Biopharmaceuticals Market

Biopharmaceuticals Market is Expected to be Flourished by Growing Demand for Personalized Medicines


The biopharmaceuticals industry involves the research, development, and manufacturing of drugs using biological sources such as microorganisms, plant cells, animal cells and human cells. Biopharmaceuticals include monoclonal antibodies, recombinant proteins, gene therapy, vaccines and recombinant enzymes. Monoclonal antibodies is one of the largest segment of biopharmaceutical market driven by increasing use of monoclonal antibodies in treatment of cancer, autoimmune disorders and infectious diseases. Some key monoclonal antibody drugs include remicade, rituxan, humira, avastin and herceptin.


The global biopharmaceuticals market is estimated to be valued at US$ 397.24 billion in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for personalized medicines: Personalized medicines consider individual variability in genes, environment and lifestyle of each person for developing prevention or treatment that is unique to each individual. Personalized biopharmaceuticals such as monoclonal antibodies administered on the basis of genetic information of individual have significant potential to provide enhanced effectiveness with reduced side-effects. This is expected to drive robust growth of biopharmaceutical market over the forecast period.

Increasing R&D spending on biopharmaceuticals: Biopharmaceutical companies are continuously investing large sums in R&D to develop advanced biologic drugs and therapies with improved efficacy. According to a report by PhRMA, the R&D spending by biopharmaceutical companies increased from US$ 79.6 billion in 2017 to US$ 83.8 billion in 2018. Additionally, with expiry of patents of blockbuster drugs, biopharmaceutical players are investing aggressively in development of novel biologic drug pipeline to sustain growth. This rising R&D spending is projected to fuel the demand for biopharmaceutical products in coming years.

Segment Analysis

The global biopharmaceuticals market is dominated by oncology sub-segment accounting for more than 30% share of the total market. Biopharmaceuticals have revolutionized cancer treatment over last few decades and development of targeted therapies, immunotherapies have increased survival rates of cancer patients significantly. Development and commercialization of blockbuster oncology drugs by major pharmaceutical companies such as Pfizer, Roche and AstraZeneca have further increased demand for such biopharmaceuticals for cancer treatment globally.

PEST Analysis

Political: Government support for research and development activities in biopharmaceutical sector through funding and subsidies especially in developed markets such as U.S., Europe, and Japan have positively impacted market growth. Some countries also provide tax credits and incentives to biopharmaceutical companies.

Economic: Increasing healthcare spending over the years especially in developing nations along with growing middle class population who can afford expensive biopharmaceutical drugs is driving market revenues. High R&D costs associated with development of novel biologics will remain a barrier to entry for small players.

Social: Growing elderly population who are more prone to chronic diseases and awareness about benefits of biopharmaceuticals through social media is boosting demand. However, social stigma and ethics related to stem cell research and gene therapy could impact market opportunities.

Technological: Advancements in areas of genomics, proteomics and protein engineering have enabled development of targeted biopharmaceuticals. Continuous investments in artificial intelligence and machine learning are further catalyzing drug discovery process as well as aiding bioproduction.

Key Takeaways

The Global Biopharmaceuticals Market Size is expected to witness high growth over the forecast period supported by growing cancer prevalence, rising healthcare spending in emerging nations, and continuous pipeline of novel biologics. The global biopharmaceuticals market is estimated to be valued at US$ 397.24 billion in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030.


North America dominated more than 40% share of the total market in 2023 led by U.S. due to presence of major players and availability of advanced treatment options. Europe and Asia Pacific are expected to offer high growth opportunities over next 5-7 years.

Key players operating in the biopharmaceuticals market are Accenture, Teleperformance SE, Infosys Limited (Infosys BPM), WNS (Holdings) Ltd., HCL Technologies Limited, AMDOCS, CBRE Group Inc., Sodexo, NCR Corporation, TTEC Holdings, Inc., Wipro Limited, and Capgemini. Teleperformance SE has become the market leader owing to its diversified biopharmaceutical services portfolio and long-standing client relationships with top 10 pharmaceutical companies. Infosys Limited (Infosys BPM) offers scalable and customizable services to mid-sized biopharma firms across development phases at competitive costs.

1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it