April 24, 2024
Biopharmaceutical and Biomedicine Market

Biopharmaceutical and Biomedicine Market is thriving due to growing demand for personalized medicine

Biopharmaceuticals and biomedicine products are complex biological molecules designed to fight against diseases and conditions. These products include vaccines, blood components, gene therapies, recombinant proteins, monoclonal antibodies and more. The growing need for personalized medicine and rapid drug discovery has increased the demand for biopharmaceuticals at an unprecedented rate.

The Global Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 23069.46 Bn in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period from 2024 to 2030.

Key players operating in the biopharmaceutical and biomedicine market Size are CF Industries Holdings, Inc., Yara International ASA, Saudi Arabian Fertilizer Company, Nutrien Ltd., Ostchem Holding, EuroChem Group, Bunge Limited, CVR Partners LP, Luxi Chemical Group Co.,Ltd., and Coromandel International Ltd. Companies are continuously investing in R&D to develop innovative and targeted therapies for several chronic diseases like cancer and genetic disorders. The growing prevalence of these diseases combined with rising healthcare expenditures is expected to propel market growth during the forecast period.

Key Takeaways
Key players: CF Industries Holdings, Inc. is a leading global manufacturer of nitrogen products. Yara International ASA is a major biopharmaceutical company producing drugs for cancer, autoimmune diseases and more.

Growing demand: Rising prevalence of chronic diseases worldwide is fueling the demand for biopharmaceutical drugs. Furthermore, increasing geriatric population suffering from age-related illnesses is boosting market revenue.

Global expansion: Major players are focusing on expanding their operations in developing markets through strategic collaborations and partnerships. This helps them tap into high growth opportunities and strengthen their global distribution network.

Market key trends
Increasing research in gene therapy: Gene therapy offers promise for treating several genetic disorders by correcting defective genes or switching off disease-causing ones. Companies are conducting extensive R&D in this area to develop advanced treatment options. This trend is expected to significantly influence market growth over the coming years.

Porter’s Analysis

Threat of new entrants: High capital requirements and stringent regulations create barriers for new players.

Bargaining power of buyers: Many buyers in the market means individual buyers have low bargaining power.

Bargaining power of suppliers: Many suppliers exist for raw materials keeping supplier power low.

Threat of new substitutes: Few alternative processes exist providing some protection from substitution.

Competitive rivalry: High competition exists within the industry due to many players offering similar products.

Geographical Regions

North America represents the largest market for biopharmaceutical and biomedicine in terms of value, having generated sales of over US$ 75 Bn in 2024. This is attributed to high healthcare spending and the presence of major industry players in the US and Canada. Presence of advanced research infrastructure and availability of capital further support market growth.

Asia Pacific is poised to be the fastest growing region during the forecast period from 2024 to 2030. Countries like China, India, Japan and South Korea are witnessing rising investments in R&D activities and clinical trials. Increasing accessibility of biomedicines coupled with growing medical tourism industry is augmenting the regional market. China particularly is anticipated to emerge as a lucrative market attributed to its large population base and government focus on biotechnology sector.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it