Biopharmaceuticals Market Report Covers Detailed Industry Scope, Future Scenario and Outlook to 2028

The "Biopharmaceuticals Market" is expected to grow from US$ 3,29,966.22 million in 2022 to US$ 7,00,873.94 million by 2028; it is expected to grow at a CAGR of 13.4% from 2022 to 2028.

Rising applications in cancer therapeutics and potential to treat rare diseases are a few factors driving the biopharmaceuticals market growth.
North America is likely to continue its dominance in the biopharmaceuticals market during the forecast period. The US held the largest market share in this region in 2022. According to The International Trade Administration report, the US is the largest market for biopharmaceuticals accounting for approximately a third of the global biopharmaceutical market with pioneers in biopharmaceutical R&D. Also, the economic impact of the biopharmaceutical industry in the US economy is substantial. In 2018, over US$ 17 billion in biopharmaceutical exports were from most foreign-owned firms operating in the US. Moreover, in the same year, these majority foreign-owned firms spent ~US$ 20 billion on R&D.

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Companies Profiled in this report includes:

• Amgen Inc.
• AbbVie Inc.
• Eli Lilly and Co
• Bristol-Myers Squibb Co
• Johnson & Johnson
• Thermo Fisher Scientific Inc
• AGC Biologics AS
• Lonza Group AG
• WuXi Biologics Inc
• Boehringer Ingelheim International GmbH.

On the other hand, Asia Pacific is expected to witness lucrative growth over the forecast period. This is due to China's biopharmaceutical industry undergoing a tremendous shift evolving from a generics-focused to a thriving innovation hub. Additionally, promoting industrialization and growing application of novel drugs and high-end medical devices and techniques are a few factors responsible for the growth of the biopharmaceuticals market in China. For instance, in March 2022, CANbridge Pharmaceuticals Inc., a pioneer China-based biopharmaceutical company, announced that the Taiwan Food and Drug Administration (TFDA) had accepted the New Drug Application/Orphan Drug Registration (NDA/ODR) for "CAN108 [maralixibat oral solution (LIVMARLI TM)]" intended for treating cholestatic pruritus among patients suffering from Alagille syndrome (ALGS) for 1 year of age and older. Such aforementioned factors are responsible for influential growth of biopharmaceuticals market in Asia Pacific during 2022-2028.

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Biopharmaceuticals Market Segmentation:

By Product Type:
• Monoclonal Antibodies
• Recombinant Vaccines
• Conventional Vaccines
• Recombinant Growth Factors
• Purified Proteins
• Recombinant Proteins
• Recombinant Hormones
• Recombinant Enzymes
• Cell and Gene Therapies
• Cytokines/Interferon/Interleukins

By Application:
• Oncology
• Inflammatory and Infectious Diseases
• Autoimmune Disorders
• Metabolic Disorders
• Hormonal Disorders and Growth Failure
• Cardiovascular Diseases
• Neurological Diseases
• Other Therapeutic Applications

Based on application, the biopharmaceuticals market is segmented into oncology, inflammatory & infectious disease, autoimmune disorders, metabolic disorders, hormonal disorders & growth failure, cardiovascular diseases, neurological diseases, and others. The oncology segment held the largest share of the market in 2022; however, the inflammatory and infectious diseases segment is expected to register the highest CAGR during the forecast period. According to the National Institute of Health (NIH) report, cancer is a complex invasive genetic disease-causing significant mortality globally. For example, protein-based biopharmaceuticals have significantly extended the lives of millions of cancer patients. Further, various top companies entered a research collaboration for developing novel therapeutics-based targeted protein-based technology for cancer treatment.

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For instance, in April 2022, Ubix Therapeutics announced a collaboration with SK Biopharmaceuticals to develop new compounds and medicines through Ubix's Degraducer technology for cancer treatment. Such aforementioned factors are responsible for the segment growth, thereby contributing to the market growth of biopharmaceuticals during the forecast period.

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This release was published on openPR.