine refer to medical drugs and procedures produced using biological sources and biotechnology. Biopharmaceuticals and biomedicine provide advanced solutions for the treatment of complex diseases such as cancer and genetic disorders. They provide targeted drug delivery with minimal side effects.
Market key trends:
Personalized medicine has emerged as a key trend in the biopharmaceutical and biomedicine market. Personalized medicine involves tailoring medical treatment according to the patient's genetic makeup and molecular profile. It aims to provide targeted healthcare by classifying individuals into distinct categories based on their genetic and/or phenotypic characteristics. Personalized medicine offers benefits such as improved diagnosis, prevention and treatment of diseases. Advancements in fields such as genomics, bioinformatics and diagnostics have enabled development of personalized medicine solutions. Growing adoption of personalized medicine is expected to drive significant growth of the biopharmaceutical and biomedicine market over the forecast period.
Porter’s Analysis
Threat of new entrants: The biopharmaceutical and biomedicine market requires huge R&D investments and regulatory approvals which make entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the biopharmaceutical products available are unique with patented technologies.
Bargaining power of suppliers: A few global players dominate the supply chain of biopharmaceutical raw materials which gives them bargaining power over buyers.
Threat of new substitutes: No close substitutes are available for biopharmaceutical products as they provide personalized treatment through innovative technology.
Competitive rivalry: High.
SWOT Analysis
Strength: Wide range of innovative biopharmaceutical products with strong intellectual property protection. Growing demand for personalized medicines across the globe.
Weakness: Heavy dependence on blockbuster drugs patents expiries. High R&D investments and regulatory compliance requirements increase operational costs.
Opportunity: Rising prevalence of chronic and lifestyle diseases. Emerging economies provide high growth prospects.
Threats: Stringent regulatory framework. Threat from generics post patent expiries of major drugs.
Key Takeaways
The global biopharmaceutical and biomedicine market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of chronic diseases and growing demand for personalized medicine. The US dominates the market with a share of over 35% in 2022 due to presence of majority of key players and favourable regulatory environment for drug development. The Asia Pacific region is expected to grow at the fastest pace over the next few years supported by expanding healthcare infrastructure, rising medical tourism and growing geriatric population in China and India.
Regional analysis - North America will continue to dominate the global market supported by rising healthcare spending and growing inclination towards targeted therapies. However, Asia Pacific is poised to offer lucrative opportunities with growing rate of 9.7% from 2022-2030 driven by presence of contract research organizations catering to the outsourcing needs of biopharmaceutical companies and expansion of healthcare infrastructure in emerging economies.
Key players operating in the biopharmaceutical and biomedicine market are Amgen Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Pfizer Inc., Sanofi, Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, NanoString, QIAGEN, Affimed GmbH, GSK plc., Merck KgaA, and Teva Pharmaceutical Industries Ltd.
Read More:
