Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "Biopharmaceuticals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Application" report has been added to ResearchAndMarkets.com's offering.
The biopharmaceuticals market is expected to grow from US$ 329,966.22 million in 2022 to US$ 700,873.94 million by 2028; it is expected to grow at a CAGR of 13.4% from 2022 to 2028.
Rising applications in cancer therapeutics and potential to treat rare diseases are a few factors driving the biopharmaceuticals market growth.
North America is likely to continue its dominance in the biopharmaceuticals market during the forecast period. The US held the largest market share in this region in 2022. According to The International Trade Administration report, the US is the largest market for biopharmaceuticals accounting for approximately a third of the global biopharmaceutical market with pioneers in biopharmaceutical R&D.
Also, the economic impact of the biopharmaceutical industry in the US economy is substantial. In 2018, over US$ 17 billion in biopharmaceutical exports were from most foreign-owned firms operating in the US. Moreover, in the same year, these majority foreign-owned firms spent ~US$ 20 billion on R&D.
On the other hand, Asia Pacific is expected to witness lucrative growth over the forecast period. This is due to China's biopharmaceutical industry undergoing a tremendous shift evolving from a generics-focused to a thriving innovation hub. Additionally, promoting industrialization and growing application of novel drugs and high-end medical devices and techniques are a few factors responsible for the growth of the biopharmaceuticals market in China.
For instance, in March 2022, CANbridge Pharmaceuticals Inc., a pioneer China-based biopharmaceutical company, announced that the Taiwan Food and Drug Administration (TFDA) had accepted the New Drug Application/Orphan Drug Registration (NDA/ODR) for "CAN108 [maralixibat oral solution (LIVMARLI TM)]" intended for treating cholestatic pruritus among patients suffering from Alagille syndrome (ALGS) for 1 year of age and older. Such aforementioned factors are responsible for influential growth of biopharmaceuticals market in Asia Pacific during 2022-2028.
Market Opportunity
Accelerated Clinical Trials
Accelerated progress of clinical trials will ultimately result in the development and commercialization of new drugs targeting rare as well as common inherited diseases. Blastic plasmacytoid dendritic cell neoplasm (BPDCN) is an aggressive, acute leukemia that has been historically difficult to diagnose.
Also, the disease is extremely rare - it impacts fewer than 1,000 patients in the US annually. In December 2018, Tagraxofusp became the first therapy approved for treating BPDCN, which then became the standard care method for treating these patients. During clinical trials, more than 90% of the patients who never received any treatment responded to therapy.
Amyotrophic lateral sclerosis (ALS) is a progressive neurodegenerative disease that weakens muscles, impacts physical function, and causes irreversible brain and spinal cord damage. To date, only 2 products are approved for slowing the functional decline associated with ALS. The accelerated clinical trials for developing new products targeting ALS are in progress.
For example, antisense oligonucleotides (ASOs) have been showing promising results in clinical trials involving patients suffering from ALS. Further, different gene therapy approaches, targeting multiple mutations in patients for both sporadic ALS and familial ALS, are also in clinical trials.
Thus, an extensive pipeline of biopharmaceuticals that are in clinical trials is expected to offer lucrative growth opportunities to the biopharmaceuticals market in the coming years.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 346 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $329966.22 million |
| Forecasted Market Value (USD) by 2028 | $700873.94 million |
| Compound Annual Growth Rate | 13.4% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Amgen Inc.
- AbbVie Inc.
- Eli Lilly and Co
- Bristol-Myers Squibb Co
- Johnson & Johnson
- Thermo Fisher Scientific Inc
- AGC Biologics AS
- Lonza Group AG
- WuXi Biologics Inc
- Boehringer Ingelheim International GmbH.
Key Topics Covered:
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Biopharmaceuticals Market - Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Biopharmaceuticals Market - Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Expert's Opinion
5. Biopharmaceuticals Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Application in Cancer Therapeutics
5.1.2 Potential to Treat Rare Diseases
5.2 Market Restraints
5.2.1 High Cost of Manufacturing Infrastructure
5.3 Market Opportunities
5.3.1 Accelerated Clinical Trials
5.4 Future Trends
5.4.1 Contract Manufacturing of Biopharmaceuticals
5.5 Impact Analysis
6. Biopharmaceuticals Market - Global Analysis
6.1 Global Biopharmaceuticals Market Revenue Forecast and Analysis
6.2 Global Biopharmaceuticals Market, by Geography - Forecast and Analysis
6.3 Market Positioning of Key Players
7. Global Biopharmaceuticals Market - Revenue and Forecast to 2028 - by Product Type
7.1 Overview
7.2 Biopharmaceuticals Market Revenue Share, by Product Type 2021 & 2028 (%)
7.3 Monoclonal Antibodies
7.4 Recombinant Vaccines
7.5 Conventional Vaccines
7.6 Recombinant Growth Factors
7.7 Purified Proteins
7.8 Recombinant Proteins
7.9 Recombinant Hormones
7.10 Recombinant Enzymes
7.11 Cell and Gene Therapies
7.12 Cytokines/Interferon/Interleukins
8. Global Biopharmaceuticals Market Analysis and Forecasts to 2028 - by Application
8.1 Overview
8.2 Global Biopharmaceuticals Market, by Application 2021 & 2028 (%)
8.3 Oncology
8.4 Inflammatory and Infectious Diseases
8.5 Autoimmune Disorders
8.6 Metabolic Disorders
8.7 Hormonal Disorders and Growth Failure
8.8 Cardiovascular Diseases
8.9 Neurological Diseases
9. Biopharmaceuticals Market - Revenue and Forecast to 2028 - Geographic Analysis
For more information about this report visit https://www.researchandmarkets.com/r/p8u7l6
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