Biopharmaceutical Market Size Worth USD 1651.4 Billion in 2032 | Emergen Research

Rising investments in Research & Development (R&D) and technological advancements in biopharmaceutical are key factors driving market revenue growth

Vancouver, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global biopharmaceutical market size was USD 411.4 Billion in 2022 and is expected to register a rapid revenue CAGR of 15.2% during the forecast period. Rising investments in Research & Development (R&D)  and technological advancements in biopharmaceutical are key factors driving market revenue growth.

Need for biopharmaceutical is increasing for preventing and treating chronic disease such as  cancer, diabetes, and heart. One of the significant advancements in the biopharmaceutical market is the development of messenger Ribonucleic Acid (mRNA)-based vaccines. mRNA vaccines have several advantages over traditional vaccines as these are faster and cheaper to produce, and more effective in preventing disease. The largest advancements in the biopharmaceutical market in the recent year have been in the areas of gene therapy, cell therapy, and immunotherapy.

In addition, increasing prevalence of chronic disorders is another key factor driving revenue growth of the market. World Health Organization (WHO) estimates that global prevalence of chronic disorders is responsible for approximately 71% of all deaths worldwide. Over 7 out of 10 deaths are caused by chronic diseases, such as heart disease, stroke, cancer, diabetes, and chronic respiratory diseases and over 46% of adults worldwide have at least one chronic disease.  While the prevalence of chronic disease varies by age and diagnosis, people of all ages everywhere around the world are affected. Unhealthy lifestyles, environmental factors and aging population are the main reasons of chronic disease.

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A key market trend is rapid technological advancements , such as Gene therapy, Artificial Intelligence (AI), and immunotherapy, in the biopharmaceutical market. These advancements enabled biopharmaceutical to offer innovative and advanced services. For instance, on 11 April 2023, Cognizant collaborated with Boehringer Ingelheim to advance the speed and quality of medicinal therapy development.

High cost of drug development and stringent regulatory requirements are key factors, which could restrain market revenue growth. Biopharmaceutical companies are often hesitant to outsource critical manufacturing processes due to concerns about intellectual property protection, quality control, and supply chain security. High cost of drug development has several consequences for the biopharmaceutical market.

Segment Insights

Product Insights:

On the basis of product, the global biopharmaceutical market is segmented into monoclonal antibody, recombinant growth factor, vaccine, recombinant hormone, and purified protein.

The monoclonal antibody segment accounted for largest revenue share in the global biopharmaceutical market in 2022. This is due to technological advancements, which have made it possible to develop more targeted and effective monoclonal antibodies. Monoclonal antibodies are types of targeted therapy and effective treatment for chronic disease such as cancer, autoimmune, and inflammatory.

Application Insights:

On the basis of application, the global biopharmaceutical market is segmented into oncology, metabolic disorder, autoimmune, infectious, Cardiovascular Diseases (CVDs).

The oncology segment is expected to account for significantly large revenue share in the global biopharmaceutical market during the forecast period due to rising prevalence of cancer. In 2020, World Health Organization (WHO) estimated there are 10 million individuals died due to cancer. American Cancer Society estimated there were 1.9 million new cancer cases and 609,360 cancer deaths in 2022. In addition, technological advancements in cancer treatment such as targeted therapies, immunotherapies, Gene therapies, and nano particles, is also expected to drive revenue growth of this segment during the forecast period.

For instance, on 3 October 2023, Eli Lilly and Company acquired POINT Biopharma for next generation Radiogland therapies in cancer treatment. Radioligand therapy uses a targeted molecule to deliver radiation directly to cancer cells, effectively treating tumors while minimizing damage to healthy tissues. Eli Lilly’s aim is to develop multiple meaningful radioligand medicines for hard-to-treat cancers, similar to small molecule and biologic oncology drug discovery and development.

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Regional Insights:

The North America market accounted for largest revenue share in the global biopharmaceutical market in 2022 due to increasing prevalence of chronic disease such as cancer, heart. American cancer society estimated there were 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the U.S. Centers for Disease Control and Prevention (CDC) estimated there were 11,500 new cases of cervical cancer diagnosed each year and about 4,000 women die from this cancer . In 2021, there were 695,000 Individuals died from heart disease in the U.S.

The Asia Pacific market is expected to account for considerably large revenue share in the global biopharmaceutical market during the forecast period due to increasing prevalence of chronic disorder such as cancer, diabetes, and heart disease. In 2022, WHO estimated there were 2.2 million new cases and 1.4 million cancer related deaths. WHO South-East Asia Region, accounted for over 1 in 10 deaths and over 96 million people are affected by diabetes, causing at least 600, 000 deaths annually. In South-East Asia, CVD accounts for nearly one third of all deaths every year. 

Scope of Research

Report DetailsOutcome
Market Size in 2022USD 411.4 Billion
CAGR (2023–2032)15.2 %
Revenue Forecast To 2032USD 1651.4 Billion
Base Year For Estimation2022
Historical Data2019-2022
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Million and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredProduct , application, end-use, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledBIONIK Inc., Ectron Limited, Rehabtronics, Abbott, Medtronic, Hocoma, Biometrics Ltd, BIONIK Inc., Ekso Bionics, and Kinestica
Customization Scope10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global biopharmaceutical market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more biopharmaceutical market solutions. Some major players included in the global biopharmaceutical market report are:

    • AbbVie
    • Eli Lilly and Company
    • Novo Nordisk
    • Amgen
    • Pfizer
    • Roche
    • Johnson and Johnson
    • Bristol Myers Squibb
    • Takeda
    • Biogen

Strategic Development

  • On 17 August 2023, Parexel collaborated with Partex Healthcare to use AI for drug discovery and development. One of the most significant challenges in drug development is predicting investigational therapies are safe and effective in treatment options or not. This partnership with Partex addresses this challenge by identifying assets with clinical trials. The company’s ambition is to deliver safe and effective treatments to patients around the world by uniting Partex's cutting-edge AI capabilities with Parexel's esteemed clinical research expertise.
  • On 11 January 2022, Fosun Pharma and Insilco Medicine collaborated to advance the discovery and development of drugs targeting a number of different targets globally through the use of Artificial Intelligence (AI) technology. This strategic alliance encompasses an AI-powered drug discovery R&D collaboration focused on four biological targets, along with the joint development of Insilico's QPCTL program.

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For the purpose of this report, Emergen Research has segmented the global biopharmaceutical market on the basis of product type, application, end-use, and region:

  • Product Type Outlook (Revenue, USD Billion; 2019-2032)
    • Monoclonal Antibodies
    • Recombinant Growth factor
    • Vaccine
    • Recombinant Hormone
    • Purified Protein
    • Others
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Oncology
    • Inflammatory
    • Autoimmune
    • Infectious
    • Metabolic Disorder
    • Cardiovascular Diseases (CVDs)
  • End-Use Outlook (Revenue, USD Billion; 2019-2032)
    • Big-biopharma Companies  
    • Small Biopharma Companies
  • Regional Outlook (Revenue, USD Billion; 2019-2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • UK
      • Italy
      • Spain
      • Benelux
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

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