Biopharmaceuticals, also known as biological medicines, are medications used to treat and prevent diseases such as cancer, infectious diseases, autoimmune diseases, and others. They utilize living cells and molecules to target specific pathogens, diseased cells, or abnormal genes that cause diseases. Some key advantages of biopharmaceuticals include high efficacy and specificity to target cells or genetic expressions related to diseases. The growing prevalence of chronic diseases worldwide has increased the demand for effective and innovative medicines for treatment.
The global biopharmaceuticals Market is estimated to be valued at US$ 397.24 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for novel therapies for the treatment of various chronic diseases is expected to drive significant opportunities in the biopharmaceuticals market over the forecast period. New drug innovations and targeted therapies have shown high effectiveness for diseases like cancer and autoimmune disorders. Industry players are increasingly investing in R&D to develop advanced biopharmaceutical medicines. The need for personalized medicines catering to specific diseases and patient genetics is also augmenting the demand. This rising need for innovative and targeted biotherapies is anticipated to offer lucrative growth prospects to manufacturers in the biopharmaceuticals industry.
Porter's Analysis
Threat of new entrants: The biopharmaceuticals industry requires huge capital investments and strict regulatory approvals which acts as a barrier for new entrants.
Bargaining power of buyers: Large pharmaceutical companies and health insurers have high bargaining power over biopharmaceutical manufacturers due to their huge purchasing power.
Bargaining power of suppliers: Suppliers of raw materials and research facilities have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Threat of substitutes is low as biopharmaceuticals have fewer alternatives in therapeutics.
Competitive rivalry: Industry is highly competitive due to presence of major players focusing on R&D and acquisition strategies.
SWOT Analysis
Strength: Biopharmaceuticals offer target-specific treatment and have less side effects. Growing demand for biologics to treat complex diseases.
Weakness: High development costs. Supply chain challenges in production of biologics. Regulatory approvals are stringent.
Opportunity: Emerging markets offer significant growth potential. Increasing incidence of non-communicable diseases boosts demand.
Threats: Price control regulations hamper profitability. Patent cliff exposes companies to generics competition.
Key Takeaways
The global biopharmaceuticals market scope is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to reach US$ 397.24 billion, growing at a CAGR of 9.4% through 2030.
North America currently dominates the market due to presence of major players and high healthcare spending in the region. Europe holds the second largest market share owing to strong government support for research. The Asia Pacific region is anticipated to offer lucrative growth opportunities during the forecast period with increasing patient population and improving healthcare infrastructure in countries like China and India.
Key players operating in the biopharmaceuticals market are Accenture, Teleperformance SE, Infosys Limited (Infosys BPM), WNS (Holdings) Ltd., HCL Technologies Limited, AMDOCS, CBRE Group Inc., Sodexo, NCR Corporation, TTEC Holdings, Inc., Wipro Limited, and Capgemini. Major players are focusing on new product launches, collaborations and acquisitions to strengthen their market position.
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Global Biopharmaceuticals Market Research Report: By Product Type (Monoclonal Antibodies, Recombinant Growth Factors, Purified Proteins, Recombinant Proteins, Others) and By Application (Oncology, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders, Cardiovascular Diseases, Others) – Forecast to 2025Market Highlights:According to MRFR analysis, Biopharmaceuticals Market is expected to register a CAGR of 8.99% during the forecast period of 2019 to 2025 and was valued at USD 238,192.7 million in 2018.Biopharmaceuticals are also known as biological, medical products, or biologics, are pharmaceutical drugs manufactured, extracted, or synthesized using biological sources, such as bacteria, yeast, and mammalian cells.The global biopharmaceuticals market is growing owing to various factors such as increasing investment by major companies on research & development of biopharmaceuticals and increasing acceptance for biopharmaceuticals due to their ability to treat the previously untreatable diseases.
However, the entry of low-cost biosimilars, risk of side effects that can occur due to high usage of biopharmaceuticals, and stringent government regulations are expected to pose as restraints to the growth of the global biopharmaceuticals market.Several market players currently dominate the global biopharmaceuticals market.
The key players are involved in product launches and acquisitions to strengthen their market positions.Avail a Free Sample@ https://www.marketresearchfuture.com/sample_request/8439SegmentationThe global biopharmaceuticals market has been segmented based on product type and application.The global biopharmaceuticals market has been segmented, on the basis of product type, into monoclonal antibodies, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, vaccines, synthetic immunomodulators, and others.
Synthetic immunomodulators segment has been further divided into cytokines, interferons, interleukins, tumor necrosis factor (TNF), and others.
Monoclonal antibodies segment is anticipated to hold the largest market share in the global biopharmaceutical market due to the increasing number of research activities that are supported by the usage of monoclonal antibodies.
Vaccines are expected to grow at the fastest CAGR owing to the rising awareness of chronic diseases.The market based on application has been segmented into oncology, inflammatory & infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders, disease prevention, cardiovascular diseases, neurological diseases, and others.
