According to IMARC Group latest report titled “Biopharmaceutical Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on biopharmaceutical market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global biopharmaceutical market size reached US$ 273.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 480.0 Billion by 2028, exhibiting a growth rate (CAGR) of 10.1% during 2023-2028.
Biopharmaceuticals, often called biologics, represent a cutting-edge and rapidly evolving pharmaceutical industry sector. These specialized drugs are derived from living organisms or components thereof, such as proteins, genes, or monoclonal antibodies using advanced biotechnology techniques. Biopharmaceuticals have revolutionized healthcare by offering highly targeted and effective treatments for various diseases, including cancer, autoimmune disorders, and rare genetic conditions. Their precision and ability to modulate biological processes with minimal side effects make them a cornerstone of modern medicine. As research and development in biopharmaceuticals continue to flourish, their potential to address previously untreatable medical conditions and improve patient outcomes remains a driving force in the pharmaceutical industry, promising a brighter and more personalized future for healthcare.
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Market Trends:
The global market is majorly driven by the increasing prevalence of complex and chronic diseases, such as cancer, diabetes, and autoimmune disorders. In line with this, the rising demand for effective and targeted treatments is significantly contributing to the market. Biopharmaceuticals, with their ability to precisely target disease pathways and minimize side effects, are seen as promising solutions to address these healthcare challenges. Furthermore, the rapid advancements in biotechnology and genetic engineering have expanded the possibilities for developing novel biopharmaceutical products. This includes the development of monoclonal antibodies, gene therapies, and cell-based therapies that can target specific disease mechanisms with remarkable precision.
These innovations have opened up new avenues for therapeutic intervention, driving research and investment in the field. Moreover, regulatory agencies like the FDA have streamlined biopharmaceutical approval processes, recognizing their potential to improve patient outcomes. This has encouraged biopharmaceutical companies to invest in research and development, as the path to market has become more efficient. Besides, the growing aging global population has increased the demand for healthcare services and innovative therapies, catalyzing the market. Additionally, the COVID-19 pandemic highlighted the importance of biopharmaceuticals in vaccine development and treatment modalities, bolstering the market.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- AbbVie Inc.
- Amgen Inc
- Biogen Inc.
- Eli Lilly and Company
- Hoffmann-La Roche AG
- Johnson & Johnson
- Merck & Co. Inc.
- Novo Nordisk A/S
- Pfizer Inc.
- Sanofi S.A
Biopharmaceutical Market Segmentation:
Our report has categorized the market based on regions, indication and class.
Breakup by Indication:
- Autoimmune diseases
- Oncology
- Metabolic disorders
- Others
Breakup by Class:
- Recombinant Proteins
- Monoclonal Antibodies
- Purified Proteins
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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