Global Biopharmaceuticals Market Size, Share, Growth Analysis, By By Product type(Monoclonal Antibodies, Gene Therapies), By Application(Oncology, Inflammatory Diseases), By End-use(Health And Care, Biopharma Companies) - Industry Forecast 2024-2031

Global Biopharmaceuticals Market was valued around USD 377.87 million in 2022 and is expected to rise from USD 407.34 million in 2023 to reach USD 742.87 million by the end of 2031, by recording a CAGR of 7.80% during the forecast period (2024-2031).

A biopharmaceutical company offers contract services to other biopharmaceutical firms, encompassing packaging and drug manufacturing, thereby allowing larger biopharmaceutical entities to streamline their manufacturing processes and focus on drug discovery and marketing. Small biotechnology companies often outsource fill and finish manufacturing due to limited in-house production capacity, aiding in reducing capital expenditures. Biopharmaceuticals, derived from biotechnology, utilize proteins and nucleic acids extracted directly from biological sources, primarily living organisms including genetically modified plants and animals known as transgenic organisms, although this method remains contentious and experimental. Notable among approved biopharmaceuticals is recombinant human insulin, with nearly 300 such products currently available. Market growth is driven by factors such as an aging population, increased healthcare awareness, and rising healthcare costs, with ongoing research and development and approval for newer biopharmaceutical products expected to further propel market expansion. Nevertheless, the industry faces significant challenges, notably the high cost of these drugs, necessitating substantial reduction to ensure business sustainability.

Top-down and bottom-up approaches were used to estimate and validate the size of the global biopharmaceuticals market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Biopharmaceuticals Market Segmental Analysis

The global biopharmaceuticals market is segmented on the basis of product type, application, end use, and region. With respect to segmentation by product type, the market is segmented into the Monoclonal Antibodies, Gene Therapies, Thrombolytics and Anticoagulants, and Recombinant Protein. Based on classification by application, the market is categorized into Oncology, Inflammatory Diseases, Cardiology, Neurology, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders, and Others. With respect to categorization by end use, the market is grouped into Health and Care, Biopharma Companies, Diagnostic Labs, Clinical Research Institute, Clinical Research Organizations (CROs), and Others. Region wise, the market is widespread into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.

Drivers of the Global Biopharmaceuticals Market

Globally, chronic illnesses like cancer, diabetes, and heart disease pose significant threats to health and well-being, with the World Health Organization projecting cancer to be responsible for nearly one-sixth of all deaths by 2020. Biopharmaceuticals leveraging protein-based therapies have emerged as effective treatments for various cancers, yet challenges persist due to factors such as increased tobacco usage, unhealthy dietary habits, excessive alcohol consumption, and sedentary lifestyles. Cardiovascular disease, a leading cause of mortality, claims lives every second in the United States alone, spurring innovation in the field, exemplified by companies like Invizius and 3P Biopharmaceuticals developing groundbreaking technologies to aid cardiovascular patients undergoing hemodialysis. With the prevalence of chronic diseases on the rise globally, the biopharmaceutical market is poised for significant expansion between 2024 and 2031.

Restraints in the Global Biopharmaceuticals Market

Due to the combination of low incomes and the heavy burden of healthcare expenses, individuals in developing nations face significant barriers in affording biomedicines and therapies, potentially hindering market expansion in the foreseeable future. According to the United Nations Development Program, as of 2020, 1.3 billion people, equivalent to 22% of the global population, live in poverty, limiting their access to adequate healthcare services due to financial constraints. Additionally, lacking robust healthcare infrastructure, half of the world's population is unable to avail themselves of essential medical facilities, as reported by the World Health Organization. These challenges collectively impact the biopharmaceuticals market, posing considerable difficulties for its growth trajectory.

Market Trends of the Global Biopharmaceuticals Market

The rapid growth of the biopharmaceuticals market is predominantly fueled by the effective utilization of monoclonal antibodies and their derivatives in therapeutic treatments. Various ailments such as cancer, rheumatoid arthritis, multiple sclerosis, and cardiovascular diseases have benefited from these antibodies' therapeutic potential. The global healthcare systems have been under immense pressure due to the COVID-19 pandemic, prompting relentless efforts from researchers worldwide to address this escalating challenge. Consequently, there's an anticipated surge in demand for COVID-19-specific monoclonal antibodies to mitigate the impact of the pandemic.