Biopharmaceuticals comprise medical drugs produced using modern biotechnology methods and are used to treat various medical conditions like cancer, diabetes, infectious diseases, and others. They comprise antibodies, proteins, tissues, and vaccines that help in preventing or curing diseases by stimulating or suppressing the immune system. Biopharmaceuticals offer better efficacy and safety as compared to conventional drugs and are preferred for treatment in various therapeutic areas.
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 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of addressing unmet medical needs presents significant growth prospects for the Biopharmaceuticals Market. Many medical conditions still lack effective treatment options, representing major areas of unmet medical needs. It is estimated that over 1.2 billion people globally suffer from diseases without proper treatment. The development of novel biopharmaceutical drugs offers potential to address such conditions by providing safer and more targeted treatment options. Significant R&D investments are being made by biopharmaceutical companies to develop treatments for cancer, autoimmune disorders, neurological conditions, and other areas. As biopharmaceuticals help fulfill unmet needs, their demand is expected to rise rapidly in the coming years. Moreover, rising geriatric population who are more prone to chronic diseases will further drive the need for advanced biopharmaceuticals globally.
Porter's Analysis
Threat of new entrants: The biopharmaceutical industry requires huge capital investments and strict regulations which pose high entry barriers for new players.
Bargaining power of buyers: Large pharmaceutical chains and hospitals have significant bargaining power over biopharmaceutical companies due to their buying volumes.
Bargaining power of suppliers: Suppliers of raw material and manufacturing equipment have some bargaining power due to requirement of specialized components and systems.
Threat of new substitutes: Threat from new alternatives is moderate as development of new drugs requires extensive R&D and clinical testing.
Competitive rivalry: Competition is intense among major players due to possibility of product patent expiries and need for continual development of novel drugs.
SWOT Analysis
Strength: Presence of skilled scientists and R&D capabilities. Growing demand for biosimilar and specialty drugs.
Weakness: High capital requirements. Stringent regulatory approval process. Risk of failure in drug development.
Opportunity: Expanding geriatric population and increasing healthcare spending. Emerging markets provide growth avenues.
Threats: Patent expiries of blockbuster drugs. Price control regulations can dent profitability.
Key Takeaways
The Global Biopharmaceuticals Market Size is expected to witness high growth during the forecast period owing to rising prevalence of chronic diseases.
North America currently dominates the market due to presence of major players and higher healthcare spending. Regional growth is expected to be higher in Asia Pacific due to expanding patient pool, improving healthcare infrastructure and increasing focus of multinational companies in the region.
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. Accenture is one of the leading provider of integrated information technology and business process services across various industries. Teleperformance SE is a leader in outsourced omnichannel customer experience management.
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Global Biopharmaceuticals Market Research Report: By Product Type (Monoclonal Antibodies, Recombinant Growth Factors, Purified Proteins, Recombinant Proteins, Others) and By Application (Oncology, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders, Cardiovascular Diseases, Others) – Forecast to 2025Market Highlights:According to MRFR analysis, Biopharmaceuticals Market is expected to register a CAGR of 8.99% during the forecast period of 2019 to 2025 and was valued at USD 238,192.7 million in 2018.Biopharmaceuticals are also known as biological, medical products, or biologics, are pharmaceutical drugs manufactured, extracted, or synthesized using biological sources, such as bacteria, yeast, and mammalian cells.The global biopharmaceuticals market is growing owing to various factors such as increasing investment by major companies on research & development of biopharmaceuticals and increasing acceptance for biopharmaceuticals due to their ability to treat the previously untreatable diseases.
However, the entry of low-cost biosimilars, risk of side effects that can occur due to high usage of biopharmaceuticals, and stringent government regulations are expected to pose as restraints to the growth of the global biopharmaceuticals market.Several market players currently dominate the global biopharmaceuticals market.
The key players are involved in product launches and acquisitions to strengthen their market positions.Avail a Free Sample@ https://www.marketresearchfuture.com/sample_request/8439SegmentationThe global biopharmaceuticals market has been segmented based on product type and application.The global biopharmaceuticals market has been segmented, on the basis of product type, into monoclonal antibodies, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, vaccines, synthetic immunomodulators, and others.
Synthetic immunomodulators segment has been further divided into cytokines, interferons, interleukins, tumor necrosis factor (TNF), and others.
Monoclonal antibodies segment is anticipated to hold the largest market share in the global biopharmaceutical market due to the increasing number of research activities that are supported by the usage of monoclonal antibodies.
Vaccines are expected to grow at the fastest CAGR owing to the rising awareness of chronic diseases.The market based on application has been segmented into oncology, inflammatory & infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders, disease prevention, cardiovascular diseases, neurological diseases, and others.
