The global biopharmaceuticals market size was estimated to be USD 478.20 billion in 2023 and is expected to reach at USD 1,164.81 billion by 2034 with a CAGR of 8.43% during the forecast period 2024-2034. Increasing acceptance & efficacy of biopharmaceuticals in treating previously unmanageable diseases, growing demand for Active Pharmaceutical Ingredients (API) among patients, the escalating prevalence of various chronic diseases, rising elderly population, surge in investments by market players across different phases of clinical trials for novel biopharmaceutical drug development, the expanding presence of contract manufacturing organizations & contract research organizations, growing introduction of innovative products & therapies, and surge in regulatory approval of novel biopharmaceutical therapies are some of the key factors boosting the market growth.
Surge in regulatory approval of novel biopharmaceutical therapies is predicted to boost the market growth during the forecast period. Biopharmaceuticals, also referred to as biologics, are medicinal products sourced from biological entities such as living organisms, cells, or proteins. These drugs undergo production through biotechnological processes and play a pivotal role in contemporary healthcare. Biopharmaceuticals have paved the way for personalized medicine approaches, allowing for the design of drugs that target specific molecular characteristics of an individual's disease. This facilitates tailored treatment strategies based on the patient's unique genetic profile or the specific subtype of the disease. Consequently, regulatory authorities play an active role in overseeing and granting approvals for new drugs in the biopharmaceutical industry, thereby driving market growth. For instance, in September 2022, According to bluebird bio, Inc., SKYSONA (elivaldogene autotemcel), commonly known as eli-cel, has received Accelerated Approval from the U.S. Food and Drug Administration. This approval is granted for the purpose of slowing down the advancement of neurologic dysfunction in boys aged 4-17 who are experiencing early and active cerebral adrenoleukodystrophy (CALD).
By type, monoclonal antibodies was the highest revenue-grossing segment in the global biopharmaceuticals market in 2023 owing to the surge in therapeutic success of monoclonal antibodies, greater adoption in treating a range of chronic conditions such as cancer, cardiovascular diseases, multiple sclerosis, & rheumatoid arthritis, growing awareness among patients about the advantages of monoclonal antibodies, and increasing number of clinical trial procedures. For instance, in October 2022, The bispecific antibody PT217 was developed by Phanes Therapeutics, Inc. to target both CD47 and Delta-like ligand 3 (DLL3). This clinical-stage biotechnology company specializes in oncology treatments for individuals with small cell lung cancer (SCLC) and other neuroendocrine cancers. PT217 has obtained Phase 1 approval from the US Food and Drug Administration (FDA). Additionally, vaccines is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of diseases and a rise in investments by developers in vaccine development.
By application, oncology was the highest revenue-grossing segment in the global biopharmaceuticals market in 2023 owing to the increased adoption of the biopharmaceuticals in the treatment of various cancers such as lungs cancer, breast cancer, colorectal cancer, & prostate cancer and growing regulatory approval of novel therapies. For instance, in February 2022, According to Janssen Pharmaceutical Companies, a Johnson & Johnson company, CARVYKTI has received approval from the U.S. Food and Drug Administration (FDA). This approval is for the treatment of adults experiencing relapsed or refractory multiple myeloma (RRMM) after undergoing four or more prior lines of therapy, which includes a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody. Additionally, cardiovascular disease is predicted to grow at fastest CAGR during the forecast period owing to the increased prevalence of CVDs, and rising investments by the biopharmaceutical manufacturers to develop innovative drugs for the CVDs.
By end-user, biopharma companies was the highest revenue-grossing segment in the global biopharmaceuticals market in 2023 owing to the considerable development in new generation medicine and its application to cure complicated diseases, rising advancement in molecular medicines, growing R&D efforts by many leading market players & government organizations, and increasing collaborations within market players. For instance, in January 2022, Amgen has entered into a collaboration with Generate Biomedicines to explore and develop protein therapeutics targeting five clinical targets in various therapeutic areas and employing multiple modalities. Additionally, clinical research organisations is predicted to grow at fastest CAGR during the forecast period owing to the escalating research efforts towards the development of novel molecular drugs, employing molecular biology, are supported by clinical research organizations. These organizations play a crucial role in offering personalized treatments to diagnose and treat complex diseases.
North America region is anticipated for the highest revenue share during the forecast period owing to the escalating prevalence of chronic diseases, a rise in research and development investments, the existence of established biopharmaceutical companies, an upsurge in the elderly population, expanding awareness about the accessibility of biopharmaceuticals, and an increasing trend of mergers & acquisitions among market players. For instance, in May 2022, LOTTE has purchased the manufacturing facility of Bristol Myers Squibb situated in East Syracuse, New York. This site in East Syracuse will serve as the LOTTE Center for North America Operations, providing support for LOTTE's newly established business in the United States focused on contract development and manufacturing organization (CDMO) services for biologics. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing incidence of diverse chronic diseases, a rise in healthcare spending, expanding government investments, the development of advanced healthcare infrastructure, the presence of leading Contract Manufacturing Organizations (CMOs), and a surge in regulatory approvals. For instance, in June 2022, GSK Plc. announced that the U.S. FDA has approved PRIORIX (Measles, Mumps, and Rubella Vaccine, Live) for active immunization in individuals aged 12 months and older, with the goal of preventing measles, mumps, and rubella (MMR). Presently, PRIORIX holds authorization in more than 100 countries worldwide.
Surge in regulatory approval of novel biopharmaceutical therapies is predicted to boost the market growth during the forecast period. Biopharmaceuticals, also referred to as biologics, are medicinal products sourced from biological entities such as living organisms, cells, or proteins. These drugs undergo production through biotechnological processes and play a pivotal role in contemporary healthcare. Biopharmaceuticals have paved the way for personalized medicine approaches, allowing for the design of drugs that target specific molecular characteristics of an individual's disease. This facilitates tailored treatment strategies based on the patient's unique genetic profile or the specific subtype of the disease. Consequently, regulatory authorities play an active role in overseeing and granting approvals for new drugs in the biopharmaceutical industry, thereby driving market growth. For instance, in September 2022, According to bluebird bio, Inc., SKYSONA (elivaldogene autotemcel), commonly known as eli-cel, has received Accelerated Approval from the U.S. Food and Drug Administration. This approval is granted for the purpose of slowing down the advancement of neurologic dysfunction in boys aged 4-17 who are experiencing early and active cerebral adrenoleukodystrophy (CALD).
By type, monoclonal antibodies was the highest revenue-grossing segment in the global biopharmaceuticals market in 2023 owing to the surge in therapeutic success of monoclonal antibodies, greater adoption in treating a range of chronic conditions such as cancer, cardiovascular diseases, multiple sclerosis, & rheumatoid arthritis, growing awareness among patients about the advantages of monoclonal antibodies, and increasing number of clinical trial procedures. For instance, in October 2022, The bispecific antibody PT217 was developed by Phanes Therapeutics, Inc. to target both CD47 and Delta-like ligand 3 (DLL3). This clinical-stage biotechnology company specializes in oncology treatments for individuals with small cell lung cancer (SCLC) and other neuroendocrine cancers. PT217 has obtained Phase 1 approval from the US Food and Drug Administration (FDA). Additionally, vaccines is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of diseases and a rise in investments by developers in vaccine development.
By application, oncology was the highest revenue-grossing segment in the global biopharmaceuticals market in 2023 owing to the increased adoption of the biopharmaceuticals in the treatment of various cancers such as lungs cancer, breast cancer, colorectal cancer, & prostate cancer and growing regulatory approval of novel therapies. For instance, in February 2022, According to Janssen Pharmaceutical Companies, a Johnson & Johnson company, CARVYKTI has received approval from the U.S. Food and Drug Administration (FDA). This approval is for the treatment of adults experiencing relapsed or refractory multiple myeloma (RRMM) after undergoing four or more prior lines of therapy, which includes a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody. Additionally, cardiovascular disease is predicted to grow at fastest CAGR during the forecast period owing to the increased prevalence of CVDs, and rising investments by the biopharmaceutical manufacturers to develop innovative drugs for the CVDs.
By end-user, biopharma companies was the highest revenue-grossing segment in the global biopharmaceuticals market in 2023 owing to the considerable development in new generation medicine and its application to cure complicated diseases, rising advancement in molecular medicines, growing R&D efforts by many leading market players & government organizations, and increasing collaborations within market players. For instance, in January 2022, Amgen has entered into a collaboration with Generate Biomedicines to explore and develop protein therapeutics targeting five clinical targets in various therapeutic areas and employing multiple modalities. Additionally, clinical research organisations is predicted to grow at fastest CAGR during the forecast period owing to the escalating research efforts towards the development of novel molecular drugs, employing molecular biology, are supported by clinical research organizations. These organizations play a crucial role in offering personalized treatments to diagnose and treat complex diseases.
North America region is anticipated for the highest revenue share during the forecast period owing to the escalating prevalence of chronic diseases, a rise in research and development investments, the existence of established biopharmaceutical companies, an upsurge in the elderly population, expanding awareness about the accessibility of biopharmaceuticals, and an increasing trend of mergers & acquisitions among market players. For instance, in May 2022, LOTTE has purchased the manufacturing facility of Bristol Myers Squibb situated in East Syracuse, New York. This site in East Syracuse will serve as the LOTTE Center for North America Operations, providing support for LOTTE's newly established business in the United States focused on contract development and manufacturing organization (CDMO) services for biologics. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing incidence of diverse chronic diseases, a rise in healthcare spending, expanding government investments, the development of advanced healthcare infrastructure, the presence of leading Contract Manufacturing Organizations (CMOs), and a surge in regulatory approvals. For instance, in June 2022, GSK Plc. announced that the U.S. FDA has approved PRIORIX (Measles, Mumps, and Rubella Vaccine, Live) for active immunization in individuals aged 12 months and older, with the goal of preventing measles, mumps, and rubella (MMR). Presently, PRIORIX holds authorization in more than 100 countries worldwide.
Segmentation: Biopharmaceuticals Market Report 2023 - 2034
Biopharmaceuticals Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Hormone
- Insulin
- Vaccine
- Erythropoietin
- Interferon
- Monoclonal Antibodies
- Growth & Coagulation Factor
- Others
Biopharmaceuticals Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Immunology
- Neurological Disease
- Metabolic Disease
- Infectious Disease
- Oncology
- Blood Disorder
- Cardiovascular Disease
- Others
Biopharmaceuticals Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Health & Care
- Diagnostic Labs
- Biopharma Companies
- Clinical Research Organisations (CROs)
- Clinical Research Institute
- Others
Biopharmaceuticals Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Biopharmaceuticals Market: Type Estimates & Trend Analysis
8. Biopharmaceuticals Market: Application Estimates & Trend Analysis
9. Biopharmaceuticals Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Biopharmaceuticals Market
12. Europe Global Biopharmaceuticals Market
13. Asia Pacific Global Biopharmaceuticals Market
14. Latin America Global Biopharmaceuticals Market
15. MEA Global Biopharmaceuticals Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- F. Hoffmann-La Roche Ltd.
- Amgen Inc.
- Johnson & Johnson
- Biogen Inc.
- Eli Lilly and Company
- Abbott Laboratories
- Sanofi
- Novo Nordisk A/S
- Merck & Co. Inc.
- Pfizer Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 478.2 Billion |
| Forecasted Market Value ( USD | $ 1164.81 Billion |
| Compound Annual Growth Rate | 8.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
