Biopharmaceutical Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Biopharmaceuticals Market Size, Segmentation & Growth and is Segmented by Product Type (Monoclonal Antibodies, Recombinant Growth Factors, Purified Proteins, Recombinant Proteins, Recombinant Hormones, Vaccines, Recombinant Enzymes, Cell, Gene Therapies, Synthetic Immunomodulators, and Other Product Types), Therapeutic Application (Oncology, Inflammatory and Infectious Diseases, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders, Cardiovascular Diseases, Neurological Diseases, and Other Diseases), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The Report Offers the Value in (USD) for the Above Segments.

Biopharmaceutical Market Size

Biopharmaceuticals Market Summary
Study Period 2021 - 2029
Market Size (2024) USD 516.79 Billion
Market Size (2029) USD 761.80 Billion
CAGR (2024 - 2029) 8.07 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Biopharmaceuticals Market Major Players

*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

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.

Biopharmaceuticals Market: Number of New Cancer Cases (in million), United States, 2021-2023

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.

Biopharmaceuticals Market  - Growth Rate by Region

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

  1. Amgen Inc.

  2. Abbvie Inc.

  3. Bristol-Myers Squibb Company

  4. Eli Lilly and Company

  5. Johnson & Johnson​

*Disclaimer: Major Players sorted in no particular order

Biopharmaceuticals Market Concentration
Need More Details on Market Players and Competitors?
Download PDF

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. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Acceptance of and Huge Market Demand for Biopharmaceuticals

      2. 4.2.2 Ability of Biopharmaceuticals to Treat Previously Untreatable Diseases

    3. 4.3 Market Restraints

      1. 4.3.1 High-end Manufacturing Requirements

      2. 4.3.2 Complicated and Cumbersome Regulatory Requirements

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry


    1. 5.1 By Product Type

      1. 5.1.1 Monoclonal Antibodies

        1. Anti-cancer Monoclonal Antibodies

        2. Anti-inflammatory Monoclonal Antibodies

        3. Other Monoclonal Antibodies

      2. 5.1.2 Recombinant Growth Factors

        1. Erythropoietin

        2. Granulocyte Colony Stimulating Factor

      3. 5.1.3 Purified Proteins

        1. Leukemia Inhibitory Factor (LIF)

        2. P53 Protein

        3. P38 Protein

        4. Other Purified Proteins

      4. 5.1.4 Recombinant Proteins

        1. Serum Albumin

        2. Amyloid Protein

        3. Defensin

        4. Transferrin

      5. 5.1.5 Recombinant Hormones

        1. Recombinant Human Growth Hormones

        2. Recombinant Insulin

        3. Other Recombinant Hormones

      6. 5.1.6 Vaccines

        1. Recombinant Vaccines

          1. Cancer Vaccine

          2. Malaria Vaccine

          3. Ebola Vaccine

          4. Hepatitis-B Vaccine

          5. Tetanus Vaccine

          6. Diptheria Vaccine

          7. Cholera Vaccine

          8. Other Recombinant Vaccines

        2. Conventional Vaccines

          1. Polio Vaccine

          2. Pox Vaccine

          3. Other Conventional Vaccines

      7. 5.1.7 Recombinant Enzymes

        1. Enterokinase

        2. Cyclase

        3. Caspase

        4. Cathepsin

      8. 5.1.8 Cell and Gene Therapies

        1. Allogenic Products

        2. Autologous Products

        3. Acellular Products

      9. 5.1.9 Synthetic Immunomodulators

        1. Cytokines, Interferons, and Interleukins

      10. 5.1.10 Other Product Types

        1. Blood Factors

        2. Other Product Types

    2. 5.2 By Therapeutic Application

      1. 5.2.1 Oncology

      2. 5.2.2 Inflammatory and Infectious Diseases

      3. 5.2.3 Autoimmune Disorders

      4. 5.2.4 Metabolic Disorders

      5. 5.2.5 Hormonal Disorders

      6. 5.2.6 Cardiovascular Diseases

      7. 5.2.7 Neurological Diseases

      8. 5.2.8 Other Therapeutic Applications

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Italy

        5. Spain

        6. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. Japan

        3. India

        4. Australia

        5. South Korea

        6. Rest of Asia-Pacific

      4. 5.3.4 Middle East and Africa

        1. GCC

        2. South Africa

        3. Rest of Middle East and Africa

      5. 5.3.5 South America

        1. Brazil

        2. Argentina

        3. Rest of South America


    1. 6.1 Company Profiles

      1. 6.1.1 Abbvie Inc.

      2. 6.1.2 Amgen Inc.

      3. 6.1.3 Bristol-Myers Squibb Company

      4. 6.1.4 Eli Lilly and Company

      5. 6.1.5 Johnson & Johnson

      6. 6.1.6 Novartis AG

      7. 6.1.7 Novo Nordisk AS

      8. 6.1.8 Pfizer Inc.

      9. 6.1.9 GlaxoSmithKline PLC

      10. 6.1.10 F. Hoffmann-La Roche AG

      11. 6.1.11 Merck Co. & Inc.

      12. 6.1.12 Sanofi SA

      13. 6.1.13 AstraZeneca PLC

      14. 6.1.14 Bayer AG

      15. 6.1.15 Takeda Pharmaceutical Company Limited

    2. *List Not Exhaustive

**Subject to Availability
**Competitive Landscape covers Business Overview, Financials, Products and Strategies, and Recent Developments
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

Biopharmaceutical Industry Segmentation

As per the scope of the report, biopharmaceuticals refer to any biologically synthesized molecules used to treat or manage disorders. These are derived by recombinant DNA technology and produced in bacterial, yeast, insect, plant, or mammalian cell expression systems, hybridomas, or primary or continuous cell lines. 

The biopharmaceuticals market is segmented by product type (Monoclonal Antibodies (Anti-cancer Monoclonal Antibodies, Anti-inflammatory Monoclonal Antibodies, Other Monoclonal Antibodies), Recombinant Growth Factors (Erythropoietin, Granulocyte Colony Stimulating Factor), Purified Proteins (Leukemia Inhibitory Factor (LIF), P53 Protein, P38 Protein, Other Purified Proteins), Recombinant Proteins (Serum Albumin, Amyloid Protein, Defensin, Transferrin), Recombinant Hormones (Recombinant Human Growth Hormones, Recombinant Insulin, Other Recombinant Hormones), Vaccines (Recombinant Vaccines (Cancer Vaccine, Malaria Vaccine, Ebola Vaccine, Hepatitis-B Vaccine, Tetanus Vaccine, Diptheria Vaccine, Cholera Vaccine, Other Recombinant Vaccines), Conventional Vaccines (Polio Vaccine, Pox Vaccine, Other Conventional Vaccines)), Recombinant Enzymes (Enterokinase, Cyclase, Caspase, Cathepsin), Cell And Gene Therapies (Allogenic Products, Autologous Products, Acellular Products), Synthetic Immunomodulators (Cytokines, Interferons, and Interleukins), and Other Product Types), Therapeutic Application (Oncology, Inflammatory and infectious Diseases, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders, cardiovascular Diseases, Neurological Diseases, and Other Therapeutic Applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. 

The report offers the value in (USD) for the above segments.

By Product Type
Monoclonal Antibodies
Anti-cancer Monoclonal Antibodies
Anti-inflammatory Monoclonal Antibodies
Other Monoclonal Antibodies
Recombinant Growth Factors
Granulocyte Colony Stimulating Factor
Purified Proteins
Leukemia Inhibitory Factor (LIF)
P53 Protein
P38 Protein
Other Purified Proteins
Recombinant Proteins
Serum Albumin
Amyloid Protein
Recombinant Hormones
Recombinant Human Growth Hormones
Recombinant Insulin
Other Recombinant Hormones
Recombinant Vaccines
Cancer Vaccine
Malaria Vaccine
Ebola Vaccine
Hepatitis-B Vaccine
Tetanus Vaccine
Diptheria Vaccine
Cholera Vaccine
Other Recombinant Vaccines
Conventional Vaccines
Polio Vaccine
Pox Vaccine
Other Conventional Vaccines
Recombinant Enzymes
Cell and Gene Therapies
Allogenic Products
Autologous Products
Acellular Products
Synthetic Immunomodulators
Cytokines, Interferons, and Interleukins
Other Product Types
Blood Factors
Other Product Types
By Therapeutic Application
Inflammatory and Infectious Diseases
Autoimmune Disorders
Metabolic Disorders
Hormonal Disorders
Cardiovascular Diseases
Neurological Diseases
Other Therapeutic Applications
North America
United States
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Middle East and Africa
South Africa
Rest of Middle East and Africa
South America
Rest of South America
Need A Different Region Or Segment?
Customize Now

Biopharmaceutical Market Research FAQs

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.

In 2024, the Biopharmaceuticals Market size is expected to reach USD 516.79 billion.

Amgen Inc., Abbvie Inc., Bristol-Myers Squibb Company, Eli Lilly and Company and Johnson & Johnson​ are the major companies operating in the Biopharmaceuticals Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Biopharmaceuticals Market.

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.

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.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

Biopharmaceutical Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)