The biopharmaceutical and biomedicine industry involves the application of biotechnology and life sciences to develop therapeutics like vaccines, blood components, biologics, and biosimilars. Biological drugs play a vital role in the treatment of various chronic conditions like cancer, diabetes, autoimmune diseases, and cardiovascular diseases. They act as highly selective treatment alternatives with fewer side effects compared to their chemically produced counterparts.
The global Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 20025.57 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of biological drugs across the globe is one of the key factors augmenting the growth of the biopharmaceutical and biomedicine market. According to estimates, biological drugs currently account for over 20% of the global prescription drug market. Their usage is increasing rapidly owing to advantages like high target specificity, reduced side effects, and suitability for complicated diseases. They are now approved for indications beyond oncology and rheumatology, which is further expanding their scope of applications. Over the forecast period, growing preference for biological therapies over traditional substitutes as well as clinical advancements to develop more advanced and safer versions of biological drugs are likely to drive the demand for biopharmaceutical and biomedicine products at an exponential rate.
Strength: The biopharmaceutical and biomedicine market has high entry barriers which prevent new players from entering easily. This protects existing players from significant competition.
Weakness: Development of new biopharmaceutical and biomedicine products requires huge R&D investments which existing players must continuously make to remain competitive. This increases operational costs.
Opportunity: Growing geriatric population and rise in chronic diseases globally increases the demand for new drugs and therapies. This allows players to target new customer segments.
Threats: Stringent regulatory norms delay product approval and launch. This can impact return on investment projections for new drugs and formulas.
The Global Biopharmaceutical And Biomedicine Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 20025.57 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030.
North America currently dominates the market owing to high healthcare expenditure and presence of key players in the region. The growing focus on development of biosimilars and biologics for treatment of cancer and other chronic diseases will help drive higher revenues for players in the coming years.
Key players operating in the biopharmaceutical and biomedicine market are CF Industries Holdings, Inc., Yara International ASA, Saudi Arabian Fertilizer Company, Nutrien Ltd., Ostchem Holding, EuroChem Group, Bunge Limited, CVR Partners LP, Luxi Chemical Group Co.,Ltd., and Coromandel International Ltd. The market leaders are focusing on new product launches through extensive R&D efforts to benefit from the high market growth potential. Partnerships and acquisitions are also common strategies adopted by these companies to enhance their product portfolios as well as production capabilities.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it