The global Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 20025.57 Bn or Mn 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 Overview:
Biopharmaceutical and biomedicine products are complex therapeutic agents used for the treatment of various diseases including cancers, autoimmune disorders, infectious diseases and other medical conditions. These drugs are produced by means of biological processes involving living organisms and are more targeted and efficacious than conventional drugs.
Market key trends:
Growing demand for innovative biologics and biosimilars: Patients and healthcare providers are increasingly adopting biologic treatments owing to the benefits over conventional drugs such as higher efficacy and lowered side effects. This has prompted key pharmaceutical companies to invest aggressively in research and development of novel biologics and biosimilars. Additionally, patent expiries of biologic drugs have further accelerated development and commercialization of affordable biosimilars.
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Market Key Trends:
One of the key trends in the biopharmaceutical and biomedicine market is the rise of biologics. Biologics have revolutionized the treatment of various diseases like cancer, arthritis, etc. owing to their high selectivity and efficacy. The biopharmaceutical companies are actively involved in development of novel biologics drugs through cutting edge research in areas of cell and gene therapy and recombinant DNA technology which is fueling the growth of this market.
SWOT Analysis
Strength: Precision and flexibility of biopharmaceuticals to target specific disease pathways make them more effective than conventional drugs.
Weakness: High development cost and regulatory requirements for biologics approval make them less affordable and slow the approval process.
Opportunity: Emerging areas like antibody-drug conjugates, cell and gene therapy offer new opportunities.
Threats: Biosimilars pose pricing pressure and competition once biologics loses patent exclusivity. Stringent regulations can also delay product approvals.
Key Takeaways
The global Biopharmaceutical and Biomedicine Market Growth is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated to be US$ 20025.57 Bn.
Regional analysis: North America dominated the market in 2020 owing to presence of established biopharmaceutical industry and supportive regulations. However, Asia Pacific is expected to witness fastest growth during forecast period due rising geriatric population, increasing healthcare investments and emergence of domestic pharmaceutical industry in countries like China and India.
Key players operating in the biopharmaceutical and biomedicine market include Amgen Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Pfizer Inc., Sanofi, Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, NanoString, QIAGEN, Affimed GmbH, GSK plc., Merck KgaA, and Teva Pharmaceutical Industries Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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