The global Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 20025.57 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The biopharmaceutical and biomedicine market comprises of products such as biologics, biosimilars, cell and gene therapies, digital biomarkers and digital therapeutics, and nanomedicine. These advanced medical products help in the treatment and diagnosis of various diseases including cancer, cardiovascular diseases, neurological disorders, infectious diseases and many more. The products also enable precision medicine by helping researchers and doctors monitor disease progression and develop personalized treatment plans.
Market key trends:
The advancement in artificial intelligence (AI) is one of the major trends witnessed in the global biopharmaceutical and biomedicine market. AI enhances drug discovery, clinical trials processes by analyzing massive amounts of data and identifying new patterns. Companies are increasingly investing in AI to expedite drug development by reducing costs and time from discovery to clinical approval. AI algorithms also play a vital role in precision medicine by assisting doctors in disease diagnosis and treatment selection based on a patient’s molecular profile.
The biopharmaceutical and biomedicine market is segmented as biologics, biosimilars and advanced therapies. Biologics dominate the market with a share of over 60% in 2023. Biologics are preferred over small-molecule drugs due to their high efficacy and target specificity for treating chronic diseases like cancer, diabetes and autoimmune disorders. Within biologics, monoclonal antibodies form the largest sub-segment owing to their success in treating various cancers and inflammatory conditions.
The global Biopharmaceutical and Biomedicine Market Growth is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period, due to increasing prevalence of chronic diseases.
North America dominated the global market in 2023 with a share of over 40%, owing to presence of major players and continuous innovation. However, Asia Pacific is expected to grow at the fastest pace during the forecast period, due to growing healthcare expenditure, rapid economic growth and increasing adoption of novel therapies across major Asian countries like China and India.
Key players operating in the biopharmaceutical and biomedicine market are Amgen Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., Pfizer Inc., Sanofi, Eli Lilly and Company, AbbVie Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, NanoString, QIAGEN, Affimed GmbH, GSK plc., Merck KgaA, and Teva Pharmaceutical Industries Ltd. These players accounted for over 45% of the market share in 2023.