Rockville , Feb. 07, 2024 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, states that the global biobetter market is estimated at US$ 66.31 billion in 2024 and is forecasted to expand at a high-value CAGR of 8.6% from 2024 to 2034.
The market is characterized by the development of advanced therapeutic biologics designed to outperform existing biologics. Biobetter sales are driven by a combination of scientific advancements, regulatory support, and the pursuit of more effective and targeted treatments for various medical conditions.
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Ongoing progress in biotechnology and protein engineering is fueling the development of next-generation biobetter products. Precise modifications at the molecular level are leading to the creation of biobetters with improved therapeutic properties. Intense competition with biosimilar products is further prompting companies to differentiate their offerings through the development of biobetters. This competitive landscape is fostering innovation and driving advancements in the field.
| Report Attribute | Details |
| Value Projection (2034) | US$ 150.75 Billion |
| Growth Rate (2024-2034) | 8.6% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 219 Figures |
Key Takeaways from Market Study
- The global biobetter market is calculated at US$ 66.31 billion for 2024.
- Worldwide demand for biobetters is projected to reach a market value of US$ 150.75 billion by 2034, rising at a CAGR of 8.6% between 2024 and 2034.
- The United States market is pegged at US$ 32.44 billion for 2024.
- Sales of biobetters in Japan are predicted to rise at a CAGR of 8.5% through 2034.
- Insulin biobetter sales are forecasted to reach US$ 69.38 billion by 2034-end.
“Rising prevalence of chronic diseases, such as cancer, autoimmune disorders, and diabetes is fueling the development and adoption of biobetter therapies,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- CSL Behring GmbH
- Teva Pharmaceutical Industries Ltd.
- F.Hoffmann-La Roche AG
- Merck & Co. Inc.
- Sanofi SA
- Eli Lily and Company
- Novo Nordisk A/S
- Biogen Inc.
- SERVIER
- Porton Biopharma Limited
Competitive Analysis
Leading pharmaceutical and biotech companies are at the forefront of biobetter development. Leading companies such as Roche, Amgen, and Pfizer are actively investing in research and development activities and are leveraging their expertise to bring innovative biobetter products to market.
Key market players are also focusing on strategies such as mergers and acquisitions to strengthen their portfolios and gain a competitive edge. These strategic moves are contributing to market consolidation and the creation of comprehensive biopharmaceutical platforms.
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Country-wise Analysis
Why is the United States a Profitable Market for Biobetter Manufacturers?
“Increasing Incidence of Chronic Disorders Driving Use of Advanced Biobetters”
Chronic diseases such as diabetes, autoimmune disorders, and cancer are becoming more common in the US. The growing burden of disease in the United States is driving the need for more sophisticated and effective therapeutics, which is fueling the expansion of the biobetter industry.
Companies are investing in the development of biobetters as a result of the fierce competition in the US market brought on by the expiration of some biologics' patents. Demand is rising as a result of the introduction of biobetters, which are providing patients and healthcare professionals with viable options.
Why does Germany have such a high need for biobetters?
"Availability of State-of-the-Art Medical Facilities and Adequate Reimbursement Guidelines"
Germany has a strong and well-established healthcare system. The nation's dedication to offering cutting-edge medical care fuels demand for biobetters by drawing funding for the creation of novel biopharmaceutical products through research and development.
An environment that is favourable to the development of biobetters is being created by Germany's effective pharmaceutical reimbursement and market access rules. Businesses are encouraged to launch novel treatments, which increases consumer demand for biobetters.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global biobetter market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on drug class (erythropoietin biobetters, G-CSF biobetters, interferon biobetters, insulin biobetters, monoclonal antibodies biobetters, antihemophilic factors, others), disease indication (diabetes, cancer, renal disease, neurodegenerative diseases, genetic disorder-hemophilia, others), route of administration (subcutaneous, intravenous), and distribution channel (hospital pharmacies, retail pharmacies, online pharmacies), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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