According to IMARC Group latest report titled “Biopharmaceutical Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on biopharmaceutical industry report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The biopharmaceutical market size reached US$ 249.4 Billion in 2021. Looking forward, the market is expected to reach a value of US$ 440.2 Billion by 2027, growing at a CAGR of 10.25% during 2022-2027.
Biopharmaceutical refers to the biologically synthesized substance manufactured using various biological sources, such as living cells or organisms. It is generally developed in industrial and academic laboratories that is used in treating several diseases, including cancers and metabolic disorders. It is widely preferred by healthcare professionals as it causes minimum side effects to the body and exhibits high specificity to address various untreatable medical conditions by targeting only specific molecules. Some of the popular biopharmaceutical products include recombinant growth factors, recombinant proteins, vaccines, synthetic immunomodulators, monoclonal antibodies, purified proteins, recombinant hormones, recombinant enzymes, and cell and gene therapies.
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The COVID-19 pandemic has had a significant impact on the biopharmaceutical industry. Several biopharmaceutical companies strived extensively to develop vaccines against the SARS-CoV2 virus. This boosted the demand for biopharmaceuticals throughout the pandemic. On the other hand, the clinical and regulatory procedures for drug candidates of other indications witnessed a slow pace due to the shifting priorities of the healthcare system to reduce the infections in clinical trial patients of COVID-19. The pandemic also caused disruptive effects on the global supply of pharmaceutical products, biologics, and biological preparations. The pandemic further impacted research and developmental activities across the globe.
The global market is majorly driven by the growing prevalence of chronic diseases among individuals. This is supported by the rising geriatric population and sedentary lifestyle led by the masses. In line with this, the increasing adoption of monoclonal antibodies and antibody derivatives as therapeutics for various diseases, such as rheumatoid arthritis, cardiovascular diseases, multiple sclerosis, and cancer, is positively influencing the market. Moreover, the rising strategic collaborations among biopharmaceutical companies, along with continuous improvements in biotechnology, are creating a positive market outlook. Some of the other factors driving the market further include rapid urbanization, the rising number of research laboratories, easy accessibility to quality healthcare facilities and the increasing investments and funding by numerous public and private firms to upgrade the overall healthcare infrastructure.
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Competitive Landscape with Key players:
The global biopharmaceutical market is concentrated in nature with the presence of a small number of key players who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Novo Nordisk
- Sanofi SA
- Johnson & Johnson
- Merck & Co.
- Biogen Idec
Biopharmaceutical Market Segmentation:
Our report has categorized the market based on regions, indication and class.
Breakup by Indication:
- Autoimmune diseases
- Metabolic disorders
Breakup by Class:
- Monoclonal Antibodies
- Purified Proteins
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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