Report Overview

The global biopharmaceuticals market was pegged at US$ 401.32 billion in 2021 and is expected to witness a CAGR of 7.5% during the forecast period.

Market Fundamentals 

Biopharmaceuticals are medicinal drugs derived from biological sources such as animals, plants, humans, and microorganisms using biotechnological techniques such as recombinant DNA technology. Vaccines, somatic cells, blood components, allergenic, gene therapies, and recombinant therapeutic proteins are examples of biopharmaceuticals. Biopharmaceuticals have revolutionized the treatment of inflammatory diseases such as psoriasis, multiple sclerosis, rheumatic diseases, inflammatory bowel disease, and growth hormone disorders. Recombinant human insulin was one of the first substances to be approved for therapeutic purposes, and there are now nearly 300 biopharmaceutical products approved and on the market.

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Market Dynamic

The global biopharmaceuticals market is being driven by a number of factors, including an increase in the elderly population, and growth in the prevalence of chronic diseases such as cancer and diabetes. The growing acceptance of biopharmaceuticals due to their ability to treat previously untreatable diseases has resulted in huge market demand for biopharmaceuticals. Furthermore, an increase in strategic collaborations among biopharmaceutical companies is expected to supplement the biopharmaceutical industry's growth. However, one of the most significant constraints to this industry is the high cost of these drugs, which must be significantly reduced in order ensure widespread commercial viability.

Market Ecosystem

The global biopharmaceuticals market has been analyzed from four perspectives: by product type, therapeutic application, end user, and region.

Biopharmaceuticals Market by Product Type

On the basis of product type, the global biopharmaceuticals market has been segmented into monoclonal antibody, interferons, growth & coagulation factors, recombinant proteins, hormones, vaccines, cell & gene therapies, and others. Monoclonal antibody dominated the market during the forecast period. These antibodies are created by cloning identical immune cells from a single parent cell. The successful application of monoclonal antibodies and antibody derivatives in therapeutics is the primary driver of the segment's rapid growth. Monoclonal antibodies have therapeutic applications in cancer, rheumatoid arthritis, multiple sclerosis, and cardiovascular diseases. When compared to chemotherapy drugs, their lower toxicity and increased safety have been shown to improve patient survival rates and reduce adverse side effects. These factors are expected to aid the segment's growth during forecast period.

Biopharmaceuticals Market by Therapeutic Application

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On the basis of application, the global biopharmaceuticals market has been segmented into oncology, immunology, cardiovascular diseases, neurological diseases, metabolic diseases, blood disorder, and others. The oncology segment dominated the global market during the forecast period owing to rising prevalence of cancer. Furthermore, technological advancements are also assisting the growth of this market. These advancements have increased the survival rate of patients suffering from serious diseases such as cancer. 

Biopharmaceutical Market by End User

 Based on end users, the global biopharmaceuticals market has been segmented into hospital and retail pharmacies, biopharma companies, diagnostic labs, and clinical research organizations. The hospital and retail pharmacies dominated the segment during forecast period owing to the greater footfall and increasing number of retail & hospital pharmacies, combined with the easy accessibility and availability of biopharmaceuticals. 

Biopharmaceutical Market by Region

Based on the region, the global biopharmaceuticals market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global market owing to the rising prevalence of chronic diseases, as well as increased investment in research and development is driving the biopharmaceuticals market in North America. The United States has been named the world's life sciences innovation capital. It is involved in global capital investments in biopharmaceutical companies in their early stages. For instance, according to Globocan 2020, the estimated number of cancer cases in the United States in 2020 will be 2,281,658, with 612,390 deaths. The high incidence of cancer raises the demand for effective therapeutics, which drives the market growth.

Competitive Landscape

Some of the key players operating the global biopharmaceuticals market include 

• Pfizer, Inc. 
• F. Hoffmann-La Roche Ltd.
• AbbVie, Inc.
• Johnson & Johnson Private, Ltd.
• Novartis AG
• Bayer AG
• Abbott Laboratories Inc.
• Amgen Inc
• Eli Lilly and Company
• Biogen Inc.
• Biocon Ltd.
• Thermo Fisher Scientific Inc.

Hold significant market share in biopharmaceuticals and engage in various strategic alliances such as acquisitions and collaborations to expand their product portfolios.

Strategic Developments

• In February 2022, according to Eli Lilly and Company, the US Food and Drug Administration granted an Emergency Use Authorization for bebtelovimab, a monoclonal antibody that neutralizes the Omicron variant. Bebtelovimab can be used in both pediatric and adult patients to treat mild-to-moderate COVID-19.
• In February 2022, Varian Biopharmaceuticals Inc., a precision oncology firm developing novel cancer therapeutics, and SPK Acquisition Corp. have agreed to a business combination that will allow Varian Bio to become a publicly traded vendor. Varian Bio is currently developing a high-potency atypical protein kinase C iota inhibitor that has the potential to be the leading treatment option for a wide range of oncology indications, with a primary focus on basal cell carcinoma and molecularly targeted solid tumors.
• In April 2021, PPD, Inc., a leading global provider of pharmaceutical manufacturing and clinical research services to the biotech industry, has been acquired by Thermo Fisher Scientific. This would improve their market position by increasing their manufacturing capacity and customer base.
• In April 2020, Recipharm announced the acquisition of Consort Medical in order to expand its manufacturing plant and strengthen its position in the market. As a leading provider of valves and dose counters for MDIs, DPI devices, and the innovative nasal spray Unidose Xtra, the acquisition has significantly enhanced the company's customer value proposition.

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