The global Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 20025.57 Bn or Mn 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.
Biopharmaceuticals are medicinal products manufactured in living systems such as microorganisms or mammalian cell cultures. They include vaccines, blood components, monoclonal antibodies, and other medically important molecules. Advancements in biotechnology have revolutionized the field of medicine and enabled the development of biologics and biomedicines that target diseases with higher specificity and fewer side effects compared to conventional small molecule drugs. Biologics and biomedicines play an essential role in the treatment of diabetes, cancer, autoimmune disorders, and several other complex diseases. Their production through living systems allows for complex molecular structures that are difficult to replicate through chemical synthesis. The market has witnessed significant growth owing to the increasing utilization of biopharmaceuticals for the treatment of both chronic and genetic disorders.
Market key trends:
One of the major trends fueling the biopharmaceutical and biomedicine market growth is the rising demand for biosimilars. Biosimilars offer cost savings compared to expensive biologic drugs and are prescribed by doctors when the original biologics lose exclusivity. The expiry of patents of blockbuster drugs over the coming years is anticipated to boost biosimilar development and adoption. Advances in antibody engineering and protein engineering technologies are also driving the discovery and development of next-generation biologics with improved efficacy, extended half-life, and altered immunogenicity. The application of advanced technologies such as artificial intelligence and automation in bioprocessing is helping enhance production yields and lower manufacturing costs of biopharmaceutical drugs. This is expected to make biologics more affordable and accessible.
Threat of new entrants: Low cost of raw materials and availability of generic alternatives pose low threat for new entrants in the market. However, stringent regulations for approval of new entities and drugs make entry difficult for new players.
Bargaining power of buyers: Large pharmaceutical companies have high bargaining power over smaller players due to their strong brand value, wide product portfolio, and consistent supply capacity. However, new product approvals balance the buyer power to some extent.
Bargaining power of suppliers: Suppliers of biological materials, drugs, and technologies for R&D have moderate bargaining power due to the availability of substitute options. However, continuous innovation in supplier base strengthens their position.
Threat of new substitutes: Substitutes available are usually other therapeutically equivalent drugs and alternative treatment options. Regulatory compliance makes swift substitutions difficult in biopharma and biomedicine market.
Competitive rivalry: The global market is highly competitive and consolidated with few major players holding major market share. However, niche product development leads to healthy rivalry in the market.
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 and growing demand for biologics and biosimilars.
Regionally, North America dominates the global market, with the US as the major revenue generating country due to widespread healthcare facilities and high adoption of advanced drugs. Asia Pacific is anticipated to grow at the fastest pace during the forecast period owing to increasing healthcare expenditure, rising medical tourism, and growing geriatric population in the region.
Key players operating in the Biopharmaceutical and Biomedicine market include 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. Major players are focusing on strategic collaborations and acquisitions to strengthen their product portfolios and geographic presence in the global market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it