Biopharmaceuticals Market Size (2024 - 2029)

The market size of the biopharmaceuticals industry is projected to grow significantly over the forecast period. This growth is largely driven by the development of vaccines against the SARS-CoV-2 virus during the COVID-19 pandemic and the rising prevalence of chronic diseases post-pandemic. The market's expansion is further facilitated by the increasing demand for biopharmaceuticals due to their ability to treat previously untreatable diseases, such as dementia and Alzheimer's. The introduction of innovative drugs and the approval of new therapies to treat various disorders, including white blood cell cancer, are also expected to boost the market size. However, challenges such as high-end manufacturing and complex regulatory requirements could hinder market growth.

Market Size of Biopharmaceuticals Industry

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

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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 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
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
Other Product Types
Blood Factors
Other Product Types
By Therapeutic Application
Oncology
Inflammatory and Infectious Diseases
Autoimmune Disorders
Metabolic Disorders
Hormonal Disorders
Cardiovascular Diseases
Neurological Diseases
Other Therapeutic Applications
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

Biopharmaceuticals Market Size Summary

The biopharmaceutical industry has been growing significantly, mainly due to the impact of COVID-19, which has led to increased efforts by companies in the sector to develop vaccines. The market is also being driven by the rising prevalence of chronic diseases and the increasing acceptance and demand for biopharmaceuticals, which have the ability to treat previously untreatable diseases. The market's growth is further facilitated by the introduction of innovative drugs that address previously untreatable conditions. However, the industry faces challenges such as high-end manufacturing and complicated regulatory requirements. The biopharmaceutical market is experiencing significant growth in the anti-cancer monoclonal antibodies segment, with rising usage, growing approvals, clinical trials, and increasing research expenditure. The North America region holds a significant share of the market, driven by factors such as the growing burden of chronic diseases, rising geriatric population, and increasing investments in research and development activities. The presence of well-established biopharmaceutical companies and new product launches are also boosting the market growth in the region. The market is fragmented with several global and local companies operating, adopting various strategic measures such as acquisitions, partnerships, collaborations, and new product launches to expand their market presence.

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Biopharmaceuticals Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Acceptance of and Huge Market Demand for Biopharmaceuticals

      2. 1.2.2 Ability of Biopharmaceuticals to Treat Previously Untreatable Diseases

    3. 1.3 Market Restraints

      1. 1.3.1 High-end Manufacturing Requirements

      2. 1.3.2 Complicated and Cumbersome Regulatory Requirements

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Product Type

      1. 2.1.1 Monoclonal Antibodies

        1. 2.1.1.1 Anti-cancer Monoclonal Antibodies

        2. 2.1.1.2 Anti-inflammatory Monoclonal Antibodies

        3. 2.1.1.3 Other Monoclonal Antibodies

      2. 2.1.2 Recombinant Growth Factors

        1. 2.1.2.1 Erythropoietin

        2. 2.1.2.2 Granulocyte Colony Stimulating Factor

      3. 2.1.3 Purified Proteins

        1. 2.1.3.1 Leukemia Inhibitory Factor (LIF)

        2. 2.1.3.2 P53 Protein

        3. 2.1.3.3 P38 Protein

        4. 2.1.3.4 Other Purified Proteins

      4. 2.1.4 Recombinant Proteins

        1. 2.1.4.1 Serum Albumin

        2. 2.1.4.2 Amyloid Protein

        3. 2.1.4.3 Defensin

        4. 2.1.4.4 Transferrin

      5. 2.1.5 Recombinant Hormones

        1. 2.1.5.1 Recombinant Human Growth Hormones

        2. 2.1.5.2 Recombinant Insulin

        3. 2.1.5.3 Other Recombinant Hormones

      6. 2.1.6 Vaccines

        1. 2.1.6.1 Recombinant Vaccines

          1. 2.1.6.1.1 Cancer Vaccine

          2. 2.1.6.1.2 Malaria Vaccine

          3. 2.1.6.1.3 Ebola Vaccine

          4. 2.1.6.1.4 Hepatitis-B Vaccine

          5. 2.1.6.1.5 Tetanus Vaccine

          6. 2.1.6.1.6 Diptheria Vaccine

          7. 2.1.6.1.7 Cholera Vaccine

          8. 2.1.6.1.8 Other Recombinant Vaccines

        2. 2.1.6.2 Conventional Vaccines

          1. 2.1.6.2.1 Polio Vaccine

          2. 2.1.6.2.2 Pox Vaccine

          3. 2.1.6.2.3 Other Conventional Vaccines

      7. 2.1.7 Recombinant Enzymes

        1. 2.1.7.1 Enterokinase

        2. 2.1.7.2 Cyclase

        3. 2.1.7.3 Caspase

        4. 2.1.7.4 Cathepsin

      8. 2.1.8 Cell and Gene Therapies

        1. 2.1.8.1 Allogenic Products

        2. 2.1.8.2 Autologous Products

        3. 2.1.8.3 Acellular Products

      9. 2.1.9 Synthetic Immunomodulators

        1. 2.1.9.1 Cytokines, Interferons, and Interleukins

      10. 2.1.10 Other Product Types

        1. 2.1.10.1 Blood Factors

        2. 2.1.10.2 Other Product Types

    2. 2.2 By Therapeutic Application

      1. 2.2.1 Oncology

      2. 2.2.2 Inflammatory and Infectious Diseases

      3. 2.2.3 Autoimmune Disorders

      4. 2.2.4 Metabolic Disorders

      5. 2.2.5 Hormonal Disorders

      6. 2.2.6 Cardiovascular Diseases

      7. 2.2.7 Neurological Diseases

      8. 2.2.8 Other Therapeutic Applications

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Biopharmaceuticals Market Size 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.

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