The Global Biopharmaceutical And Biomedicine Market Growth Accelerated By Advancements In Technology
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Biopharmaceutical and Biomedicine Market |
The biopharmaceutical and
biomedicine market involves development of biological products like vaccines,
blood and blood components, allergenics, somatic cells, gene therapy, tissues,
and recombinant therapeutic proteins for medical interventions. Biological
materials derived from living organisms are used to treat diseases like cancer,
cardio-vascular conditions, respiratory infections etc. Advances in biologics
technology is enabling development of new therapies for previously untreatable
medical conditions.
The global biopharmaceutical and
biomedicine market is estimated to be valued at US$ 20025.57 billion in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Technology advancement is one of
the key trends fueling growth in the biopharmaceutical and biomedicine market.
Continuous innovations in fields like gene therapy, tissue engineering and
regenerative medicine are enabling development of advanced biological products.
For example, CRISPR gene-editing technology allows precise manipulation of
genes and holds immense potential for treatment of genetic disorders. Increased
R&D investments by biotech companies in development of novel biologics
through cutting-edge tools like artificial intelligence is also expected to
drive market expansion over the coming years.
Segment Analysis
The global Biopharmaceutical and
Biomedicine Market can be segmented based on product type, application, and
region. Based on product type, the market is segmented into biopharmaceutical
and biomedicine. Among these, the biopharmaceutical segment currently dominates
the market based on its higher revenue share. This segment is expected to
account for over 60% market share in 2023 primarily due to rising demand for
biologics drugs for the treatment of chronic diseases like cancer. The
biopharmaceutical segment is anticipated to witness a CAGR of over 9% during
the forecast period.
Key Takeaways
The Global
Biopharmaceutical and Biomedicine Market Demand is expected to witness
high growth. Regional analysis comprises Regional analysis related content
The North American region
currently dominates the global Biopharmaceutical and Biomedicine market and is
expected to grow at over 8% CAGR during the forecast period. High prevalence of
chronic diseases, rising R&D investments in biopharmaceutical and
biomedicine research, and presence of leading biotech companies in the region
drive the market growth. The Asia Pacific region is anticipated to witness the
fastest growth rate over 10% CAGR owing to large patient pool, low-cost
clinical trials, and initiatives by governments to promote research activities
in the region.
Key players
Key players operating in the
Biopharmaceutical and Biomedicine market are KABA Group, Yubico, SecuGen
Corporation, Anviz Global, Nitgen Co., Ltd., Integrated Biometrics, BIO-key
International, Daon Inc., Suprema Inc., Integrated Biometrics, ASSA ABLOY,
Dormakaba Holding, Allegion plc, HID Global Corporation, Gunnebo Security
Group, IDenticard Systems, PrimeKey Solutions AB, Thales Group, Gemalto NV, NXP
Semiconductors N.V. These players are focusing on new product launches,
partnerships, and expansion activities to gain a competitive edge in the
market.
Get More Insights Here
https://www.newsstatix.com/biopharmaceutical-and-biomedicine-market-size-share-growth-outlook-2023/
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