Biopharmaceutical Market Growth, Size, Forecast, Top Companies Profiles, Market Research Report

The Global Biopharmaceutical Market Size accounted for USD 328 Billion in 2021 and is estimated to garner a market size of USD 853 Billion by 2030 rising at a CAGR of 11.3% from 2022 to 2030.

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Biopharmaceutical Market Dynamics

The global biopharmaceutical market is being driven by prominent factors such as a rise in the incidence of chronic illnesses such as cancer and diabetes, as well as the increasing global adoption of biopharmaceuticals. Furthermore, increasing strategic collaboration among biopharmaceutical companies is expected to fuel global biopharmaceutical market growth. Rapid advancements by prominent players toward constant innovations backed by technologies in the field of biopharmaceuticals act as one of the major factor strongly supporting the global growth of the biopharmaceutical market. Planning for the future is the most important requirement that specifies future-proof medicines, defining longevity and welfare to the population, which contributes to the global growth of the biopharmaceutical market.

Biopharmaceutical Market Restraint

The high cost of drug development and the risk of failure are the factors impeding the growth of the global biopharmaceutical industry. Furthermore, stringent regulatory issues, combined with the high investment required in the development of a biopharmaceutical drug, prevent the market from expanding globally.

Biopharmaceutical Market Business Strategies

• In February 2021, Eli Lilly and Company announced a US$ 960 million strategic collaboration and license agreement with Rigel Pharmaceuticals to co-develop and commercialise R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor. Eli Lilly will pay Rigel a US$125 million upfront payment and an additional US$ 835 million in potential development, regulatory, and commercial milestone payments under the terms of the agreement.

• In December 2020, Amgen Inc. has announced a strategic partnership with McKesson. The agreement will aid in the improvement of cancer care in community cancer care settings. McKesson reaches 20% of cancer patients in the United States by providing Amgen medication. This multiyear agreement unites the two companies' strength and reach, with the goal of closing gaps in care by improving access to innovative personalized medicine and immuno-oncology in the community setting.

• In September 2019, I-Mab Biopharma, a clinical-stage biopharmaceutical company based in China and the United States that is solely focused on the research and development of prospective first-in-class and finest biologics in immune-oncology and autoimmune diseases, has announced a partnership with MSD, a trademark of Merck & Co., Inc.

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Biopharmaceutical Market Segmentation

The global biopharmaceutical market is divided into product and application segments. The market is divided into products such as monoclonal antibodies, interferon, insulin, growth and coagulation factors, erythropoietin, vaccines, hormones, and others. The market is divided into applications such as blood disorders, cardiovascular disease, infectious disease, immunology, metabolic disease, neurological disease, oncology, and others.

Biopharmaceutical Market Share

During the forecast period, monoclonal antibodies are expected to have a large market share. Monoclonal antibodies have a wide range of therapeutic applications, including the treatment of cancer, rheumatoid arthritis, multiple sclerosis, cardiovascular disease, and other diseases. Furthermore, rising FDA approval and new product launches for various indications are expected to drive segmental growth, resulting in the growth of the global biopharmaceutical market. According to application, an increase in R&D activity for oncology drug development is expected to fuel the global biopharmaceutical market.

Biopharmaceutical Market Regional Growth

North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa comprise the global biopharmaceutical industry. North America controls the majority of the global biopharmaceutical market. The factors that contribute to North America's dominance include a high level of population awareness and rising incidences of chronic diseases such as arthritis, rheumatoid arthritis, and cancer. Furthermore, advancements in healthcare infrastructure, rising government spending on healthcare policies, and the presence of important members in North America all contribute to the growth of the global biopharmaceutical market. Asia-Pacific, on the other hand, is expected to deliver impressive outcomes in the global biopharmaceutical market. A large amount of investment, significant government meddling in the healthcare sector, and significant development in the developing economy all contribute to increased demand for biopharmaceuticals.

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Biopharmaceutical Market Players

Some of the leading biopharmaceutical companies operating in the industry include Abbott, Amgen Inc., Biogen Inc., Eli Lilly and Company, F. Hoffmann-La Roche AG, Johnson & Johnson Services, Inc., Merck Sharp & Dohme Corp., Novo Nordisk A/S, Pfizer Inc., Sanofi, and others.

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