Biopharmaceuticals Market to exceed US$ 7,00,873.94 Million by 2028

    Published on 22-Mar-2023
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    Report : Biopharmaceuticals Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Monoclonal Antibodies, Recombinant Vaccines, Conventional Vaccines, Recombinant Growth Factors, Purified Proteins, Recombinant Proteins, Recombinant Hormones, Recombinant Enzymes, Cell & Gene Therapies, Cytokines/Interferon/Interleukins, and Others) and Application (Oncology, Inflammatory & Infectious Disease, Autoimmune Disorders, Metabolic Disorders, Hormonal Disorders & Growth Failure, Cardiovascular Diseases, Neurological Diseases, and Others)

    Potential to Treat Rare Diseases to Drive Global Biopharmaceuticals Market

    According to our new research study on "Biopharmaceuticals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Application, and Geography," the biopharmaceuticals market is expected to grow from US$ 3,29,966.22 million in 2022 to US$ 7,00,873.94 million by 2028; it is estimated to register a CAGR of 13.4% during the forecast period. The rising application of biopharmaceuticals in cancer therapeutics and potential to treat rare diseases are the major factors contributing to the market growth. However, the high cost of manufacturing infrastructure is hindering the biopharmaceuticals market growth.

    According to the National Institute of Health (NIH) report, 30 million Americans, accounting for 10% of the population, have one of the ~7,000 known rare diseases. Developing medicines for treating these rare diseases presents, both, scientific and operational challenges. Complex biology associated with rare diseases presents challenges for scientists to design and implement new drug development programs. However, despite these challenges, biopharmaceutical researchers in the Americas have developed new technologies for treating rare diseases and developing groundbreaking therapies. These advancements include the development of groundbreaking therapies such as hemophilia A, spinal muscular atrophy, juvenile idiopathic arthritis, inherited retinal diseases, and transthyretin amyloid cardiomyopathy by biopharmaceutical researchers. Moreover, in the last decade, 350 orphan drugs have been approved by USFDA, particularly for conditions lacking treatment or having limited treatment options.

    Transthyretin amyloid cardiomyopathy (ATTR-CM) is a life-threatening, progressive cardiovascular rare disease characterized by the abnormal functioning of the heart, causing infiltrative cardiomyopathy. Once diagnosed, the median life expectancy is only ~2.5–3.5 years, if left untreated. In 2019, the FDA approved Tafamidis for reducing cardiovascular mortality and cardiovascular-related hospitalizations among adults suffering from ATTT-CM. Until 2019, there were no recent advancements in treatment modalities and medicines approved for treating ATTR-CM. A long-term study completed in 2021 reveals that patients continuously administering Tafamidis had a median survival of ~5.5 years.

    Further, biopharmaceutical company Ultragenyx Pharmaceutical Inc. is engaged in the safety testing and dosage determination of molecules developed to treat Glycogen Storage Disease (GSD) type 3, a serious rare and ultra-genetic disease. The company initiated the clinical studies of UX053 in December 2021 to launch it as the first potential medicine for treating patients living with GSD3. The UX053 mRNA can deliver large genes to targeted cells for achieving a high uniformity of protein expression.

    Such clinical developments, launches, and approvals are accelerating the global biopharmaceuticals market expansion.

    Amgen Inc., Johnson & Johnson, Thermo Fisher Scientific, Abbvie Inc., Eli Lilly And Company, AGC biologics, Wuxi biologics, Bristol-Myers Squibb Company, Boehringer Ingelheim Ltd., and Lonza are among the leading companies operating in the biopharmaceuticals market.

    Based on product type, the biopharmaceuticals market is segmented into monoclonal antibodies, recombinant vaccines, conventional vaccine, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, recombinant enzymes, cell and gene therapies, cytokines/interferon/interleukins, and others (mRNA-based therapeutics, etc.). The monoclonal antibodies segment held the largest market share in 2022, and it is anticipated to register the highest CAGR during the forecast period. Based on application, the biopharmaceuticals market is segmented into oncology, inflammatory and infectious diseases, autoimmune disorders, metabolic disorders, hormonal disorders and growth failure, cardiovascular diseases, neurological diseases, and others. The oncology segment held the largest share of the market in 2022. However, the inflammatory and infectious diseases segment is expected to register the highest CAGR during the forecast period. By geography, the biopharmaceuticals market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and the Rest of APAC), the Middle East & Africa (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of SCAM).


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