Biopharmaceuticals Market Growth Accelerated by Increased Investments & R&D Activities
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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.
Read More
https://www.ukwebwire.com/biopharmaceuticals-market-size-share-growth-outlook-2023/
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