Biopharmaceutical Market Size
|2021 - 2029
|Market Size (2024)
|USD 516.79 Billion
|Market Size (2029)
|USD 761.80 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Biopharmaceutical Market Analysis
The Biopharmaceuticals Market size is estimated at USD 516.79 billion in 2024, and is expected to reach USD 761.80 billion by 2029, growing at a CAGR of 8.07% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on the biopharmaceutical industry. Most biopharmaceutical companies strived extensively to develop vaccines against the SARS-CoV-2 virus. For instance, in June 2022, Pfizer announced a USD 120 million investment for its Kalamazoo (Michigan) facility, enabling United States-based production for its COVID-19 oral treatment, PAXLOVID (nirmatrelvir tablets and ritonavir tablets). The increased interest in manufacturing COVID-19 vaccines significantly added to the growth of the biopharmaceutical market during the COVID-19 pandemic. Furthermore, as the situation stabilized post-COVID-19, the rising prevalence of chronic diseases is likely to facilitate market growth.
Factors like rising chronic disease prevalence and increasing acceptance and demand for biopharmaceuticals owing to their ability to treat previously untreatable diseases are driving the market's growth. For instance, in September 2022, a report by the WHO stated that about 55 million people around the world are living with dementia, and nearly 10 million cases are reported annually. WHO also highlighted that Alzheimer's is the most common form of dementia and constitutes about 60-70% of the total cases of dementia. As per the same source, most people who develop Alzheimer's dementia are 65 years and above. Such a high disease prevalence is likely to facilitate the demand for effective treatment, which in turn will likely bolster market growth over the coming years.
The biopharmaceutical products' capability to address previously untreatable conditions has paved the way for introducing innovative drugs in the market. For instance, in September 2022, the Center for Biologics Evaluation and Research (CBER) approved Bluebird Bio, Inc.'s SKYSONA (elivaldogene autotemcel), which is indicated to slow the progression of neurologic dysfunction in boys 4-17 years of age with early, active cerebral adrenoleukodystrophy (CALD). Similarly, in June 2022, CBER approved GlaxoSmithKline's PRIORIX, a live vaccine for measles, mumps, and rubella. Thus, such product approvals increase the availability of novel drugs in the market, which is expected to boost the market studied over the forecast period.
Furthermore, in February 2022, Johnson and Johnson and its China-focused partner company Legend Biotech Corp developed a therapy to treat white blood cell cancer type approved by the United States Food and Drug Administration (FDA). Thus, the development of new therapies that aid in treating oncologic disorders is anticipated to have a positive impact on the growth of the biopharmaceutical market over the forecast period.
Thus, factors such as rising chronic disease prevalence, product launches, and approvals over the forecast period are likely to facilitate market growth over the forecast period. However, high-end manufacturing and complicated and cumbersome regulatory requirements will hinder market growth over the forecast period.
Biopharmaceutical Market Trends
Anti-cancer Monoclonal Antibodies are Expected to Witness Significant Growth Over the Forecast Period
Anti-cancer Monoclonal antibodies (also called moAbs or mAbs) are proteins made in laboratories that act like antibodies and treat cancer. They work in different ways to kill the cancer cells or inhibit their growth further. The rising usage of monoclonal antibodies and antibody derivatives in therapeutics to treat cancer is the key driver for the rapid growth of the studied segment.
Growing approvals, clinical trials, and increasing research expenditure are major factors contributing to this segment's growth. For instance, in October 2022, PT217, a bispecific anti-Delta-like ligand 3 (DLL3)/anti-Cluster of Differentiation 47 (CD47) antibody, developed by Phanes Therapeutics, Inc. received Phase 1 clearance from the United States Food and Drug Administration (FDA). Phanes Therapeutics, Inc. is a clinical-stage biotech company focused on oncology for patients with small cell lung cancer (SCLC) and other neuroendocrine cancers.
Additionally, the growing FDA approvals and new product launches for various indications will drive the segment. For instance, in January 2022, the FDA approved Kimmtrak for treating HLA-A-positive adult patients with unresectable or metastatic uveal melanoma, a rare type of cancer that originates in the eye. Similarly, in May 2022, Roche Pharma launched Phesgo, a combination of monoclonal antibodies, Perjeta (pertuzumab) and Herceptin (trastuzumab) with hyaluronidase, for the treatment of patients with breast cancer.
Thus, the monoclonal antibodies segment is likely to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
The growing burden of chronic diseases, rising geriatric population, and increasing investments in research and development activities in the region are the major factors driving the biopharmaceuticals market in North America. In addition, the presence of well-established biopharmaceutical companies and new product launches are also expected to boost the market growth in the region.
The rising prevalence of chronic diseases in the United States is likely to facilitate market growth in the region. For instance, the Centers for Disease Control and Prevention's (CDC) data updated in July 2022 briefed that coronary heart disease is the most common type of heart disease, and approximately 20.1 million adults aged 20 and older suffer from the ailment in the United States. Additionally, per the CDC data, every 40 seconds, someone suffers from a heart attack, and nearly 805,000 people in the United States have a heart attack annually. Thus, the high burden of cardiovascular diseases demands the availability of advanced drugs for treatment, which is likely to boost the market growth.
Furthermore, an increase in the incidences of chronic diseases among the Canadian population, as well as the comorbidities associated with the diseases, is expected to positively impact the growth of the biopharmaceutical market over the forecast period. For instance, according to Statistics Canada, as of July 2022, almost one in five Canadians (18.8% of the population; 7,329,910 people) were at least 65 years of age. As the geriatric population is more prone to chronic diseases, the rising elderly population is likely to raise the demand for effective drugs for their treatment hence, expected to drive the market growth over the forecast period.
Furthermore, strategic activities such as acquisition and rising investments by key market players to expand their footprint in the biopharmaceutical market are also expected to propel the market growth. For instance, in May 2022, Eli Lilly and Company announced an investment of USD 2.1 billion to expand its manufacturing footprint in Indiana, United States. Similarly, in May 2022, LOTTE acquired Bristol Myers Squibb's manufacturing facility in East Syracuse, New York. The East Syracuse site will serve as the LOTTE Center for North America Operations for LOTTE's new biologics contract development and manufacturing organization (CDMO) business in the United States.
Thus, the factors mentioned above, such as rising chronic disease prevalence and the company's investment and acquisition strategy, the studied market is expected to grow significantly in North America over the forecast period.
Biopharmaceutical Industry Overview
The biopharmaceuticals market is fragmented in nature due to the presence of several companies operating globally. The competitive landscape includes analyzing a few well-known international and local companies that hold market shares. Furthermore, the companies adopt various strategic measures such as acquisitions, partnerships, collaborations, and new product launches to expand in the market. Some of the key companies in the market are Amgen Inc., Eli Lilly and Company, Johnson and Johnson, Abbvie Inc., and Bristol-Myers Squibb Company, among others.
Biopharmaceutical Market Leaders
Bristol-Myers Squibb Company
Eli Lilly and Company
Johnson & Johnson
*Disclaimer: Major Players sorted in no particular order
Biopharmaceutical Market News
- July 2023: Pfizer invested USD 25 million in Caribou Biosciences to progress an immune-cloaked allogeneic CAR-T cell therapy, CB-011. The company is currently evaluating the cell therapy in a Phase I CaMMouflage clinical trial for relapsed or refractory multiple myeloma.
- April 2023: InflaRx N.V.'s Gohibic (vilobelimab), a first-in-class monoclonal anti-human complement factor C5a antibody, was granted an Emergency Use Authorization by the United States Food and Drug Administration for the treatment of COVID-19 in hospitalized adults when initiated within 48 hours of receiving invasive mechanical ventilation, or extracorporeal membrane oxygenation.
Biopharmaceutical Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Acceptance of and Huge Market Demand for Biopharmaceuticals
4.2.2 Ability of Biopharmaceuticals to Treat Previously Untreatable Diseases
4.3 Market Restraints
4.3.1 High-end Manufacturing Requirements
4.3.2 Complicated and Cumbersome Regulatory Requirements
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Monoclonal Antibodies
22.214.171.124 Anti-cancer Monoclonal Antibodies
126.96.36.199 Anti-inflammatory Monoclonal Antibodies
188.8.131.52 Other Monoclonal Antibodies
5.1.2 Recombinant Growth Factors
184.108.40.206 Granulocyte Colony Stimulating Factor
5.1.3 Purified Proteins
220.127.116.11 Leukemia Inhibitory Factor (LIF)
18.104.22.168 P53 Protein
22.214.171.124 P38 Protein
126.96.36.199 Other Purified Proteins
5.1.4 Recombinant Proteins
188.8.131.52 Serum Albumin
184.108.40.206 Amyloid Protein
5.1.5 Recombinant Hormones
220.127.116.11 Recombinant Human Growth Hormones
18.104.22.168 Recombinant Insulin
22.214.171.124 Other Recombinant Hormones
126.96.36.199 Recombinant Vaccines
188.8.131.52.1 Cancer Vaccine
184.108.40.206.2 Malaria Vaccine
220.127.116.11.3 Ebola Vaccine
18.104.22.168.4 Hepatitis-B Vaccine
22.214.171.124.5 Tetanus Vaccine
126.96.36.199.6 Diptheria Vaccine
188.8.131.52.7 Cholera Vaccine
184.108.40.206.8 Other Recombinant Vaccines
220.127.116.11 Conventional Vaccines
18.104.22.168.1 Polio Vaccine
22.214.171.124.2 Pox Vaccine
126.96.36.199.3 Other Conventional Vaccines
5.1.7 Recombinant Enzymes
5.1.8 Cell and Gene Therapies
188.8.131.52 Allogenic Products
184.108.40.206 Autologous Products
220.127.116.11 Acellular Products
5.1.9 Synthetic Immunomodulators
18.104.22.168 Cytokines, Interferons, and Interleukins
5.1.10 Other Product Types
22.214.171.124 Blood Factors
126.96.36.199 Other Product Types
5.2 By Therapeutic Application
5.2.2 Inflammatory and Infectious Diseases
5.2.3 Autoimmune Disorders
5.2.4 Metabolic Disorders
5.2.5 Hormonal Disorders
5.2.6 Cardiovascular Diseases
5.2.7 Neurological Diseases
5.2.8 Other Therapeutic Applications
5.3.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
5.3.5 South America
184.108.40.206 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbvie Inc.
6.1.2 Amgen Inc.
6.1.3 Bristol-Myers Squibb Company
6.1.4 Eli Lilly and Company
6.1.5 Johnson & Johnson
6.1.6 Novartis AG
6.1.7 Novo Nordisk AS
6.1.8 Pfizer Inc.
6.1.9 GlaxoSmithKline PLC
6.1.10 F. Hoffmann-La Roche AG
6.1.11 Merck Co. & Inc.
6.1.12 Sanofi SA
6.1.13 AstraZeneca PLC
6.1.14 Bayer AG
6.1.15 Takeda Pharmaceutical Company Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Biopharmaceutical Market Research FAQs
How big is the Biopharmaceuticals Market?
The Biopharmaceuticals Market size is expected to reach USD 516.79 billion in 2024 and grow at a CAGR of 8.07% to reach USD 761.80 billion by 2029.
What is the current Biopharmaceuticals Market size?
In 2024, the Biopharmaceuticals Market size is expected to reach USD 516.79 billion.
Who are the key players in Biopharmaceuticals Market?
Amgen Inc., Abbvie Inc., Bristol-Myers Squibb Company, Eli Lilly and Company and Johnson & Johnson are the major companies operating in the Biopharmaceuticals Market.
Which is the fastest growing region in Biopharmaceuticals Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Biopharmaceuticals Market?
In 2024, the North America accounts for the largest market share in Biopharmaceuticals Market.
What years does this Biopharmaceuticals Market cover, and what was the market size in 2023?
In 2023, the Biopharmaceuticals Market size was estimated at USD 475.09 billion. The report covers the Biopharmaceuticals Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Biopharmaceuticals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the biggest sustainability challenges for biopharma companies?
The biggest sustainability challenges for biopharma companies are a) Extensive water is used in various stages of production, posing a potential strain on water resources b) Implementing sustainable practices can sometimes increase costs, creating a tension with affordability and drug accessibility
Biopharma Industry Report
The global biopharmaceutical market is on an impressive growth path, driven by the demand for personalized medicines, the surge in chronic and lifestyle-related diseases, and advancements in biotechnology. These biologics, produced through biotechnological processes from biological sources, are revolutionizing the treatment of previously challenging diseases due to their high specificity and reduced side effects. Their ability to precisely target specific receptors or molecules has significantly increased their adoption for a variety of conditions, including cancer, diabetes, and autoimmune diseases. The market's expansion is further supported by a focus on rare diseases and orphan drugs, with incentives and streamlined regulatory processes encouraging the development of these therapies. Leading segments like autoimmune diseases and monoclonal antibodies underscore their effectiveness in managing complex conditions. Additionally, the growing demand for vaccines and the strategic expansion of R&D to introduce novel products are key drivers, aiming to address the escalating global healthcare needs. For a detailed market forecast and a historical overview, industry reports by Mordor Intelligence™ provide comprehensive insights, highlighting the sector's potential for significant growth. Get a sample of this industry analysis as a free report PDF download.