by The Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 561,375.9 million in 2022 and is expected to exhibit a CAGR of 9.6% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The biopharmaceutical and biomedicine market comprises products such as vaccines, blood components, biopharmaceuticals, genes, cells and tissues. These products are used for various therapeutic applications including cancer, metabolic disorders, cardiovascular diseases and infectious diseases.
Market Dynamics:
The biopharmaceutical and biomedicine market is driven by two key factors. Firstly, the increasing prevalence of chronic and life-threatening diseases worldwide is propelling the demand for biopharmaceutical drugs and biomedicine products. It is estimated that by 2030, chronic diseases will account for almost three quarters of all deaths worldwide. Secondly, growing geriatric population prone to immuno-oncology diseases is also supporting the growth of the market. According to the United Nations, the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050.
Market key trends:
The biopharmaceutical and biomedicine market has been witnessing rising demand for targeted therapies and personalized medicines in recent years. Targeted therapies help in enhancing the efficacy of drugs by acting on specific molecular targets involved in disease processes, while reducing unwanted effects. In addition, the increasing focus on precision medicine that takes into account individual variability in genes, environment, and lifestyle for each person is expected to drive the adoption of personalized medicines. Furthermore, the market has been accelerated by advancements in fields such as pharmacogenomics, which studies how genes affect a person’s response to drugs.
SWOT Analysis:
Strengths: Development of novel biological drugs and therapies for treatment of complex disorders. Availability of large patient pool for clinical trials.
Weaknesses: High R&D costs associated with drug development. Stringent regulatory approval process.
Opportunities: Growth in demand for biosimilars and biologics. Rising investment and funding for research activities.
Threats: Patent expiries of blockbuster drugs. Price control regulations imposed by governments.
Key Takeaways:
The global biopharmaceutical and biomedicine market is expected to witness high growth, exhibiting a CAGR of 9.6% over the forecast period of 2022-2030, due to increasing prevalence of chronic and lifestyle diseases.
Regional analysis: The U.S. dominates the global biopharmaceutical and biomedicine market, owing to the large healthcare expenditure and presence of top companies in the region. Meanwhile, China is expected to exhibits fastest growth in the Asia Pacific region over the coming years, supported by increasing elderly population, rising healthcare spending, and expansion of manufacturing facilities by leading players in the country.
Key players analysis: Key players operating in the biopharmaceutical and biomedicine market include Amgen Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Pfizer Inc., Sanofi, Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, NanoString, QIAGEN, Affimed GmbH, GSK plc., Merck KgaA, and Teva Pharmaceutical Industries Ltd. These players are focusing on new product launches, collaborations, and geographic expansion to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
