Biopharmaceuticals Market Dynamics and Trends by 2028

[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.

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

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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.

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.

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 Regional Insights

The regional trends and factors influencing the Biopharmaceuticals Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Biopharmaceuticals Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Biopharmaceuticals Market Report Scope

Biopharmaceuticals Market Players Density: Understanding Its Impact on Business Dynamics

The Biopharmaceuticals Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Biopharmaceuticals Market are:

1. Amgen Inc.
2. AbbVie Inc.
3. Eli Lilly and Co
4. Bristol-Myers Squibb Co
5. Johnson & Johnson

Disclaimer: The companies listed above are not ranked in any particular order.

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.