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Biopharmaceuticals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The biopharmaceuticals market was valued around USD 401. 32 billion in 2021. It is expected to reach USD 534. 19 billion in 2027, recording a CAGR of 7. 32% over the forecast period (2022-2027).
New York, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biopharmaceuticals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06363545/?utm_source=GNW
The COVID-19 pandemic is expected to have a significant impact on the biopharmaceutical industry. Most biopharmaceutical companies are striving extensively for the development of vaccines against the SARS-CoV2 virus. Some of the candidates are traditional-type vaccines such as inactivated and attenuated products. However, most of the vaccine candidates being developed are advanced DNA, RNA, and protein subunit vaccines. This factor is expected to boost the growth of the biopharmaceuticals market over the pandemic. However, the clinical and regulatory procedures for drug candidates for other indications may witness a slow pace due to the shifting priorities of the healthcare system toward reducing COVID-19 infections.
According to Globocan, in 2020, a total of 19,292,789 new cancer cases were diagnosed worldwide, with 9,958,133 deaths due to cancers. Additionally, as per the data from the United Nations World Population Prospects report (2019), by 2050, one in six people in the world may be over 65 years of age, registering an increase from one in 11 in 2019. Also, by 2050, one in four persons living in Europe and North America could be aged 65 years or over. The number of persons aged 80 years or over globally is projected to triple from 143 million in 2019 to 426 million in 2050.
The huge demand for biopharmaceuticals is facilitated by an accelerating focus on R&D-related investments. In 2020, the global spending on R&D reached a record high of ~USD 1.7 trillion, according to the United Nations Educational, Scientific and Cultural Organization (UNESCO) Institute for Statistics.The capability of biopharmaceutical products to address previously untreatable conditions has paved the way for the introduction of innovative drugs in the market. Also, the market demand for biopharmaceuticals is increasing due to the growing need to circumvent the side effects associated with some small-molecule therapeutics and invasive surgical treatments. However, the stringent regulations and the high investments required for the development of biopharmaceutical drugs are the limiting the market studied.
Key Market Trends
Monoclonal Antibodies Expected to Occupy Largest Market Share
The successful use of monoclonal antibodies and antibody derivatives in therapeutics is the primary driver for the rapid growth of the studied segment. The therapeutic applications of monoclonal antibodies include cancer, rheumatoid arthritis, multiple sclerosis, and cardiovascular diseases.
The COVID-19 outbreak has been creating a significant burden on healthcare systems. Researchers across the world are continuously making efforts to cope with this rising burden. Thus, the demand for monoclonal antibodies targeting COVID-19 is likely to reach new heights. For instance, in July 2020, an anti-CD6 IgG1 monoclonal antibody named Itolizumab (ALZUMAb), produced by Biocon Ltd (India), was approved by the Drug Controller General of India (DCGI) for the emergency treatment of cytokine release syndrome in acute respiratory distress syndrome patients also infected with COVID-19.
Additionally, the growing FDA approvals and new product launches for various indications are expected to drive the segment. For instance, in December 2020, the US Food and Drug Administration (FDA) approved MacroGenics’ MARGENZATM for the treatment of patients with pretreated metastatic HER2-positive breast cancer. In August 2020, the FDA approved GlaxoSmithKline’s belantamab mafodotin-blmf (BLENREP) for the treatment of relapsed or refractory multiple myeloma.
Thus, owing to the aforementioned factors, the monoclonal antibodies segment is anticipated to witness significant growth over the forecast period.
North America Expected to Dominate the Market
The growing burden of chronic diseases and increasing investments in research and development activities in the United States are the major factors driving the biopharmaceuticals market in North America. The United States has been recognized as the innovation capital of the world for life sciences. It is involved in global capital investments in the early stages of biopharmaceutical companies.
The surge in the number of COVID-19-related clinical trials is expected to boost the North American biopharmaceuticals market. According to the Pharmaceutical Research and Manufacturers of America, as of January 2021, nearly 1,750 clinical trials were in progress for the development of vaccines and drugs for the treatment of COVID-19, among which 420 clinical trials were based in the United States.
According to Globocan, in 2020, the estimated number of cancer cases in the United States was 2,281,658. There were also 612,390 deaths registered. The high incidence of cancer drives the demand for effective therapeutics and thus, drives the studied market.
In March 2020, Thermo Fisher Scientific Inc. invested nearly USD 475 million to expand its biologics, cell and gene therapy, and drug product development facilities and increase its global commercial capabilities. Similarly, in January 2020, Eli Lilly and Company entered an agreement to acquire Dermira, a biopharmaceutical company. This acquisition helped the expansion of the company’s biopharmaceutical portfolio with the addition of Dermira’s lebrikizumab, an IL-13 antibody that is intended for use in the treatment of moderate-to-severe atopic dermatitis.
Thus, given the aforementioned factors, the studied market is expected to grow significantly in North America over the forecast period.
Competitive Landscape
The biopharmaceuticals market is highly competitive and comprises several major players. However, with technological advancements and product innovations, mid-size and small companies are increasing their market presence. Companies like Amgen Inc., Eli Lily and Company, Johnson and Johnson, Sanofi SA, AstraZeneca PLC, and Pfizer Inc. hold significant shares in the biopharmaceuticals market and are involved in various strategic alliances such as acquisitions and collaborations to expand their product portfolios.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06363545/?utm_source=GNW
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