Biopharmaceuticals Market Size, Share, and Trends 2024 to 2034

The global biopharmaceuticals market was estimated at USD 359.03 billion in 2022 and is expected to reach over USD 1,421.17 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 14.8% from 2023 to 2032.

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Key Takeaways:

• Based on the type, the monoclonal antibodies segment accounted largest revenue share of 37% in 2022 and it is expected to expand at the CAGR of 7.2% from 2023 to 2032.
• Based on the application, the oncology segment dominated the global biopharmaceutical market in 2022, in terms of revenue. 
• Based on region, in 2022, North America dominated the global biopharmaceutical market with a revenue share of 45%.

Growth Factors

The high therapeutic value of the biopharmaceuticals owing to the use of living microorganisms and anima cells in the production of the biopharmaceutical medicines are efficient in providing the treatment for numerous chronic diseases such as cancer, CVDs, diabetes, COPD, and various others. According to the International Agency for Research on Cancer, in the year 2020, around 19.3 million new cases of cancer were diagnosed and around 10 million cancer deaths were recorded. The cancer cases are estimated to grow by 47% from 2020 to 2040. Moreover, according to the International Diabetes Federation, the diabetic population is estimated to reach at 552 million globally, by 2032. According to the WHO, diabetes is a major cause of kidney failure, blindness, and stroke. . According to the World Health Organization, around 65 million people across the globe suffers from COPD. Therefore, the rising prevalence of various chronic diseases are expected to be the major drivers of the global biopharmaceutical market during the forecast period. Moreover, growing geriatric population across the globe is anticipated to boost the demand for the biopharmaceutical drugs as the geriatric people are more prone to the chronic diseases. According to the WHO, the global geriatric population is estimated to reach at around 2 billion by 2050.

The active role of the regulatory authorities like EMA and FDA in monitoring and providing approvals for the various new drugs of the biopharmaceutical industry is important for the market growth. FDA approved 53 drugs in 2020 whereas the EMA approved 39 biopharmaceuticals in the same year. The rising investments by the market players in the different phases of the clinical trials for the development of new biopharmaceutical drugs is boosting the market growth substantially. Furthermore, the increasing presence of contract manufacturing organizations and contract research organizations across the globe have significant contributions in the growth of the global biopharmaceutical market.

Biopharmaceuticals Market Scope

Type Insights

Based on the type, the monoclonal antibodies segment accounted largest revenue share in 2022. The higher success rate of the monoclonal antibodies in therapeutics is a major driver. The monoclonal antibodies are effective in the treatment of various chronic diseases such as cancer, cardiovascular diseases, multiple sclerosis, and rheumatoid arthritis. Moreover, the monoclonal antibodies are less toxic or have low side-effects as it only affects the targeted cells without harming the normal cells. Increasing awareness regarding the benefits of monoclonal antibodies among the patients has boosted its adoption for the treatment of various diseases across the globe.

On the other hand, the vaccines is estimated to be the most opportunistic segment during the forecast period. This is attributed to the rising burden of diseases and rising investments by the developers in the development of vaccines.

Application Insights

Based on the application, the oncology segment dominated the global biopharmaceutical market in 2022, in terms of revenue. This simply attributable to the increased adoption of the biopharmaceuticals in the treatment of various cancers such as lungs cancer, breast cancer, colorectal cancer, and prostate cancer. The global cancer cases is rising at an alarming pace. The global cancer burden is expected to reach at 28.4 million by 2040, rising by 47% from 2020, according to the International Agency for Research on Cancer.

On the other hand, the cardiovascular disease is estimated to be the most opportunistic segment during the forecast period. According to the World Health Organization, around 17.9 million death occur due to the cardiovascular diseases each year, contributing to around 32% of the global deaths each year. Therefore, the increased prevalence of CVDs across the globe, and rising investments by the biopharmaceutical manufacturers to develop innovative drugs for the CVDs is expected to fuel the market growth during the forecast period.

Region Insights

Based on region, in 2022, the North America dominated the global biopharmaceutical market in terms of revenue. The increased investments by the market players and supportive government policies in the huge market like US is supplementing the market growth. In fact, US holds the intellectual property rights of the majority of the newly produced medicines. Further, increased healthcare expenditure, increased awareness regarding the availability of biopharmaceuticals, and increased prevalence of various chronic diseases had resulted in the dominance of North America in the global biopharmaceutical market. According to the American Cancer Society, in 2020, around 1.8 million new cancer cases and 606,520 cancer deaths were reported in the US. Moreover, it is estimated that around 60% of the American population are suffering from at least one chronic diseases. Hence, the demand for the biopharmaceuticals is high in North America.

On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is home to around 60% of the global population. The rising prevalence of various chronic disease in the region, rising healthcare expenditure, and growing government investments in the development of sophisticated healthcare infrastructure in the region is expected to boost the growth of the biopharmaceutical market. Moreover, the region is characterized by the presence of few of the top CMOs, which significantly contributes towards the growth of the market.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

In July 2021, Takeda Pharmaceutical entered into a partnership with Frazier Healthcare to form a new biopharmaceutical company named HilleVax.

The various developmental strategies like new product launches, acquisition, partnerships, and mergers fosters market growth and offers lucrative growth opportunities to the market players.

Some of the prominent players in the global biopharmaceuticals market include:

• Abbott Laboratories
• Amgen, Inc.
• Biogen, Inc.
• Eli Lilly and Company
• F. Hoffmann-La Roche, Ltd.
• Johnson & Johnson
• Merck & Co., Inc.
• Novo Nordisk A/S
• Pfizer, Inc.
• Sanofi

Segments Covered in the Report

By Type

• Monoclonal Antibodies
• Insulin
• Vaccine
• Hormone
• Interferon
• Erythropoietin
• Growth & Coagulation Factor
• Others

By Application

• Blood Disorder
• Oncology
• Infectious Disease
• Neurological Disease
• Cardiovascular Disease
• Metabolic Disease
• Immunology
• Others

By Geography

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Rest of the World