Biopharmaceutical Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Biopharmaceutical Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global biopharmaceutical market size reached US$ 273.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 480.0 Billion by 2028, exhibiting a growth rate (CAGR) of 10.1% during 2023-2028.

Biopharmaceuticals are complex drugs extracted from biological sources, such as humans, animals and microorganisms, or synthesized using recombinant deoxyribonucleic acid (DNA) technologies. They comprise sugars, proteins, nucleic acids, living cells, tissues, and a complex combination of differen components. They assist in the manufacturing of vaccines, blood components, body cells and tissues, allergenics, and living cells used in cell therapies, gene therapies and recombinant therapeutic proteins. They also help treat cancer, diabetes, cardiovascular diseases, immune diseases, and other health problems while providing targeted treatment and fewer side effects.

Biopharmaceutical Market Trends:
The growing utilization of biopharmaceuticals as immunosera, hormones, cytokines, enzymes, and monoclonal antibodies currently represents one of the key factors driving the market. Moreover, there is a rise in the demand for monoclonal antibodies to treat rheumatoid arthritis, multiple sclerosis, and cardiovascular diseases across the globe. This, along with the rising prevalence of chronic diseases due to excessive use of tobacco and alcohol, poor nutrition, and lack of physical activities, is propelling the growth of the market. In addition, the increasing employment of cell and gene-based biopharmaceuticals to treat a variety of diseases for which no other drugs or medical devices are available is offering lucrative growth opportunities to industry investors. Besides this, key market players are extensively investing in research and development (R&D) activities to introduce innovative drugs for treating untreatable conditions. This, coupled with the rising awareness among the masses about the benefits of biopharmaceuticals, is positively influencing the market. Apart from this, the increasing geriatric population, along with the burgeoning healthcare industry, is catalyzing the demand for biopharmaceuticals. Additionally, the escalating demand for target therapy to target specific genes and proteins that are involved in the growth and survival of cancer cells is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global biopharmaceutical market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on indication and class.

Breakup by Indication:

Autoimmune Diseases
Oncology
Metabolic Disorders
Others

Autoimmune diseases are presently dominating the market on account of the growing environmental exposure and changing food habits of individuals.

Breakup by Class:

Recombinant Proteins
Monoclonal Antibodies
Purified Proteins

At present, monoclonal antibodies hold the largest market share due to their rising therapeutic applications and the high specificity to a single epitope leading to low cross-reactivity.

Breakup by Region:

North America
United States
Canada
Latin America
Mexico
Brazil
Argentina
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Turkey
Asia Pacific
Japan
China
Australia
South Korea
India
Indonesia

Currently, North America represents the largest market for biopharmaceuticals across the globe. It is further segmented into the United States and Canada.

Key Questions Answered in This Report

1. What was the size of the global biopharmaceutical market in 2022?
2. What is the expected growth rate of the global biopharmaceutical market during 2023-2028?
3. What are the key factors driving the global biopharmaceutical market?
4. What has been the impact of COVID-19 on the global biopharmaceutical market?
5. What is the breakup of the global biopharmaceutical market based on the indication?
6. What is the breakup of the global biopharmaceutical market based on the class?
7. What are the key regions in the global biopharmaceutical market?
8. Who are the key players/companies in the global biopharmaceutical market?