Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "North America Biopharmaceuticals Market Forecast to 2028 -Regional Analysis" report has been added to ResearchAndMarkets.com's offering.
The North America biopharmaceuticals market was valued at US$ 151.22 billion in 2022 and is expected to reach US$ 315.74 billion by 2028. It is estimated to register a CAGR of 13.1% from 2022 to 2028. 
North America Biopharmaceuticals Market Overview
The North America biopharmaceuticals market is segmented into the US, Canada, and Mexico. The market growth in this region is attributed to the increasing incidence of cancer, growing product introduction in the region, and technological advancements in biopharmaceuticals. The biopharmaceuticals industry is at a pivotal stage in medical research with tremendous potential to further revolutionize the treatment of costly and debilitating diseases such as Alzheimer's, cancer, heart disease, and hepatitis C. The rising burden of chronic diseases and increased investment in research and development activities in the US are driving the market in the region. The biopharmaceuticals industry makes important contributions to the US economy. The US leads the world in most R&D investment and innovation indices. As of 2020, biopharmaceutical companies in the United States have more than 3,400 drugs in clinical development, accounting for almost half of the estimated 8,000 drugs worldwide (of which 1,100 are being developed to treat various types of cancer).
The biopharmaceuticals industry makes important contributions to the US economy by creating direct economic activities and supporting indirect activities. Pharmaceutical and medical manufacturing accounted for 0.95% of private sector value added in 2018. Biotech R&D facilities accounted for another 0.23%. Data from the Centers for Disease Control and Prevention (CDC), updated in July 2022, shows that coronary artery disease is the most common form of heart disease. Approximately 20.1 million adults aged 20 and older in the United States suffer from this condition. According to CDC data, someone suffers a heart attack every 40 seconds, and nearly 805,000 people in the US suffer a heart attack annually. All these factors are expected to boost the North America biopharmaceuticals market growth significantly during the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 224 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $151.22 billion |
| Forecasted Market Value (USD) by 2028 | $315.74 billion |
| Compound Annual Growth Rate | 13.1% |
| Regions Covered | North America |
A selection of companies mentioned in this report includes
- AbbVie Inc
- AGC Biologics AS
- Amgen Inc
- Boehringer Ingelheim International GmbH
- Bristol-Myers Squibb Co
- Eli Lilly and Co
- Johnson & Johnson
- Lonza Group AG
- Thermo Fisher Scientific Inc
- WuXi Biologics Inc
For more information about this report visit https://www.researchandmarkets.com/r/iod0qs
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