The Biopharmaceutical and Biomedicine market is estimated to be valued at US$ 20025.57 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The biopharmaceutical and biomedicine market comprises of products such as biosimilars, monoclonal antibodies, vaccines, regenerative medicines, and others. These products are used in the treatment of various chronic and infectious diseases. The rising demand for biosimilars and biologics is expected to drive the market growth over the forecast period.
Market Dynamics:
The biopharmaceutical and biomedicine market is expected to witness high growth owing to increasing investments in research and development activities by market players. For instance, as per the Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of biopharmaceutical companies was US$ 83 billion in 2021, registering a growth of over 13% compared to 2020. This high investment in R&D has led to development of novel biologics and monoclonal antibodies which treat various life-threatening diseases effectively with fewer side effects. Moreover, growing prevalence of chronic diseases such as cancer, diabetes, and cardio-vascular diseases is also propelling the demand for biopharmaceutical drugs globally. Between 2020 and 2030, chronic diseases are estimated to account for nearly three-quarters of all deaths worldwide. Thus, increasing disease burden worldwide and high investment in R&D are the major factors expected to drive the biopharmaceutical and biomedicine market growth over the forecast period.
SWOT Analysis
Strength: The biopharmaceutical and biomedicine market has strong research and development capabilities. Many companies are investing heavily in R&D to develop novel biologics and biosimilars. The growing prevalence of chronic diseases is increasing the demand for biopharmaceuticals and biomedicine. Several drugs in the development pipeline are expected to be commercialized in the coming years.
Weakness: Manufacturing biopharmaceuticals and biomedicines requires large capital investments and has a complex production process. It often takes significant time and costs for clinical development and approval of new drugs. Biosimilars face less market acceptance compared to reference biologics.
Opportunity: The rise in healthcare expenditure and demand for affordable treatment create commercial opportunities. Development of advanced cell and gene therapies to treat rare diseases will boost market revenues. Personalized medicine and companion diagnostics are opening new avenues for targeted disease treatment.
Threats: Stringent regulatory environment increases compliance requirements and delays drug approvals. Challenges related to intellectual property protection can reduce market exclusivity for innovative biologics. Emerging biosimilars pose price competition to established biopharmaceutical brands.
Key Takeaways:
The global Biopharmaceutical and Biomedicine Market Growth is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of chronic diseases. Rising geriatric population vulnerable to cancer, diabetes and cardiovascular diseases will drive market revenues. Furthermore, advancement in recombinant DNA technology, stem cell research and precision medicine is fueling the development of novel biologics.
Regional analysis North America currently dominates the global market and is expected to continue its dominance during the forecast period. This is attributed to growing biologics research, availability of funding, and presence of leading market players. However, Asia Pacific region is predicted to show the fastest growth due to rising healthcare expenditure, technological enhancement and growing contract research and manufacturing organizations in the region.
Key players operating in the biopharmaceutical and biomedicine market include Amgen Inc., F. Hoffman-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
Read More,
