Biopharmaceuticals Market Size (2024 - 2029)

Biopharmaceuticals 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. Thus, biopharma industry trends shifted to most biopharmaceutical companies striving 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 industry during the COVID-19 pandemic. Following the stabilization from COVID-19, the increasing prevalence of chronic diseases is expected to further shift the biopharma industry trends toward developing solutions for chronic diseases, driving the growth of the biopharmaceutical industry.  

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 worldwide are living with dementia, and nearly 10 million cases are reported annually. The 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 bolster biopharma market growth over the coming years. 

The biopharmaceutical products' ability 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 biopharmaceutical industry 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 industry 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 biopharmaceuticals market growth over the forecast period. 

Biopharmaceuticals 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 biopharmaceutical industry 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 biopharmaceuticals market sizes and trends for 17 countries across major regions globally.  

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