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The Global Biopharmaceuticals Market Growth Accelerated By Rising Adoption Of Biosimilars

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Mia Yates
The Global Biopharmaceuticals Market Growth Accelerated By Rising Adoption Of Biosimilars

Biopharmaceuticals also known as biologics are therapeutic drugs derived from biological sources such as animal, human, and microorganisms rather than being synthesized chemically. They are widely used for treating various chronic diseases such as cancer, diabetes, and autoimmune disorders. The growing prevalence of chronic diseases across the globe along with increasing demand for targeted therapies has boosted the global biopharmaceuticals market.

The global biopharmaceuticals Market is estimated to be valued at US$ 397.24 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the growth of the global biopharmaceuticals market is the rising adoption of biosimilars. Biosimilars are the biopharmaceutical versions of patented original biologics that have lost patent protection. They offer comparable quality, safety, and efficacy to the reference biologic product at a lower cost. With patent expiration of major biologic drugs and stringent regulatory norms supporting the development and approval of biosimilars, their adoption has increased significantly over the past few years. Moreover, biosimilars provide potential cost savings for healthcare providers and patients. The cost savings from biosimilars help in expanding treatment access to many chronic diseases. This is further accelerating the demand and uptake of biosimilars, thereby contributing to the growth of the overall biopharmaceuticals market.


Segment Analysis

The global biopharmaceuticals market is dominated by large molecule biologics sub segment. Large molecule biologics dominate as they are able to treat chronic and complex diseases like cancer, autoimmune disorders etc. effectively. Monoclonal antibodies are the largest and fastest growing sub segment within large molecule biologics due to its precision targeting capabilities and minimal side effects.

Key Takeaways

The Global Biopharmaceuticals Market Size is expected to witness high growth. The market is projected to reach US$ 397.24 Bn by 2024, expanding at a CAGR of 9.4% during the forecast period of 2023 to 2030.

Regional analysis

North America dominates the global biopharmaceuticals market currently with a share of over 35% in 2023. This is attributed to presence of major pharmaceutical companies and strong reimbursement policies for biologics in the region. Asia Pacific is expected to be the fastest growing regional market during the forecast period owing to rising healthcare expenditure, growing medical tourism and increasing focus of global pharma players in the region.

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.

For More Insights, Read: https://www.newswirestats.com/biopharmaceuticals-market-trends-growth-and-regional-outlook-2023-2030/

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