Biopharmaceutical Market to Reach USD 1,829.2 Billion by 2033, Growing at 15.4% CAGR | Dimension Market Research

In the coming years, biopharmaceuticals are anticipated for significant growth driven by development in biotechnology, personalized medicine, and innovative therapies. Growing investments, supportive government policies, and expanding applications across many disease areas are expected to fuel expansion. In addition, a focus on sustainability and digital health integration will shape the future landscape of the biopharmaceutical industry.

New York, June 10, 2024 (GLOBE NEWSWIRE) — Overview:

The Global Biopharmaceutical Market size reached USD 436.7 billion in 2023 and is further anticipated to reach USD 1,829.2 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 15.4% from 2024 to 2033.

Biopharmaceuticals, or biologics, are medical products derived from living organisms, cells, or proteins via biotechnology. Importance for modern healthcare, they allow personalized medicine by targeting specific molecular aspects of an individual’s disease, enabling treatments customized to the patient’s unique genetic profile or disease subtype.

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In the global biopharmaceuticals market, monoclonal antibodies are set to dominate revenue in 2024 due to their efficiency in treating chronic conditions with minimal side effects. Their targeted approach appeals to patients globally. In addition, the vaccines segment is expected to see major growth, driven by rising disorders and increased investments in therapeutic solutions.

Important Insights

  • The Biopharmaceutical Market is expected to grow by USD 1,829.2 billion by 2033 from 2025 with a CAGR of 15.4%.
  • The Monoclonal antibodies as a type are anticipated to lead in 2024 with a major & is anticipated to dominate throughout the forecasted period.
  • Oncology is anticipated to get the largest revenue share in 2024 in the Biopharmaceutical market.
  • North America is expected to have a 46.4% share of revenue in the Global Biopharmaceutical Market in 2024.

Global Biopharmaceutical Market: Trends

  • Gene and Cell Therapies: Rapid developments and main approvals in gene and cell therapies are transforming treatment options for genetic disorders and cancers.
  • mRNA Technology: Following the success of mRNA vaccines for COVID-19, there’s major investment and interest in mRNA technology for other infectious diseases and therapeutic applications.
  • Digital Health Integration: The integration of digital health tools, like telemedicine and wearable devices, is enhancing patient monitoring, clinical trials, and customized treatment plans.
  • Sustainability Initiatives: There is a major focus on sustainable practices, like eco-friendly manufacturing processes and minimizing the carbon footprint of biopharmaceutical production.

Biopharmaceutical  Market: Competitive Landscape

The biopharmaceuticals market is moderately fragmented as various companies operate within it including the examination of both international & local companies that have a major market share. Further, the industry is characterized by various players contributing to its dynamics, with well-known entities competing for prominence alongside regional players, shaping a competitive & varied market environment.

Some of the major players in the market include Abbott, Sanofi, Novo Nordisk, Merck & Co, Pfizer, and more.

Some of the prominent market players:

  • Abbott
  • Sanofi
  • Novo Nordisk
  • Merck & Co
  • Pfizer
  • Amgen
  • Biogen
  • AbbVie
  • Johnson & Johnson
  • Eli Lilly & Company
  • Other Key Players

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Biopharmaceutical Market Scope 

Report Highlights Details
Market Size (2023) USD 505.8 Bn
Forecast Value (2033) USD 1,829.2 Bn
CAGR (2024-2033) 15.4%
Leading Region in terms of Revenue  Share North America
Percentage of Revenue Share by Leading Region 46.4%
Historical Data 2017 – 2022
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Type, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

North America is projected to dominate the global biopharmaceutical market with a commanding 46.4% revenue share, in 2024 driven by major investments and favorable government policies, mainly in the expansive US market. The region’s strong position is supported by significant healthcare spending, better awareness of biopharmaceuticals, and a lead in severe diseases.

Further, the Asia Pacific region is expected to be a highly promising market, benefiting from major healthcare expenditure, a rise in chronic diseases, and major government investments in healthcare infrastructure, encouraged further by top Contract Manufacturing Organizations (CMOs) presence.

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africafd

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Segment Analysis:

The global biopharmaceuticals market is segmented by application into areas like infectious disease, oncology, metabolic disease, immunology, cardiovascular disease, blood disorders, and others., where the oncology segment is expected to dominate in 2024 and maintain its lead due to the higher use of biopharmaceuticals for treating cancers like prostate, lung, breast, and colorectal, as growing cancer cases globally support this trend.

In addition, major growth is anticipated in cardiovascular disorders, driven by a higher number and major investment in new cardiovascular medications, addressing global healthcare challenges.

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Biopharmaceutical  Market Segmentation

By Type

  • Monoclonal Antibodies
  • Insulin
  • Vaccine
  • Hormone
  • Interferon
  • Erythropoietin
  • Others

 By Application

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

Global Biopharmaceutical Market: Driver

  • Innovative Drug Development: Development in biotechnology and molecular biology are allowing the creation of new therapies, like biologics and personalized medicine, driving market growth.
  • Aging Population: A growth in the global elderly population is creating a higher number of chronic diseases, boosting demand for biopharmaceutical treatments.
  • Government Support and Funding: Major investment and favorable policies from governments and health organizations across the world are promoting R&D in the biopharmaceutical sector.
  • Strategic Collaborations and Mergers: Partnerships between biotech firms, pharmaceutical companies, and research institutions are highly innovative and increasing market reach, contributing to market growth.

Global Biopharmaceutical Market: Restraints

  • High Development Costs: The higher R&D and clinical trial expenses needed to develop biopharmaceutical products create major financial barriers.
  • Regulatory Challenges: Strict regulatory needs and lengthy approval processes can delay product launches & increase costs.
  • Patent Expirations: The expiration of key patents can cause higher competition from biosimilars, impacting market share and profitability.
  • Manufacturing Complexity: The specialized and sensitive nature of biopharmaceutical production can lead to high operational costs & technical difficulties in scaling up manufacturing.

Global Biopharmaceutical Market: Opportunities

  • Emerging Markets: Major healthcare infrastructure and increasing healthcare spending in emerging economies provide major growth opportunities for biopharmaceutical companies.
  • Advanced Technologies: Adoption of advanced technologies like CRISPR, AI, and machine learning can improve drug discovery, development, and personalized medicine approaches.
  • Expansion of Indications: Creating new indications for existing drugs and exploring new therapeutic areas can drive additional revenue streams.
  • Collaborative Research: Major collaboration between academia, biotech firms, and pharmaceutical companies can accelerate innovation and bring new therapies to market faster.

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Recent Developments in the Biopharmaceutical  Market

  • May 2024: Sentynl Therapeutics acquired Eiger BioPharmaceuticals’ Zokinvy, the first FDA-approved treatment for progeria (HGPS) & processing-deficient progeroid laminopathies (PDPL).
  • April 2024: Biocon signed a major deal with Brazil’s Biomm S.A. to commercialize Semaglutide for type-2 diabetes, handling development, manufacturing, and supply.
  • January 2024: AbbVie and Umoja Biopharma agreed to build CAR-T cell therapies for oncology using Umoja’s VivoVec platform, like UB-VV111 for hematologic malignancies in the IND-enabling phase.
  • May 2022: Eli Lilly announced its plans to invest USD 2.1 billion to expand its Indiana facilities, improving production capabilities and enhancing pharmaceutical manufacturing capacity in the U.S.
  • May 2022: LOTTE purchased Bristol Myers Squibb’s East Syracuse manufacturing facility to transform it into the LOTTE Center for North America Operations, showing a major step in their biopharmaceutical industry expansion.

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