May 21, 2024

Biopharmaceuticals Market Propelled by Advanced Therapies

Biopharmaceuticals are medicinal products manufactured from biological sources using biotechnology methods. They include vaccines, blood components, allergenics, somatic cells, gene therapies, tissues, and recombinant therapeutic proteins. Biopharmaceuticals offer targeted drug delivery and minimal side effects compared to traditional small molecule drugs. The complex manufacturing processes and stringent regulations make biopharmaceuticals costly yet essential for treating chronic diseases like cancer, autoimmune disorders, and genetic conditions.

The global Biopharmaceutical Market is estimated to be valued at US$ 457.63 Bn in 2024 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 key trends:

Advanced therapies like gene and cell therapies are gaining prominence in the biopharmaceutical industry. These therapies involve manufacturing of living cells and tissues to treat various conditions. Gene therapies involve modification of genetic material to cure inherited disorders while cell therapies involve transplantation of healthy cells to replace damaged cells. Dramatic technological advances have enabled manufacturing of genes, cells and tissues at commercial and clinical levels. Advanced therapies hold immense potential to cure rare and complex diseases that currently have no treatment options. Major biopharmaceutical players are actively investing in developing advanced therapy candidates to address high unmet medical needs and gain competitive edge in the industry.

SWOT Analysis

Strength: Biopharmaceuticals have high efficacy and target specificity for diseases. They provide alternatives to small molecule drugs.

Weakness: Biopharmaceuticals have high development costs and complex manufacturing processes. They also face regulatory challenges.

Opportunity: Growing biologics market and pipeline drugs provide major opportunities. The aging population also increases demand for biopharmaceuticals in chronic diseases.

Threats: Biosimilars pose pricing pressures on innovator biologics. Regulatory delays and unpredictability also impact the market.

Key Takeaways

The Global Biopharmaceuticals Market Size is expected to witness high growth. It is projected to reach $457.63 billion by 2024 at a CAGR of 9.4% during the forecast period from 2024 to 2030.

Regional analysis: North America currently dominates the market due to its advanced healthcare infrastructure and high healthcare spending. However, Asia Pacific is expected to grow at the fastest rate due to rising healthcare expenditures, growing generic markets, and increasingoutsourcing of research and manufacturing activities.

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.

1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it