Biopharmaceuticals Market Share Report, Growth Analysis 2028

Biopharmaceuticals Market Forecast 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)

Publication Month : Mar 2023

  • Report Code : TIPRE00029847
  • Category : Biotechnology
  • Status : Published
  • No. of Pages : 346
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[Research Report] The biopharmaceuticals market is expected to grow from US$ 3,29,966.22 million in 2022 to US$ 7,00,873.94 million by 2028; it is expected to grow at a CAGR of 13.4% from 2022 to 2028.

Rising applications in cancer therapeutics and potential to treat rare diseases are a few factors driving the biopharmaceuticals market growth.

According to the National Cancer Institute report, cancer is among the leading cause of death globally. For instance, in 2018, there were 18.1 million new cancer cases and 9.5 million cancer-related deaths worldwide. By 2040, the new cancer cases are expected to rise to 29.5 million, with cancer-related deaths to 16.4 million. The US Department of Health and Human Services report states that the rate of new lung and bronchus cancer cases is 52.0 per 100,000 men and women annually. The estimated number of new lung and bronchus cancer cases was 236,740 in 2022, i.e., 12.3% of all new cancer cases. Biopharmaceuticals present new opportunities for gaining control over such a high incidence of cancer. Based on the understanding of underlying biological mechanisms and the role of patients' immune systems in fighting cancer, biopharmaceutical researchers are producing new medicines responsible for treating different types of cancer. These range from CAR-T cell therapy to immune checkpoint inhibitors and personalized medicines, targeting the genetic flaws translating into a specific cancer condition. A report by the Pharmaceutical Research and Manufacturers of America (PhRMA) reveals that six CAR-T therapies have been approved by the US Food and Drug Administration (FDA) for treating a wide range of cancer types, including pediatric cancer cases. Additionally, the PhRMA report reveals that other therapeutic approaches, such as mRNA with the potential to transform a wide range of cancers, have gained approvals. For instance, in February 2023, mRNA-4157/V940, an investigational personalized mRNA cancer vaccine by Moderna, Inc. and Merck, was recognized as a breakthrough therapy, in combination with KEYTRUDA, by the USFDA. Further, more than 1,300 medicines and vaccines for treating various cancers are currently in clinical trials or are awaiting FDA approval. These involve immunotherapies (monoclonal antibodies and CAR-T), gene editing for target cancer, oncolytic viral therapies, and antibody–drug conjugates (ADCs) targeting specific cancer cells without harming normal cells.

National Cancer Institute report

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Source: PhRMA’s Medicines in Development for Cancer, December 2020

Thus, the rising incidence of cancers globally results in the demand for safe, effective, and efficient diagnostic systems, such as biopharmaceuticals.

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Biopharmaceuticals Market: Strategic Insights

Market Size Value inUS$ 3,29,966.22 million in 2022
Market Size Value byUS$ 7,00,873.94 million by 2028
Growth rateCAGR of 13.4% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
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Application Segment Insight

Based on application, the biopharmaceuticals market is segmented into oncology, inflammatory & infectious disease, autoimmune disorders, metabolic disorders, hormonal disorders & growth failure, cardiovascular diseases, neurological diseases, and others. The oncology segment held the largest share of the market in 2022. However, the inflammatory and infectious diseases segment is expected to register the highest CAGR during the forecast period. According to the National Institute of Health (NIH) report, cancer is a complex invasive genetic disease causing significant mortality globally. For example, protein-based biopharmaceuticals have significantly extended the lives of millions of cancer patients. Further, various top companies entered a research collaboration for developing novel therapeutics-based targeted protein-based technology for cancer treatment. For instance, in April 2022, Ubix Therapeutics announced a collaboration with SK Biopharmaceuticals to develop new compounds and medicines through Ubix's Degraducer technology for cancer treatment. Such aforementioned factors are responsible for the segment growth, thereby contributing to the market growth of biopharmaceuticals during the forecast period.

North America is likely to continue its dominance in the biopharmaceuticals market during the forecast period. The US held the largest market share in this region in 2022. According to The International Trade Administration report, the US is the largest market for biopharmaceuticals accounting for approximately a third of the global biopharmaceutical market with pioneers in biopharmaceutical R&D. Also, the economic impact of the biopharmaceutical industry in the US economy is substantial. In 2018, over US$ 17 billion in biopharmaceutical exports were from most foreign-owned firms operating in the US. Moreover, in the same year, these majority foreign-owned firms spent ~US$ 20 billion on R&D.

On the other hand, Asia Pacific is expected to witness lucrative growth over the forecast period. This is due to China's biopharmaceutical industry undergoing a tremendous shift evolving from a generics-focused to a thriving innovation hub. Additionally, promoting industrialization and growing application of novel drugs and high-end medical devices and techniques are a few factors responsible for the growth of the biopharmaceuticals market in China.

According to the Information Technology & Innovation Foundation (ITIF) report, China has made considerable progress in matching the US in innovation. Furthermore, with an average of 36 indicators, China has cut the bridging gap with the US by a competitive factor of 1.5 to the present (the competitive factors are identified and evaluated for relative importance to achieve the firm's strategic goals). Additionally, a decade ago, China was 80% behind the US; however, in 2022, it was at 50% owing to dramatic progress in innovation, technology influx, and favorable state-directed industrial and trade policies. Also, new product approvals for treating rare diseases further influence the market growth in China. For instance, in March 2022, CANbridge Pharmaceuticals Inc., a pioneer China-based biopharmaceutical company, announced that the Taiwan Food and Drug Administration (TFDA) had accepted the New Drug Application/Orphan Drug Registration (NDA/ODR) for "CAN108 [maralixibat oral solution (LIVMARLI TM)]" intended for treating cholestatic pruritus among patients suffering from Alagille syndrome (ALGS) for 1 year of age and older.

Lucrative Regions for Biopharmaceuticals Market

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Product Type Insights

Based on product type, the biopharmaceuticals market is segmented into monooclonal antibodies, recombinant vaccines, conventional vaccine, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, recombinant enzymes, cell and gene therapies, cytokines/interferon/interleukins, and others (mRNA-based therapeutics, etc.). The monoclonal antibodies segment held the largest market share in 2022 and is anticipated to register a significant CAGR during the forecast period. Monoclonal antibodies (mABs) are at the forefront of the biological products market and will continue to lead resource investment in the biopharmaceutical market by providing innovative therapeutic solutions intended for immune oncology and immunotherapy. mABs treat multiple diseases such as cancer, organ transplant rejection, inflammatory and autoimmune diseases, allergies, infections, COVID-19, osteoporosis, eye disorders, migraines, high cholesterol, and nervous system disorders. There are many different mABs used to treat cancer. They work in different ways to kill or stop cancer cells from growing. They all have names that include "mab" at the end of their generic name—for example, trastuzumab (Herceptin) and rituximab (Mabthera). Approvals of monoclonal antibody therapies by the US Food and Drug Administration (FDA) have increased since the first drug containing monoclonal antibodies was approved for humans. A major benefit of monoclonal antibodies is that they have successfully been used to manufacture drugs to treat certain diseases, such as some cancers. Another benefit of monoclonal antibodies is that they are more accurate than other treatments. This improves effectiveness and can reduce some side effects. The quality of the monoclonal antibodies is standard for all production batches, which is important for both therapeutic use and diagnostics. Such aforementioned factors are responsible for the segment growth, thereby fueling the biopharmaceuticals market during the forecast period.

Biopharmaceuticals Market, by Product Type – 2022 and 2028

Biopharmaceuticals Market, by Product Type – 2022 and 2028
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Companies operating in the biopharmaceuticals market adopt the product innovation strategy to meet the evolving customer demands worldwide, permitting them to maintain their brand name in the global market.

Biopharmaceuticals Market – Segmentation

Based on product type, the biopharmaceuticals market is segmented into 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. Based on application, the market is segmented into oncology, inflammatory & infectious disease, autoimmune disorders, metabolic disorders, hormonal disorders & growth failure, cardiovascular diseases, neurological diseases, and others. Based on geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The European biopharmaceuticals market is sub-segmented into France, Germany, the UK, Spain, Italy, and the Rest of Europe. The market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The biopharmaceuticals market in the MEA is sub-segmented into Saudi Arabia, the UAE, South Africa, and the Rest of MEA. The market in South & Central America is further segmented into Brazil, Argentina, and the Rest of South & Central America.

A few of the leading companies operating in the biopharmaceuticals market are Amgen Inc., AbbVie Inc., Eli Lilly and Co, Bristol-Myers Squibb Co, Johnson & Johnson, Thermo Fisher Scientific Inc., AGC Biologics AS, Lonza Group AG, WuXi Biologics Inc., and Boehringer Ingelheim International GmbH.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type, and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions

What are biopharmaceuticals?

Biopharmaceuticals are complex medicines that are manufactured by extracting proteins and nucleic acids directly from biological sources using biotechnology. Most biopharmaceuticals are pharmaceutical products that are made from living organisms; transgenic organisms are genetically modified plants and animals, and this process is used to produce biopharmaceuticals; nevertheless, it is a controversial technology still in the testing phase.

What are the driving factors for the biopharmaceuticals market across the globe?

Key factors that are driving the growth of this market are rising application in cancer therapeutics and potential to treat rare diseases are expected to boost the market growth for the biopharmaceuticals over the years.

What is the market CAGR value of biopharmaceuticals market during forecast period?

The CAGR value of the biopharmaceuticals market during the forecasted period of 2022-2028 is 13.4%.

Which product type leads the biopharmaceuticals market?

The monoclonal antibodies segment held the largest share of the market in the global biopharmaceuticals market and held the market share of 48.42% in 2022.

Who are the key players in the biopharmaceuticals market?

The biopharmaceuticals market majorly consists of the players such Amgen Inc, AbbVie Inc, Eli Lilly and Co, Bristol-Myers Squibb Co, Johnson & Johnson, Thermo Fisher Scientific Inc, AGC Biologics AS, Lonza Group AG, WuXi Biologics Inc, Boehringer Ingelheim International GmbH amongst others.

Which are the top companies that hold the market share in biopharmaceuticals market?

Eli Lilly and Co and Amgen Inc are the top two companies that hold huge market shares in the biopharmaceuticals market.

Which region is expected to witness significant demand for biopharmaceuticals market in the coming years?

Global biopharmaceuticals market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. North America held the largest market share of the biopharmaceuticals market in 2022. With several North American market players focusing on research and development activities in the field of imaging technology, the regional market for biopharmaceuticals market is likely to propel in North America region during the forecast period.

The List of Companies - Biopharmaceuticals Market

  1. Amgen Inc.
  2. AbbVie Inc.
  3. Eli Lilly and Co
  4. Bristol-Myers Squibb Co
  5. Johnson & Johnson
  6. Thermo Fisher Scientific Inc
  7. AGC Biologics AS
  8. Lonza Group AG
  9. WuXi Biologics Inc
  10. Boehringer Ingelheim International GmbH.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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