Biopharmaceuticals Market Overview
Biopharmaceuticals Market Size was valued at USD 400.66 Billion in 2023. The Global Biopharmaceuticals industry is projected to grow from USD 437.37 Billion in 2024 to USD 494.74 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.36% during the forecast period (2024 - 2032).
Latest Industry Developments in Biopharmaceuticals Market
July 2024, Pfizer has received FDA approval for a novel mRNA-based vaccine targeting respiratory syncytial virus (RSV) in July 2024, providing broad protection against RSV in older adults and infants.
April 2024,Eli Lilly introduced a new monoclonal antibody in April 2024 for treating Alzheimer's disease, targeting and clearing amyloid-beta plaques in the brain, which has shown promising results in clinical trials.
The biopharmaceutical industry has been thriving at a robust pace and will remain strong throughout the appraisal period. Thanks to the surging preference for targeted therapy and the rise in research and development spending, the global industry will continue to perform significantly in the years to come. The biosimilars market can expect robust growth in the near future, creating massive revenue pockets for the top developers. Besides, protein therapeutics could attain fast-paced traction in the years ahead due to their significant efficiency in target therapy.Strict regulatory frameworks along with the need for high capital investments required for developing biopharmaceutical drugs could limit the growth rate of the worldwide market. Having said that, the escalating focus on extensive research activities and biopharmaceutical products’ ability to deal with formerly untreatable disorders and conditions will ensure sustained business growth in the future.Biopharmaceuticals Market InfluencerThe involvement of major pharmaceutical companies such as Abbvie Inc., Eli Lilly and Company, and Novartis AG are positively influencing the biopharmaceuticals market growth.Biopharmaceuticals Market Drivers
- Increasing investment by major companies in biopharmaceuticals research & development (R&D)
- Increasing acceptance for biopharmaceuticals due to their ability to treat previously untreatable diseases
- The high incidence rate of chronic diseases is increasing the demand for biopharmaceuticals, hence driving the biopharmaceuticals market growth. As of 2019, nearly 45% of Americans suffer from a chronic disease.
- Rising geriatric population. As of 2019, one in 6 people in the world is aged more than 65 years.
- Increasing technological advancements
Biopharmaceuticals Market Restraints
- Stringent government regulations
- Availability of low-cost biosimilars
- Risk of side-effects associated with biopharmaceuticals
Biopharmaceuticals Market Segmentation
Biopharmaceuticals Product Type Insights
- Monoclonal Antibodies: The largest market segment of the biopharmaceuticals. Researches carried out with the help of monoclonal antibodies is increasing. Monoclonal antibodies are manufactured using identical immune cells that are clones of a unique parent cell.
- Recombinant Growth Factors: They are a group of proteins that stimulate the growth of the cell. These are further segmented into erythropoietin and granulocyte colony-stimulating factor (G-CSF). Erythropoietin is a type of hormone that is produced by the kidneys. G-CSF is a type of glycoprotein that can stimulate the bone marrow to produce granulocytes and stem cells and ultimately release them in the bloodstream.
- Purified Proteins: These can be further segmented into four subsegments—leukemia inhibitory factor, P53 protein, P38 protein, and other purified proteins. Leukemia inhibitory factor or LIF is a type of interleukin 6 class cytokine that can affect the cell growth by inhibiting differentiation. P53 is a tumor protein, which is an isoform of a protein encoded by homologous genes in various organisms. P38 protein is a class of mitogen-activated protein kinases that are responsive to cytokines, ultraviolet irradiation, heat shock, osmotic shock, and other stress stimuli.
- Recombinant Proteins: They are made from cloned DNA sequences that usually encode a protein or an enzyme with known function. These can be further divided into serum albumin, amyloid protein, defensin, transferrin, and others. Serum albumin is found in the blood and is the most abundant protein found in the human blood plasma. Amyloid proteins are aggregates of proteins that become folded into a particular shape and can allow many copies of that protein to stick together, forming fibrils. Defensins are small cysteine-rich cationic proteins that function as host defense peptides. Transferrin are iron-binding blood plasma glycoproteins that have the ability to control the level of free iron in biological fluids.
- Recombinant Hormones: They are produced from fragments of growth hormone and human placental lactogen.
- Vaccines: They are a type of biological preparation that can protein active acquired immunity against a particular disease. Vaccines have been further segregated into recombinant vaccines, conventional vaccines, and others. Recombinant vaccines are produced using recombinant DNA technology. They have been further divided into cancer vaccines, malaria vaccines, Ebola vaccines, hepatitis B vaccines, tetanus vaccines, diphtheria vaccines, cholera vaccines, and others. Conventional vaccines act as an immunological base to fight against the most porcine diseases. These are further segmented into polio vaccines, pox vaccines, and others. Vaccines are the fastest-growing segment owing to rising awareness regarding chronic diseases.
- Synthetic Immunomodulators: They are a type of medication that is used to help regulate or normalize the immune system. These are further segmented into cytokines, interferons, interleukins; tumor necrosis factor (TNF); and others.
- Others: This segment includes recombinant enzymes allogenic & autologous products and acellular products.
Biopharmaceuticals Application Insights
- Oncology: The largest segment owing to the rising prevalence of cancer. There were 1,735,350 new cases of cancer in the US in 2019.
- Inflammatory and Infectious Diseases: Infectious diseases include cholera, diphtheria, and typhoid. Inflammatory conditions include tuberculosis, rheumatoid arthritis, and sinusitis.
- Autoimmune Disorders: These include diseases such as inflammatory bowel disease, multiple sclerosis, and diabetes.
- Metabolic Disorders: These types of disorders occur when abnormal chemical reactions in the body hamper the normal metabolic process.
- Hormonal Disorders: These include various endocrine disorders such as adrenal insufficiency disorder and hyperthyroidism.
- Disease Prevention: Vaccines are the biopharmaceuticals used for the prevention of chronic diseases.
- Cardiovascular Diseases: These include coronary heart disease, arrhythmia, and peripheral artery disease.
- Neurological Diseases: These include diseases such as Parkinson’s disease and epilepsy. The rising prevalence of neurological disorders is expected to account for the fastest growth of the segment. In the US, 1.8% of the population have been suffering from active epilepsy as of 2016.
- Others: Other applications of biopharmaceuticals include blood disorders and other rare disorders.
Biopharmaceuticals Market By Region
- Americas: The largest regional Biopharmaceuticals Market. The prevalence of chronic diseases, such as cancer, is high in the Americas. Approximately 9.6 million people died suffering from cancer as of September 2019. Moreover, the presence of significant biopharmaceutical companies such as Pfizer, Inc., Amgen Inc., Eli Lilly and Company, and Bristol Myers Squibb Company is expected to drive the biopharmaceuticals market growth.
- Europe: Increasing geriatric population, well-developed healthcare infrastructure, and high prevalence of neurological diseases are expected to drive the biopharmaceuticals market growth.
- Asia-Pacific: The fastest-growing regional market of biopharmaceuticals. Asia-Pacific is seeing a surge in the number of people suffering from diseases such as diabetes and cancer. Furthermore, the region has a supportive regulatory framework for the approval of biopharmaceuticals, which drives biopharmaceuticals market growth.
- Middle East & Africa: The market of biopharmaceuticals is expected to show significant growth due to the rising patient population suffering from various chronic diseases. Middle Eastern market is expected to show more growth as compared to the African market, owing to the presence of developed countries such as Saudi Arabia and Oman.
Biopharmaceuticals Market Key Players
- Pfizer, Inc. (US)
- Amgen Inc. (US)
- Eli Lilly and Company (US)
- Hoffmann-La Roche Ltd (Switzerland)
- Johnson & Johnson (US)
- Gilead Sciences, Inc. (US)
- AstraZeneca (UK)
- Abbvie Inc. (US)
- Sanofi (France)
- Bristol-Myers Squibb Company (US)
- Sandoz International GmbH (Germany)
- Novo Nordisk A/S (Denmark)
- GlaxoSmithKline PLC (UK)
- Merck KGaA (Germany)
- Biocon (India)
Recent DevelopmentsFebruary 2022Varian Biopharmaceuticals Inc., a precision oncology firm creating novel therapeutics for treating cancer, and SPK Acquisition Corp., have entered a merger agreement in terms of a business combination that will allow Varian Bio to become a publicly traded vendor.Varian Bio is currently in the process of creating a specific high-potency atypical protein kinase C iota inhibitor with the potential to be the leading treatment option for numerous oncology indications with primary focus on basal cell carcinoma as well as molecularly targeted solid tumors.February 2022The U.S. Food and Drug Administration has given the Emergency Use Authorization for bebtelovimab, a monoclonal antibody that neutralizes against the Omicron variant, says Eli Lilly and Company. Bebtelovimab can be utilized for treating mild-to-moderate COVID-19 in pediatric and adult patients (with the children above the age of 12 years and weighing close to 40 kg).
Report Attribute/Metric |
Details |
  Market Size |
  2032: USD 894.74 Billion |
  CAGR |
 9.36% (2024-2032) |
  Base Year |
  2023 |
  Forecast Period |
  2024-2032 |
  Historical Data |
  2022 |
  Forecast Units |
  Value (USD Million) |
  Report Coverage |
  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
  Segments Covered |
  Product Type, Application |
  Geographies Covered |
  North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
  Key Vendors |
  Pfizer, Inc. (US), Amgen Inc. (US), Eli Lilly and Company (US), Hoffmann-La Roche Ltd (Switzerland), Johnson & Johnson (US), Gilead Sciences, Inc. (US), AstraZeneca (UK), Abbvie Inc. (US), Sanofi (France), Bristol-Myers Squibb Company (US), Sandoz International GmbH (Germany), Novo Nordisk A/S (Denmark), GlaxoSmithKline PLC (UK), Merck KGaA (Germany), Biocon (India) |
  Key Market Opportunities |
  New product launches and R&D Amongst major key Players |
  Key Market Drivers |
 Increasing investment by major companies in biopharmaceuticals research & development (R&D)Increasing acceptance for biopharmaceuticals due to their ability to treat previously untreatable diseasesThe high incidence rate of chronic diseasesRising geriatric populationIncreasing technological advancements |
Frequently Asked Questions (FAQ) :
Biopharmaceuticals are also known as biological, medical products, or biologics, are pharmaceutical drugs manufactured, extracted, or synthesized using biological sources, such as bacteria, yeast, and mammalian cells.
The high incidence rate of chronic diseases is increasing the demand for biopharmaceuticals
The valuation of the biopharmaceuticals market is estimated to reach USD 894.74 Bilion by 2032.
The biopharmaceuticals market is projected to grow at approximately 9.36% CAGR during the forecast period (2024-2032).
Rising investment by major companies on research & development of biopharmaceuticals, the high incidence rate of chronic diseases, and increasing acceptance for biopharmaceuticals due to their ability to treat previously untreatable diseases is expected to drive the market growth
North America holds the largest share in the biopharmaceuticals market, followed by Europe and the Asia Pacific, respectively.
Amgen Inc. (US), Pfizer, Inc. (US), Eli Lilly and Company (US), Johnson & Johnson (US), Hoffmann-La Roche Ltd (Switzerland), Gilead Sciences, Inc. (US), Abbvie Inc. (US), AstraZeneca (UK), Sanofi (France), Sandoz International GmbH (Germany), Bristol-Myers Squibb Company (US), Novo Nordisk A/S (Denmark), Merck KGaA (Germany), GlaxoSmithKline PLC (UK), and Biocon (India), are some of the major players operating in the biopharmaceuticals market.
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