Biopharmaceutical and biomedicine market Is Estimated To Witness...

Biopharmaceutical and biomedicine market Is Estimated To Witness High Growth

Posted 2023-11-01 13:26:32

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:

Biopharmaceutical and biomedicine refers to medication or vaccines produced using biotechnology methods like recombinant DNA technology, controlled gene expression, and other molecular and cellular biology techniques. Biologics include medicines for cancer, chronic diseases, and various other therapeutic areas. They comprise monoclonal antibodies, vaccines, gene therapies, and recombinant proteins/enzymes.

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. North America currently dominates the market owing to presence of key players and higher healthcare spending. Asia Pacific is expected to be the fastest growing region due to large patient pool, rising healthcare expenditure, and increasing R&D investments.

Regional analysis

North America accounted for the largest share of the biopharmaceutical and biomedicine market in 2021, mainly driven by high healthcare spending, presence of leading biotech players, and favorable regulatory environment supporting clinical trials in the region. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period, due to rapidly developing healthcare infrastructure, growing disposable incomes, and increasing focus of major players towards emerging countries in the region.

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