Press release
Biopharmaceuticals Market Size, Share, Industry, Forecast and outlook (2024-2031)
DataM Intelligence
The global Biopharmaceuticals Market is set to witness substantial growth, with an estimated Compound Annual Growth Rate (CAGR) of 7.80% during the forecast period from 2024 to 2031. Biopharmaceuticals, also known as biologics or biotech drugs, represent a class of large and complex molecular drugs derived from living organisms such as microorganisms and animal cells, utilizing biotechnology for production. These drugs offer high therapeutic value and are administered primarily through intravenous, subcutaneous, or intramuscular injections, exhibiting greater efficiency compared to conventional small molecule drugs.
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Market Dynamics:
The growth of the global biopharmaceuticals market is propelled by several factors including the rise in the elderly population, increasing prevalence of chronic diseases such as cancer and diabetes, escalation in obesity rates, and sedentary lifestyles. Additionally, the growing acceptance of biopharmaceuticals owing to their efficacy in treating previously untreatable diseases is significantly contributing to market expansion.
However, challenges such as the high costs associated with drug development, rigorous regulatory frameworks, and the inherent risk of failure in the development process are anticipated to hinder market growth over the forecast period.
COVID-19 Impact Analysis:
The ongoing COVID-19 pandemic has led to a surge in efforts by biopharmaceutical companies to develop vaccines against the SARS-CoV2 virus. While this focus on vaccine development is expected to boost the growth of the biopharmaceuticals market, clinical and regulatory procedures for drug candidates of other indications may witness delays due to shifting priorities within the healthcare system.
Market Segmentation and Geographical Share:
The monoclonal antibody segment is projected to experience the fastest CAGR during the forecast period, driven by their successful therapeutic applications in various areas including cancer, rheumatoid arthritis, multiple sclerosis, and cardiovascular diseases.
Regionally, North America holds the largest market share, attributed to factors such as the growing burden of chronic diseases, substantial investments in research and development activities, and a thriving biopharmaceutical industry landscape.
Competitive Landscape:
The biopharmaceuticals market features a moderately competitive landscape with the presence of both local and global companies. Key players contributing to market growth include Abbvie Inc., Amgen Inc., Bristol-Myers Squibb Company, Eli Lilly and Company, Johnson & Johnson, Novartis AG, Novo Nordisk AS, Pfizer Inc., GlaxoSmithKline PLC, and F. Hoffmann-La Roche AG among others. These players are adopting growth strategies such as product launches, acquisitions, and collaborations to strengthen their market position.
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