Biopharma market was valued at approximately USD 244.1 Billion in 2019 and is expected to generate revenue of around USD 546.6 Billion by end of 2027, growing at a CAGR of around 10.6% between 2020 and 2027
Biopharmaceuticals are produced by living organisms, such as microorganisms and animal cells, and have a high therapeutic value. Most biopharmaceuticals are life-form pharmaceutical products, genetically modified from plants and animals and are classified as transgenic organisms, and this process is used to generate biopharmaceuticals. These massive and complex molecular drugs are often referred to as biologics or biotech drugs. Recombinant human insulin was one of the first substances to be licensed for medical purposes, and there are currently almost 300 biopharmaceutical drugs that have been licensed and are available on the market.
The global demand for biopharmaceuticals is driven by a number of factors like increase in the elderly population, an increase in the prevalence of chronic diseases like cancer and diabetes, and an increase in the global acceptance of biopharmaceuticals. In addition, an increase in strategic partnerships between biopharmaceutical companies is also expected to complement the growth of the biopharmaceuticals industry.
Based on product, the market is for biopharma is segmented into recombinant growth factors, monoclonal antibodies, recombinant proteins, vaccines, purified proteins, recombinant hormones, and other product types. The monoclonal antibodies market is further divided into anti-inflammatory monoclonal antibodies, anti-cancer monoclonal antibodies, and other monoclonal antibodies. The purified proteins market is further bifurcated into P38 protein, leukemia inhibitory factor, P53 protein, and other purified proteins.
The recombinant proteins market is further divided into serum albumin, defensin, amyloid protein, and transferrin. Vaccines are further divided into conventional vaccines, recombinant vaccines, and recombinant enzymes. The recombinant growth factors are further divided into granulocyte colony stimulating factors, and erythropoietin. The recombinant hormones market is further divided into recombinant human growth hormones, recombinant insulin, and other recombinant hormones.
The market for monoclonal antibodies held almost 28% share of the market in 2019. Monoclonal antibodies are used in cancer treatment areas. Their usage is becoming increasingly widespread in developed countries like the U.S. and the U.K. Contrary, the recombinant proteins segment is expected to show rapid growth over the forecast period.
By Therapeutic Application
Based on therapeutic application, the market is categorized into oncology, inflammatory and infectious diseases, neurological diseases, infectious diseases, cardiovascular diseases, metabolic disorders, hormonal disorders, and other diseases.
The oncology segment held almost 25% share of the market in 2019.
According to the International Agency for Cancer Research (IARC), there were almost 18 million new cases of cancer and 10 million deaths in 2018. In fact, the United Nations Program on HIV and AIDS (UNAIDS) estimated that 37 million people were living with HIV in 2017. Such disquieting statistics has raised an urgent need to change the situation by innovating new and successful medicines that can cure such deadly diseases consequently raising the number of deaths. Apparently, biopharmaceutical drugs are considered to be effective in curing these chronic diseases rather than merely treating the same symptoms.
Regionally, the market is divided into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. North America held almost 37% in 2019 due to the presence of sophisticated healthcare facilities, increasing geriatric population base, and increased healthcare expenditure in the country.
Asia Pacific is likely to grow at high CAGR in the forecast period. Increased investment in R&D, increased acceptance and availability of biopharmaceuticals for disease treatment and increased understanding of disease diagnosis are some of the factors of market growth in this region. Moreover, this area offers tremendous prospects for venture capitalists and investors as developed markets are largely saturated.
Key Players Analysis
Major players in biopharma market are Novo Nordisk A/S (Denmark), Johnson & Johnson (U.S.), Pfizer, Inc., (U.S.), Hoffmann-La Roche (Switzerland), Eli Lilly and Company, Ltd. (U.K.), Biogen, Inc. (U.S.), Merck & Co., Inc. (U.S.), Sanofi (France), Bristol Myers Squibb Company (U.S.), and Bayer AG (Germany) among others.
This news is featured based on a new report published by ReportCrux Market Research
ReportCrux Market Research has published a new report titled “Biopharma Market by Product (Monoclonal Antibodies [Anti-Cancer Monoclonal Antibodies, Anti Inflammatory Monoclonal Antibodies, and Other Monoclonal Antibodies], Purified Proteins [Leukemia Inhibitory Factor (LIF), P53 Protein, P38 Protein, and Other Purified Proteins], Recombinant Proteins [Serum Albumin, Amyloid Protein, Defensin, and Transferrin], Vaccines [Recombinant Vaccines, Conventional Vaccines, and Recombinant Enzymes], Recombinant Growth Factors [Erythropoietin, and Granulocyte Colony Stimulating Factors], Recombinant Hormones [Recombinant Human Growth Hormones, Recombinant Insulin, and Other Recombinant Hormones], and Other Product Types); by Therapeutic Application (Oncology, Inflammatory and Infectious Diseases, Neurological Diseases, Infectious Diseases, Cardiovascular Diseases, Metabolic Disorders, Hormonal Disorders, and Other Diseases); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.