The biopharmaceutical and biomedicine market involves development of biological products like vaccines, blood and blood components, allergenics, somatic cells, gene therapy, tissues, and recombinant therapeutic proteins for medical interventions. Biological materials derived from living organisms are used to treat diseases like cancer, cardio-vascular conditions, respiratory infections etc. Advances in biologics technology is enabling development of new therapies for previously untreatable medical conditions.
The global biopharmaceutical and biomedicine market is estimated to be valued at US$ 20025.57 billion 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 key trends:
Technology advancement is one of the key trends fueling growth in the biopharmaceutical and biomedicine market. Continuous innovations in fields like gene therapy, tissue engineering and regenerative medicine are enabling development of advanced biological products. For example, CRISPR gene-editing technology allows precise manipulation of genes and holds immense potential for treatment of genetic disorders. Increased R&D investments by biotech companies in development of novel biologics through cutting-edge tools like artificial intelligence is also expected to drive market expansion over the coming years.
Segment Analysis
The global Biopharmaceutical and Biomedicine Market can be segmented based on product type, application, and region. Based on product type, the market is segmented into biopharmaceutical and biomedicine. Among these, the biopharmaceutical segment currently dominates the market based on its higher revenue share. This segment is expected to account for over 60% market share in 2023 primarily due to rising demand for biologics drugs for the treatment of chronic diseases like cancer. The biopharmaceutical segment is anticipated to witness a CAGR of over 9% during the forecast period.
Key Takeaways
The Global Biopharmaceutical and Biomedicine Market Demand is expected to witness high growth. Regional analysis comprises Regional analysis related content
The North American region currently dominates the global Biopharmaceutical and Biomedicine market and is expected to grow at over 8% CAGR during the forecast period. High prevalence of chronic diseases, rising R&D investments in biopharmaceutical and biomedicine research, and presence of leading biotech companies in the region drive the market growth. The Asia Pacific region is anticipated to witness the fastest growth rate over 10% CAGR owing to large patient pool, low-cost clinical trials, and initiatives by governments to promote research activities in the region.
Key players
Key players operating in the Biopharmaceutical and Biomedicine market are KABA Group, Yubico, SecuGen Corporation, Anviz Global, Nitgen Co., Ltd., Integrated Biometrics, BIO-key International, Daon Inc., Suprema Inc., Integrated Biometrics, ASSA ABLOY, Dormakaba Holding, Allegion plc, HID Global Corporation, Gunnebo Security Group, IDenticard Systems, PrimeKey Solutions AB, Thales Group, Gemalto NV, NXP Semiconductors N.V. These players are focusing on new product launches, partnerships, and expansion activities to gain a competitive edge in the market.
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