Bio Pharmaceuticals Market

Market Synopsis:

Global Bio Pharmaceuticals Market is valued at USD 298.50 Billion in 2021 and is projected to reach a value of USD 514.50 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.5% over the forecast period.

Bio Pharmaceuticals are drugs used for medical purposes that are produced by directly extracting proteins and nucleic acids from biological sources using biotechnology. In other words, Bio Pharmaceuticals are substances produced by organisms such as microorganisms and animal cells, and have high therapeutic value. These complex and large molecular drugs are also known as biotech drugs or biologics.

The Global Bio Pharmaceuticals market is driven by various factors such as increasing geriatric population, surging prevalence of chronic diseases such as cancer and diabetes, and increasing adoption of Bio Pharmaceuticals globally. Growing awareness pertaining to health concern and increasing healthcare spending are some of the other factors expected to proliferate growth of the Bio Pharmaceuticals Market. In addition, an increase in strategic collaborations among Bio Pharmaceuticals companies are also expected to complement growth of the Bio Pharmaceuticals industry in the upcoming years. The growing healthcare industry and growing applications from emerging economies will create numerous opportunities for the Bio Pharmaceuticals market. However, the high cost associated with these drugs is one of the industry's biggest constraints that may challenge the Bio Pharmaceuticals market growth. Moreover, significant cost reduction is required to make them commercially feasible.

Market Segmentation:

The Monoclonal Antibody Segment Dominated the Market in 2021

Monoclonal antibodies specifically target affected cells without harming normal cells and the increased efficiency of treating that cell results in low or minimal side effects.

This is a major factor driving the demand for monoclonal antibodies for the treatment of various chronic diseases such as cancer, multiple sclerosis, rheumatoid arthritis, and cardiovascular diseases.

The recent COVID-19 outbreak has placed a huge burden on the healthcare system. Researchers around the world are constantly coping with this ever-increasing burden. Therefore, the demand for monoclonal antibodies against COVID-19 may exceed. For example, in July 2020, an anti-CD6 IgG1 monoclonal antibody called Itolizumab (ALZUMAb) from Biocon Ltd, India, was approved by the Drugs Controller General of India (DCGI) for the emergency treatment of cytokine release syndrome in acute respiratory distress syndrome patients with COVID-19 infection.

The Oncology Segment is Expected to Account for a Major Revenue Share in the Global Bio Pharmaceuticals Market

This is attributed to the increased use of Bio Pharmaceuticals in the treatment of various cancers such as breast, lung, and prostate cancer. The increasing prevalence of cancer in the population is driving the market growth. According to the International Agency for Research on Cancer, about 19.3 million new cancer cases were diagnosed in 2020, and this number is expected to grow by 47% from 2020 to 2040.

North America Bio Pharmaceuticals Market Holds Significant Revenue Share in the Target Market

Rising chronic disease burden and increasing investments in R&D activities in countries such as the US and Canada are the major factors driving the North America Bio Pharmaceuticals market. Recognized as the innovation capital of the world's life sciences, the US has participated in global capital investments in the early stages of Bio Pharmaceuticals companies. According to the American Cancer Society in 2020, about 1.8 million new cancer cases were reported in the US. Furthermore, the FDA plays a vital role in the market growth of the Bio Pharmaceuticals market by approving 53 new drugs in 2020. Rising investments by market players in new drug R&D and clinical trials are expected to provide lucrative growth opportunities for the prominent market players.

Asia Pacific is estimated to be the market with the most opportunities during the forecast period. Countries such as China, India and South Korea are stepping up efforts to develop Bio Pharmaceuticals industries and attract foreign direct investment due to the existence of cheap production factors. The presence of few of the world's top contract manufacturing organizations in the Asia-Pacific region contributes significantly to the growth of the Bio Pharmaceuticals market. Moreover, rise in prevalence of various chronic diseases and growing geriatric population in the region provides growth avenues for key market players. According to the World Health Organization, it is estimated that 80% of the global elderly population will live in low and middle-income countries. Furthermore, the rising awareness of Bio Pharmaceuticals in the region is expected to boost the demand for Bio Pharmaceuticals

Competitive Landscape:

The key market players are Abbott Laboratories Amgen Inc., Biogen Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd., Johnson & Johnson, Merck & Co. Inc., Novo Nordisk A/S Pfizer Inc., and Sanofi.

Bio Pharmaceuticals Market is Segmented as Follows:

Bio Pharmaceuticals Market is Tabulated as Follows: