New York, March 23, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Biopharmaceuticals Market Size, Share, Trends, Growth and Report Forecasts to 2028 - COVID-19 Impact and Global Analysis By Product Type (Monoclonal Antibodies, Recombinant Vaccines, Conventional Vaccines, Recombinant Growth Factors, Purified Proteins, Recombinant Proteins, Recombinant Hormones, Recombinant Enzymes, Cell & Gene Therapies, Cytokines/Interferon/Interleukins, and Others) and Application (Oncology, Inflammatory & Infectious Disease, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders & Growth Failure, Cardiovascular Diseases, Neurological Diseases, and Others)” the global biopharmaceuticals market size is expected to grow from USD 329.96 billion in 2022 to USD 700 billion by 2028; it is expected to grow at a CAGR of 13.4% from 2022 to 2028.
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Potential to Treat Rare Diseases to Drive the Global Biopharmaceuticals Market Growth:
According to the National Institute of Health (NIH) report, 30 million Americans, accounting for 10% of the population, have one of the ~7,000 known rare diseases. Developing medicines for treating these rare diseases presents, both, scientific and operational challenges. Complex biology associated with rare diseases presents challenges for scientists to design and implement new drug development programs. However, despite these challenges, biopharmaceutical researchers in the Americas have developed new technologies for treating rare diseases and developing groundbreaking therapies. These advancements include the development of groundbreaking therapies such as hemophilia A, spinal muscular atrophy, juvenile idiopathic arthritis, inherited retinal diseases, and transthyretin amyloid cardiomyopathy by biopharmaceutical researchers. Moreover, in the last decade, 350 orphan drugs have been approved by USFDA, particularly for conditions lacking treatment or having limited treatment options.
Transthyretin amyloid cardiomyopathy (ATTR-CM) is a life-threatening, progressive cardiovascular rare disease characterized by the abnormal functioning of the heart, causing infiltrative cardiomyopathy. Once diagnosed, the median life expectancy is only ~2.5–3.5 years, if left untreated. In 2019, the FDA approved Tafamidis for reducing cardiovascular mortality and cardiovascular-related hospitalizations among adults suffering from ATTT-CM. Until 2019, there were no recent advancements in treatment modalities and medicines approved for treating ATTR-CM. A long-term study completed in 2021 reveals that patients continuously administering Tafamidis had a median survival of ~5.5 years.
Further, biopharmaceutical company Ultragenyx Pharmaceutical Inc. is engaged in the safety testing and dosage determination of molecules developed to treat Glycogen Storage Disease (GSD) type 3, a serious rare and ultra-genetic disease. The company initiated the clinical studies of UX053 in December 2021 to launch it as the first potential medicine for treating patients living with GSD3. The UX053 mRNA can deliver large genes to targeted cells for achieving a high uniformity of protein expression.
Such clinical developments, launches, and approvals are accelerating the global biopharmaceuticals market expansion.
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Global Biopharmaceuticals Market – Study Scope:
| Market Size Value in | USD 329.96 Billion in 2022 |
| Market Size Value by | USD 700 Billion by 2028 |
| Growth rate | CAGR of 13.4% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 346 |
| No. of Tables | 273 |
| No. of Charts & Figures | 111 |
| Historical data available | Yes |
| Segments covered | Product Type, and Application |
Global Biopharmaceuticals Market: Competitive Landscape and Key Developments
Amgen Inc., Johnson & Johnson, Thermo Fisher Scientific, Abbvie Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, Boehringer Ingelheim Ltd., and Lonza are a few of the key companies operating in the biopharmaceuticals market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name.
A few of the recent developments in the global biopharmaceuticals market are mentioned below:
In April 2022, Bristol Myers Squibb Opdivo (nivolumab) was approved by the European Commission (EC) in combination with fluoropyrimidine-and platinum-based chemotherapy for the first-line treatment of adult patients with esophageal squamous cell carcinoma (ESCC) in the 27-member states of the European Union, as well as Iceland, Liechtenstein, and Norway.
In October 2021, Boehringer Ingelheim inaugurated its state-of-the-art biopharmaceutical production facility, Large Scale Cell Culture (LSCC), in Vienna, Austria. Over US$ 737.96 million (EUR 700 million) was invested, which is the largest investment in the company's history. The facility is highly advanced and ensures a high degree of digitalization and automation through smart technologies and artificial intelligence applications. The new facility is an essential addition to the company’s global biopharmaceutical network and underlines the strong commitment of Boehringer Ingelheim to Europe.
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In July 2021, Lonza, a CDMO partner in the biopharma industry, extended its collaboration with a major biopharmaceutical partner for the commercial-scale manufacture of monoclonal antibodies under a long-term agreement. At scale and following product approval, the agreement absorbs a significant proportion of the capacity of the large-scale mammalian asset, which accommodates six 20,000L bioreactors. Together with other customers, approximately 75% of the facility’s available capacity is now reserved.
In September 2020, AbbVie and I-Mab signed a broad, global collaboration agreement for the development and commercialization of lemzoparlimab (also known as TJC4), an innovative anti-CD47 monoclonal antibody internally discovered and developed by I-Mab for the treatment of multiple cancers. In addition, the two partners have the potential to expand the collaboration to additional transformative therapies. The collaboration provides AbbVie with an exclusive global license, excluding greater China, to develop and commercialize lemzoparlimab.
Biopharmaceuticals are complex medicines that are manufactured by extracting proteins and nucleic acids directly from biological sources using biotechnology. These are produced using living organisms, such as microorganisms and animal cells, and have a high-therapeutic value. These large and complex molecular drugs are also known as biologics and biotech drugs. Biopharmaceuticals, such as biologics, include a range of products, such as vaccines, therapeutic proteins, blood and blood components, tissues, etc.
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Browse Adjoining Reports:
Monoclonal Antibodies Market - The global monoclonal antibodies market size is projected to reach US$ 243.05 billion by 2028 from US$ 111.01 billion in 2021; it is expected to grow at a CAGR of 11.8% from 2021 to 2028.
Cardiometabolic Diseases Market - The global cardiometabolic diseases market size is expected to reach US$ 121,804.49 million by 2028 from US$ 93,494.41 million in 2021; it is estimated to grow at a CAGR of 3.9% during 2021–2028.
Diltiazem Market - The global diltiazem market size is projected to reach US$ 832.52 million by 2028 from US$ 369.95 million in 2021; it is expected to grow at a CAGR of 12.3% from 2021 to 2028.
Cardiovascular Devices Market - the cardiovascular devices market size is expected to grow from US$ 48,106.47 million in 2021 to US$ 76,526.68 million by 2028; it is estimated to grow at a CAGR of 6.9% from 2021 to 2028
Vaccines Market - The global vaccines market size is expected to reach US$ 64,538.4 Mn in 2027 from US$ 36,998.8 Mn in 2018. The market is estimated to grow with a CAGR of 6.5% from 2019-2027.
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