Biopharmaceuticals Market Size to Surpass USD 799.76 Billion by 2030, at a CAGR of 7.9%

As per the report by Fortune Business Insights, The Biopharmaceuticals Market size is projected to reach USD 799.76 Billion by 2030, at a CAGR of 7.9% during the forecast period.

Biopharmaceuticals Market

Pune, India, Nov. 27, 2023 (GLOBE NEWSWIRE) — The global biopharmaceuticals market size was USD 437.12 billion in 2022, and it is anticipated to expand from USD 470.80 billion in 2023 to USD 799.76 billion by 2030, exhibiting a CAGR of 7.9% over the study period. Biopharmaceuticals are deployed for in vivo diagnostic or therapeutic purposes. The product demand is set to rise owing to the surging population and an upsurge in age-related diseases across various regions. 

Fortune Business Insights™ provides this information in its research report, titled “Biopharmaceuticals Market, 2023-2030”.

Key Industry Development:

May 2023 – AbbVie secured the approval of the U.S. FDA for EPKINLY. The T-cell engaging bispecific antibody was developed for treating adults diagnosed with relapsed or refractory (R/R) DLBCL (diffuse large B-cell lymphoma) following two or more systemic therapy lines.

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Key Takeaways:

• In 2012, there were only 12 clinical trials looking into chimeric antigen receptor T-cell therapy, compared to 443 pipeline candidates listed on ClinicalTrials.gov.
• BieGene and Novartis AG have a contract for the development, production, and marketing of the antibody TEVIMBRA (tislelizumab).
• The FDA traditionally approved LEQEMBI (lecanemab-irmb) for the treatment of Alzheimer’s disease in Eisai Co., Ltd. and Biogen Inc.
• BRIUMVI (ublituximab-xiiy) has been approved by the European Commission by TG Therapeutics, Inc. to treat adult patients with relapsing forms of multiple sclerosis (RMS).

Discover the Leading Players Featured in the Report:

Pfizer Inc. (U.S.), AbbVie Inc. (U.S.), Bristol-Myers Squibb Company (U.S.), Johnson & Johnson Services, Inc. (U.S.), Bayer AG (Germany), Lilly (U.S.), Sanofi (France), Merck & Co., Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Novartis AG (Switzerland), GSK plc (U.K.), Takeda Pharmaceutical Company Limited. (Japan)

Report Scope

Browse Complete Report Details: https://www.fortunebusinessinsights.com/biopharmaceuticals-market-106928

Drivers and Restraints:

Product Demand to Rise with Growing Prevalence of Chronic Diseases

The biopharmaceuticals market growth is being propelled by the escalating prevalence of chronic diseases at the global level. Besides, governments are deploying various measures for generating awareness about these disorders.

However, high costs are involved in the development of these drugs. This may hamper industry growth to some extent.

Segmentation:

Immunomodulators Segment Led the Market Driven by the Rising Regulatory Approvals for Monoclonal Antibodies

Based on type, the market is subdivided into enzymes, immunomodulators, hormones, vaccines, and others. The immunomodulators segment accounted for a dominating position in the market in 2022. This can be attributed to an increase in regulatory approvals for using monoclonal antibodies in a range of applications.

Oncology Segment Dominated the Market Impelled by Growing Prevalence of Cancer

Based on application, the market is fragmented into oncology, cardiology, immunology, respiratory, neurology, and others. The oncology segment registered a dominating market share in 2022. This was due to the escalating cancer prevalence and upsurge in initiatives for cancer awareness.

Hospital Pharmacies Segment Held Key Share Impelled by Growing Patient Preference

By distribution channel, the market is segregated into drug stores & retail pharmacies, hospital pharmacies, and online pharmacies. The hospital pharmacies segment accounted for a dominant share in the market in 2022. This can be credited to the surging patient preference for these settings on account of drug availability at affordable rates.

Based on geography, the biopharmaceuticals market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 

By Type

• Immunomodulators
• Enzymes
• Vaccines
• Hormones

By Application

• Cardiology
• Oncology
• Respiratory
• Immunology
• Neurology
• Others

By Distribution Channel

• Hospital Pharmacies
• Drug Stores & Retail Pharmacies
• Online Pharmacies

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Regional Insights:

North America to Hold Major Share Impelled by Higher Diagnosis Rate of Chronic Diseases

North America is set to dominate the global biopharmaceuticals market share over the forecast period. This is on account of the higher rate of treatment and diagnosis and the soaring prevalence of chronic diseases in the region.

Europe accounted for a substantial share. The regional growth is being driven by the surging government funding and a rise in research and development activities.  

Competitive Landscape:

Leading Companies Focus on Developing Distribution Networks to Strengthen Market Position

Pfizer Inc. led the market considering the outbreak of the COVID-19 pandemic. Other market players are focusing on introducing new products and undertaking strategic mergers and acquisitions. They are also keen to develop their distribution networks for strengthening their positions in the biopharmaceuticals sector. 

FAQ’s

How big is the Biopharmaceuticals Market?

Biopharmaceuticals Market size was USD 470.80 Billion in 2023.

How fast is the Biopharmaceuticals Market growing?

The Biopharmaceuticals Market will exhibit a CAGR of 7.9% during the forecast period, 2023-2030

Related Reports:

Immunomodulators Market Share, Size, Trends and Forecast 2023-2030

Vaccines Market Size, Share| Global Forecast Report 2029

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