Biopharmaceuticals Market Size To Attain USD 1,421.17 Bn By 2032

Prathamesh

2 months ago

The global biopharmaceuticals market size was valued at USD 410.37 billion in 2023 and is expected to hit over USD 1,421.17 billion by 2032, at a CAGR of 14.8% from 2023 to 2032.

Key Points:

Based on the type, the monoclonal antibodies segment accounted largest revenue share of 37% in 2022 and it is expected to expand at the CAGR of 7.2% from 2023 to 2032.
Based on the application, the oncology segment dominated the global biopharmaceutical market in 2022, in terms of revenue.
Based on region, in 2022, North America dominated the global biopharmaceutical market with a revenue share of 45%.

The rising prevalence of various chronic diseases, growing geriatric population, rising investments in the research and development of the new drugs, supportive regulations of the government, and rising adoption of the biopharmaceuticals among the global population are some of the important factors that drives the growth of the global biopharmaceutical market.

The biopharmaceutical market is growing at a rapid rate and it accounts for around 20% of the global pharmaceutical industry. The increasing awareness about the effectiveness and availability of the biopharmaceuticals among the population is significantly boosting the demand for the biopharmaceuticals across the globe.

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Regional Snapshot

North America dominated the global biopharmaceutical market in 2020. The increased prevalence of various chronic diseases in the US and growing geriatric population has fueled the demand for the biopharmaceuticals. As per the American Cancer Society, around 1.8 million new cancer cases were reported in US in 2020. Moreover, the FDA plays a crucial role in the market growth of the biopharmaceutical market. The FDA approved 53 new novel drugs in 2020. The increased investments by the market players in the research and development of the new drugs and their clinical trials is expected to provide lucrative growth opportunities to the market players. Moreover, the increased government investments to develop the biopharmaceutical industry in US has significant contributions in the development of the North American market. US holds the property rights of the majority of the new drugs developed recently. North America is projected to stay dominant throughout the forecast period.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The countries like China, India, and South Korea are increasing their efforts in the development of the biopharmaceutical industry and attracting FDIs owing to the presence of cheap factors of production. The presence of few world’s top contract manufacturing organizations in Asia Pacific has significantly driven the growth of the biopharmaceutical market. Further rising prevalence of various chronic diseases and growing geriatric population in the region is presenting growth avenues to the market players. According to the WHO, 80% of the global geriatric population is expected to be living in the low and middle income countries. Furthermore, the rising awareness among the population regarding the biopharmaceuticals is expected to foster the demand for the biopharmaceuticals in the region in the forthcoming years.

Table of Contents

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Biopharmaceuticals Market Scope

Report Coverage	Details
Market Size in 2023	USD 410.37 Billion
Market Size by 2032	USD 1,421.17 Billion
Growth Rate from 2023 to 2032	CAGR of 14.8%
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Type, Application, Region

Biopharmaceuticals Market Dynamics

Driver

Rising demand for the low side-effect treatment

Traditionally, the treatment of the various chronic diseases were risky and resulted in adverse side-effects. For instance, the conventional chemotherapy was toxic and has high side-effects. The development of the improved biopharmaceuticals provided a safer alternative to such traditional therapeutics and increasing awareness regarding the benefits of the biopharmaceuticals over the traditional therapeutics is expected to drive the market growth.

Restraints

High cost of medicines and lack of adequate healthcare infrastructure

The high costs of the innovative biopharmaceuticals is restricting its adoption among the people in the low and middle income countries due to the low affordability. Moreover, the lack of proper healthcare infrastructure results in under-treatment. This is major factor that may hinder the growth of the global biopharmaceutical market during the forecast period.

Opportunities

New product launches and adoption of developmental strategies

The biopharmaceutical industry is fragmented owing to the presence of numerous big players. It is a rapidly growing market and has higher threat of the new market entrants. The various developmental strategies such as new product launches, partnerships, collaborations, and join ventures may have a positive impact on the market. For instance, Takeda Pharmaceutical entered into a partnership with Frazier Healthcare to form a new biopharmaceutical company named HilleVax, in June 2021.

Challenges

Stringent regulations and high capital investment

The biopharmaceutical market is regulated by the stringent government norms and regulations. Furthermore, a high initial capital investment is required to establish a biopharmaceutical company. Moreover, further investments are involved in the research, development, clinical trials, and approval of the newly developed medicines. Hence, huge capital requirement and stringent government regulations are the major concern for the market players.’

Report Highlights

Based on the type, the monoclonal antibodies segment dominated the market in 2020. The increased efficacy of the monoclonal antibodies to specifically target the affected cell and treat that cell without harming the normal cells results in the low or minimal side-effects. This is a major factor that has propelled the demand for the monoclonal antibodies for the treatment of various chronic diseases like cancer.
Based on the application, the oncology segment dominated the global biopharmaceutical market in 2020. This is attributable to the increased adoption of the biopharmaceuticals in the treatment of various cancer like breast cancer, lungs cancer, and prostate cancer. The increased prevalence of cancer among the population is boosting the market growth.According to the International Agency for Research on Cancer, in the year 2020, around 19.3 million new cases of cancer were diagnosed and this number is expected to grow by 47% from 2020 to 2040.

Some of the prominent players in the global biopharmaceuticals market include: