Pune, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global biopharmaceuticals market is expected to clock USD 769.45 billion by 2030 owing to increasing funding for research activities and favorable government initiatives, as well as collaborations with industry players.
The advent of biopharmaceutical products to treat previously incurable illnesses has resulted in the introduction of novel medications to the market. The ability of biopharmaceutical products to treat previously untreatable illnesses has resulted in the introduction of new medications to the market. Furthermore, the desire to avoid the negative consequences associated with some small-molecule medicines and invasive surgical therapies is expected to drive demand in the global biopharmaceutical market in the near future.
Furthermore, the market is expected to benefit from the increased emphasis on research and related investments. Increased market participants' investments in the research and development of new drugs and their clinical trials, as well as increased government investments to develop the biopharmaceutical industry, will provide numerous growth opportunities for the market.
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Excerpts from ‘By Product Type Segmentation
On the basis of product type, the global biopharmaceuticals market has been segmented into:
Growth & Coagulation Factors
Cell & Gene Therapies
Monoclonal antibody dominated the market during the forecast period. The successful application of monoclonal antibodies and antibody derivatives in therapeutics is the primary driver of the this segment's rapid growth. Monoclonal antibodies have therapeutic applications in cancer, rheumatoid arthritis, multiple sclerosis, and cardiovascular disease. The COVID-19 outbreak has put a significant strain on healthcare systems. Researchers all over the world are working hard to deal with this growing burden. As a result, demand for monoclonal antibodies targeting COVID-19 is expected to rise steeply. For instance, in July 2020, the Drug Controller General of India (DCGI) approved Itolizumab (ALZUMAb), an anti-CD6 IgG1 monoclonal antibody produced by Biocon Ltd (India), for the emergency treatment of cytokine release syndrome in patients with acute respiratory distress syndrome who were also infected with COVID-19. Furthermore, the increasing number of FDA approvals and new product launches for various indications are expected to propel the segment. For instance, in December 2020, MacroGenics' MARGENZATM has been approved by the US Food and Drug Administration (FDA) for the treatment of patients with pretreated metastatic HER2-positive breast cancer. The FDA approved GlaxoSmithKline's belantamab mafodotin-blmf (BLENREP) for the treatment of relapsed or refractory multiple myeloma in August 2020.
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Excerpts from ‘By Region Segmentation’
Geographically, the global biopharmaceuticals market has been segmented into:
Rest of the World
North America dominated the segment during the forecast period. The high prevalence and increasing incidence of chronic disorders, the rise in the number of geriatric populations that is highly susceptible to age-related disorders, and the region's high per capita healthcare expenditure are key factors that are expected to drive the market in North America.
During the forecast period, the Asia Pacific biopharmaceuticals market is expected to grow at a rapid pace. This is due to an increase in the number of people suffering from diabetes and other chronic diseases, as well as new product development and increased availability of these products in Asia, as well as increased adoption of these devices. Significant expansion of the healthcare industry, easy access to healthcare facilities, and increased healthcare investment by Asia Pacific's leading players are expected to boost the region's market in the near future.
Excerpts from ‘Competitive Landscape’
Some of the key players operating the market global biopharmaceuticals market include:
F. Hoffmann-La Roche Ltd
Johnson & Johnson Private, Ltd
Abbott Laboratories Inc
Eli Lilly and Company
Thermo Fisher Scientific Inc
To maintain their dominance in the biopharmaceuticals market, these market players are employing various strategies such as agreements, joint ventures, and product innovations across various regions. For instance, in July 2021, for expanding their business, Takeda Pharmaceutical and Frazier Healthcare Partners collaborated to form HilleVax, a biopharmaceutical company that will develop Takeda's HIL-214 norovirus vaccine candidate (previously TAK-214). In another instance, in March 2020, Thermo Fisher Scientific Inc. announced a nearly US$ 475 million biopharma investment to expand biologics, cell and gene therapy, and medicinal product development, as well as its global commercial capabilities.
Report Scope & Segmentation:
Market Size in 2021
USD 401.32 billion
Revenue forecast in 2030
USD 769.45 billion
CAGR of 7.5% from 2022 to 2030
Base year for estimation
Product Type, Therapeutic Application, End User
North America, Europe, Asia Pacific, and the Rest of the World (ROW)
VALUE PROPOSITIONS RELATED TO THE REPORT:
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Comprehensive quantitative and qualitative insights at segment and sub-segment level
Covid 19 impact trends and perspective
Granular insights at global/regional/country level
Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
Blanket coverage on competitive landscape
Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
Distributor Landscape Assessment
Customer Base Assessment
Investment & Initiatives Analysis
'Business Profile' of Key Players
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