As per Market Research Future (MRFR) analysis, the global biopharmaceuticals market share estimated to grow to USD 437.37 million with a CAGR of 9.36% from 2024 to 2032 (forecast period).
Biopharmaceuticals are substances that are generated using living organisms, such as microorganisms and animal cells, and have a high therapeutic value. These massive and complex molecular drugs are often referred to as biologics and biotech drugs. Biopharmaceuticals provide a variety of advantages, including extremely efficient and potent action, less adverse effects, and the ability to potentially cure diseases rather than simply treat symptoms that have dramatically increased demand for biopharmaceuticals. Market growth is attributed to the increasing acceptance of biopharmaceuticals due to their potential to treat previously untreated diseases, resulting in high consumer demand for biopharmaceuticals.
Market Dynamics
The market is primarily driven by an increasing geriatric population, a rising burden of chronic diseases, and a rising tendency towards targeted therapy. In addition, the high demand for biopharmaceuticals is facilitated by an accelerated focus on research and related investment.
The ability of biopharmaceutical products to address previously untreated conditions has introduced innovative drugs on the market. Approximately 70% of potential medicines represent new approaches to treating diseases in areas such as neurology, cancer, diabetes, and immunology. Therefore, biopharmaceuticals have seen a reduction in the number of deaths due to cancer and HIV/AIDS in the last decade, which has spurred an increase in the number of biopharmaceuticals on the global market. In addition, the growing demand for biopharmaceuticals is rising with an increasing ability to overcome both the side-effects associated with certain small-molecule therapeutics and invasive surgical procedures.
However, the high cost of biopharmaceuticals, the entry of low-cost biosimilars, and the risk of side-effects caused by biopharmaceuticals are expected to hinder the growth of the biopharmaceuticals market.
Segmentation
The global biopharmaceuticals market insights has been segmented into product type, and application.
Based on product type, the global market for biopharmaceuticals has been segmented into monoclonal antibodies, recombinant growth factors, recombinant proteins, purified proteins, recombinant hormones, vaccines, synthetic immunomodulators, and others. The monoclonal antibodies segment holds the most significant market share due to increasing research activities using monoclonal antibodies.
Based on the application, the global market for biopharmaceuticals has been segmented into neurological diseases, oncology, inflammatory and infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders, disease prevention, cardiovascular diseases, and others. Neurological diseases are expected to be the fastest-growing segment due to the increasing prevalence of various neurological diseases.
Regional Analysis
Regionally, the global market for biopharmaceuticals has been segmented into the Americas, Europe, the Asia Pacific, and the Middle East & Africa.
The Americas held a significant share in the market. Increasing awareness among people and a growing prevalence of chronic diseases such as rheumatoid, cancer, arthritis, and others in the area are key factors driving demand in this market. In addition, advancements in healthcare infrastructure, rising government expenditure on healthcare policies, and the involvement of leading players in the region are also expected to boost this sector.
The Asian Pacific biopharmaceuticals industry is expected to deliver promising opportunities in this market. High government investments and developments in the healthcare sector are key factors that fuel demand for biopharmaceuticals in the region.
Key Players
Some of the significant participants in the global biopharmaceuticals market are Pfizer, Inc. (US), Amgen, Inc. (US), F. Hoffmann-La Roche AG (Switzerland), Johnson & Johnson Services, Inc. (US), Sanofi (France), AbbVie Inc. (US), Eli Lilly and Company (US), GlaxoSmithKline Plc (US), Bristol-Myers Squibb Company (US), AstraZeneca PLC (UK).
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