Pune, Sept. 27, 2024 (GLOBE NEWSWIRE) -- Biopharmaceutical Market Size & Growth Analysis:
According to SNS Insider, The Biopharmaceutical Market Size was valued at USD 572.33 Billion in 2023 and is expected to reach USD 17,902.42 Billion by 2032 and grow at a CAGR of 49.60% over the forecast period 2024-2032.
An increasing burden of chronic diseases is driving the demand for biopharmaceuticals globally. Governments worldwide are taking initiatives to raise awareness about these diseases, which is further propelling the demand for biopharmaceuticals. The market for targeted-based drugs used in treating chronic diseases, rare diseases, and genetic mutations is expected to grow steadily.
Every year, 41 million people die from Non-Communicable Diseases (NCDs) or chronic illnesses, accounting for 74% of all global deaths according to WHO 2023 data. The evidence shows that older age groups are more likely to have these conditions, with 17 million people dying before the age of 70. Around 86% of these premature deaths are estimated to occur in low and middle-income countries.
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Efforts to prevent disease through communication about prevention and treatment have become a common goal for healthcare agencies, governments, and industry. The use of medicine is expected to increase among the general population, leading to a greater need for value-added, industry-approved pharmaceutical solutions and promoting market expansion.
Key Biopharmaceutical Market Players:
- Pfizer
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson
- Novartis
- Merck & Co.
- AbbVie
- Amgen
- Biogen
- Eli Lilly and Company
- AstraZeneca
- Bayer
- Sanofi
- Bristol Myers Squibb
- Takeda Pharmaceutical Company Limited
- Gilead Sciences
- Other Players
Biopharmaceutical Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 572.33 Billion |
| Market Size by 2032 | US$ 17,902.42 Billion |
| CAGR | CAGR of 49.60% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmental Insights
The oncology segment held the largest market share at 32.3% in 2023, driven by the increasing incidence of cancer and the approval of new products by regulatory agencies. This growth is further supported by global efforts to raise awareness about cancer, expand treatment options, and the growing demand for therapeutic agents and improved detection rates. According to GLOBOCAN 2020 estimates, the global cancer burden is expected to increase significantly by 2040. The annual number of new cancer cases is projected to reach 27.5 million, with an estimated 16.3 million cancer-related deaths worldwide. In 2023, the American Cancer Society reported approximately 1,958,310 new cancer cases in the U.S. Thus, all these factors are driving the growth of this market.
Biopharmaceutical Market Key Segmentation:
By Type
- Monoclonal antibody
- Interferon
- Insulin
- Growth and coagulation factor
- Erythropoietin
- Vaccine
- Hormone
- Others
By Application
- Oncology
- Blood disorder
- Metabolic disease
- Infectious disease
- Cardiovascular disease
- Neurological disease
- Immunology
- Others
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Regional Insights
In 2023, North America was the largest region, accounting for 40% of global revenue. This was due to an increase in the incidence of chronic diseases like cancer, as well as greater screening and treatment rates. Additionally, the availability of well-reimbursed inpatient hospitalization led to the increased utilization of modern and novel therapies in this region. According to an article by Avalere Health published in September 2022, hospitalizations involving CAR-T cell treatment were classified under MS-DRG 018, with a base rate of reimbursement of USD 246,955 for the year 2022.
Furthermore, continued acquisitions and increasing investments by key players in the biopharmaceutical market will contribute to market sustenance throughout the forecast period. For instance, in May 2022, Eli Lilly and Company announced a USD 2.1 billion investment to expand its manufacturing footprint across Indiana. LOTTE also acquired Bristol Myers Squibb East Syracuse in May 2022, to establish the East Syracuse site as the LOTTE Center for North America Operations for its newly established biologics contract development and manufacturing organization (CDMO) business in the USA.
Recent Developments
- In December 2023, the U.S. FDA approved Fabhalta for oral monotherapy, making it the first approval for paroxysmal nocturnal hemoglobinuria and associated symptoms in adults by Novartis AG.
- In October 2023, Omvoh (mirikizumab-mrkz) infusion/injection was approved by the U.S. FDA for the treatment of adult patients with moderately to severely active ulcerative colitis by Eli Lilly.
- In September 2023, an agreement was signed with Novartis AG for the development, manufacture, and commercialization of the antibody TEVIMBRA (tislelizumab) by BieGene.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Technological Advancements
- Reimbursement Scenario
- Regulatory Impact: Effects of regulations on production and usage.
- Environmental Metrics Analysis by Region
6. Competitive Landscape
7. Biopharmaceutical Market Segmentation, by Type
8. Biopharmaceutical Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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