Biopharmaceuticals Market Is Expected to Grasp the Value of USD 639.26 Million by 2029, Size, Share, Key Growth Drivers, Trends and Competitive Outlook

Over the next five years, the global biopharmaceutical market is projected to expand at a rapid pace owing to a rising research and development spending and increased incidence of cancer increases the demand for effective medicines. In 2020, the expected incidence of cancer cases in the United States was 2,281,658, with 612,390 fatalities, according to globocan 2020. Consequently, the presence of these growth determinants the market is being propelled forward and is projected to show substantial growth over the forecasted period. The market for biopharmaceutical is estimated to expand rapidly, providing various income opportunities.

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Global biopharmaceuticals market was valued at USD 350.53 million in 2021 and is expected to reach USD 639.26 million by 2029, registering a CAGR of 7.80% during the forecast period of 2022-2029. The "monoclonal antibodies" accounts for the largest product type segment in the biopharmaceuticals market within the forecasted period owing to the exponential research and applications within the oncology department. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Global Biopharmaceuticals Market Definition:

Biopharmaceuticals are medications used in medicine that are made by extracting proteins and nucleic acids directly from biological sources with the help of biotechnology. Most biopharmaceuticals are pharmaceutical products created from living organisms; transgenic organisms are genetically modified plants and animals, and this process is used to produce biopharmaceuticals; nevertheless, it is a contentious technology that is still in the trial phase.

The biopharmaceuticals market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to biopharmaceuticals market.

Some of the major players operating in the biopharmaceuticals market are Amgen Inc. (U.S), Lilly (U.S), Johnson & Johnson Private Limited (U.S), Sanofi (France), Abbott (U.S), AstraZeneca (U.K), Amgen Inc. (U.S), F. Hoffmann-La Roche Ltd., (Switzerland), bioMérieux (France), Novartis AG (Switzerland), Bristol-Myers Squibb Company (U.S), Novo Nordisk A/S (Denmark), Merck & Co., Inc. (U.S), GlaxoSmithKline Plc (U.K), Biogen (U.S), Bayer AG (Germany) and Pfizer Inc., (U.S) among others.

The biopharmaceuticals market is analyzed and market size insights and trends are provided by country product type, service, raw material type, and application as referenced above.

The countries covered in the biopharmaceuticals market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the biopharmaceuticals market because of the strong hold of U.S. which raises the per capita health expenditure along with innovation and huge capital investments within the region. Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increasing research and development investment along with growth in rare disease diagnosis within the region.

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