The biopharmaceutical and biomedicine market is estimated to be valued at US$ 561,375.9 million in 2022 and is expected to exhibit a CAGR of 9.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biopharmaceutical and biomedicine refers to medication or vaccines produced using biotechnology methods like recombinant DNA technology, controlled gene expression, and other molecular and cellular biology techniques. Biologics include medicines for cancer, chronic diseases, and various other therapeutic areas. They comprise monoclonal antibodies, vaccines, gene therapies, and recombinant proteins/enzymes.
Market Dynamics:
The biopharmaceutical and biomedicine market is witnessing high growth owing to increasing R&D expenditure for development of novel biologics. For instance, according to PhRMA (Pharmaceutical Research and Manufacturers of America), the research-based biopharmaceutical industry invested an estimated $83 billion in R&D in 2020 in the United States alone. Additionally, growing prevalence of chronic diseases worldwide is also driving market growth. It is estimated that by 2030, chronic diseases will account for almost three-quarters of all deaths worldwide. Biologics offer effective treatment options for various chronic diseases like cancer, diabetes, and cardiovascular diseases. Furthermore, advancements in areas like gene therapy and cell therapy are further fueling the demand for biopharmaceuticals and biomedicine.
SWOT Analysis
Strength: The biopharmaceutical and biomedicine market is driven by strong R&D in drug discovery and development. Companies in this market have strong financial resources and infrastructure to support extensive R&D activities. Furthermore, advanced technologies such as AI/ML are increasingly being used for drug discovery which is enhancing the efficiency of clinical trials.
Weakness: High costs associated with R&D and clinical trials make drug development a highly capital intensive process. Failure rates during clinical trials remain high requiring substantial investments. Stringent regulatory policies also increase compliance burdens on companies.
Opportunity: Increasing prevalence of chronic diseases globally is driving demand for biologics and targeted therapies. Growing healthcare expenditure in emerging economies also provides major growth opportunities. Partnerships between pharma companies and startups offer synergies to accelerate innovation.
Threats: Price controls and drug reimbursement policies pose pricing pressures. Patent cliffs of blockbuster drugs increases competition from generics. Stringent regulations can delay drug approvals and market access.
Key Takeaways
The global biopharmaceutical and biomedicine market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of chronic diseases. North America currently dominates the market owing to presence of key players and higher healthcare spending. Asia Pacific is expected to be the fastest growing region due to large patient pool, rising healthcare expenditure, and increasing R&D investments.
Regional analysis
North America accounted for the largest share of the biopharmaceutical and biomedicine market in 2021, mainly driven by high healthcare spending, presence of leading biotech players, and favorable regulatory environment supporting clinical trials in the region. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period, due to rapidly developing healthcare infrastructure, growing disposable incomes, and increasing focus of major players towards emerging countries in the region.
Key players
Key players operating in the biopharmaceutical and biomedicine market are 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.
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