Biopharmaceuticals Market Growth Accelerated by Increased Investments & R&D Activities

 

Biopharmaceuticals Market

Biopharmaceuticals, also known as biologics or biological drugs, are medical drugs derived from biological sources such as animals, humans, and microorganisms using biotechnology. They include vaccines, blood components, allergenics, somatic cells, gene therapies, tissues, and recombinant therapeutic proteins. The biologics industry continues to rapidly grow and transform as more patients gain access to new and innovative therapies to treat complex diseases such as cancer, autoimmune disorders, and rare genetic diseases. The global biopharmaceuticals market is estimated to be valued at US$ 457.63 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

Surging demand for biopharmaceutical drugs is one of the major drivers propelling the growth of the biopharmaceuticals market. The increasing prevalence of chronic and life-threatening diseases, rising demand for accelerated drug development, and new product launches are fueling market growth. According to the World Health Organization (WHO), chronic diseases such as cancer, heart disease, and diabetes cause nearly 70% of deaths worldwide each year. Moreover, biologics demonstrate high efficacy and offer targeted treatment against complex diseases. Additionally, the availability of biosimilars has made biopharmaceutical drugs more affordable, increasing their accessibility. For instance, Amgen launched the first biosimilar for the anti-inflammatory drug Humira in the U.S. in 2023, making treatment options for autoimmune diseases more available. Furthermore, rising investments by pharmaceutical companies in R&D of novel biologics is also contributing to the market growth.

 

SWOT Analysis

Strength: The biopharmaceuticals market is witnessing rapid growth as life sciences companies increasingly adopt biologics for drug development. Biologics offer targeted therapies with high efficacy and reduced side effects compared to small molecule drugs. Rising R&D investments in biologics by big pharma and biotech companies also enhances product pipelines.

 

Weakness: High development and manufacturing costs of biologics make them less affordable than traditional drugs. Biologics also have complex molecular structures requiring sophisticated production techniques. Ensuring batch-to-batch consistency during large-scale manufacturing is challenging.

 

Opportunity: Increasing incidence of chronic diseases globally is boosting demand for specialized biologic therapies in indications like oncology, immunology and neurology. Emerging Asian populations with rising incomes represent new growth opportunities. Development of biosimilars also allows biologic drugs to reach more patients in a cost-effective manner.

 

Threats: Expiry of major biologic drug patents pose pricing and competitive pressures. Stringent regulatory approvals for biologics also delay their market entry. Dependence on few suppliers during manufacturing disrupts supply chains. Ensuring drug quality and preventing counterfeiting remains an ongoing challenge.

 

Key Takeaways

The Global Biopharmaceuticals Market Size is expected to witness high growth. Rising at a CAGR of 9.4% during the forecast period, the market is estimated to be valued at US$ 457.63 billion in 2024 and reaching US$ 893.81 billion by 2030.

 

Regional analysis: North America currently dominates the biopharmaceuticals market owing to presence of major players, initiatives to increase R&D of biologics and favorable reimbursement policies. However, Asia Pacific is emerging as the fastest growing regional market due to its huge patient population, rising healthcare investments and growing biopharmaceutical production capacities in countries like China, India, South Korea and Singapore.

 

Key players: Key players operating in the biopharmaceuticals market are Accenture, Teleperformance SE, Infosys Limited (Infosys BPM), WNS (Holdings) Ltd., HCL Technologies Limited, AMDOCS, CBRE Group Inc., Sodexo, NCR Corporation, TTEC Holdings, Inc., Wipro Limited, and Capgemini. Large biopharma companies are forging partnerships with CROs, CMOs and pharma services firms to leverage their capabilities for biologics drug development and manufacturing.

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https://www.ukwebwire.com/biopharmaceuticals-market-size-share-growth-outlook-2023/