BIOPHARMACEUTICAL AND BIOMEDICINE MARKET ANALYSIS

Biopharmaceuticals are drugs that are partially or fully manufactured, or extracted from biological sources such as proteins, viruses, and cells. Biopharmaceuticals contain variety of products such as monoclonal antibodies, vaccines, recombinant human insulin, human growth hormone, erythropoietin, interferon, colony stimulating factor, and blood factors. Different from traditional drugs synthesized from chemical processes, majority of biopharmaceutical products are derived from biological processes such as recombinant deoxyribonucleic acid (DNA) technologies

Global biopharmaceutical and biomedicine market is estimated to be valued at US$ 561,375.9 million in 2022 and is expected to exhibit a CAGR of 9.6% during the forecast period (2022-2030).

Figure 1.Global Biopharmaceutical and Biomedicine Market Share (%), by Application, 2022

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Increasing biopharmaceuticals and biomedicines product launch and approvals are expected to drive growth of the biopharmaceutical and biomedicine market

Increasing product launch and approvals by regulatory authorities to key players in market are expected to drive market growth over the forecast period. For instance, in May 2022, Biocon Biologics, a subsidiary of Biocon, and Viatris Inc., a global healthcare company, announced the launch of Abevmy, a recombinant humanized monoclonal antibody that selectively binds to human vascular endothelial growth factor (VEGF) and neutralizes its biologic activity. Abevmy inhibits the formation of tumor vasculature, thereby inhibiting tumor growth. Abevmy is a biosimilar co-developed by Biocon Biologics and Viatris Inc.

Figure 2.Global Biopharmaceutical and Biomedicine Market Share (%), by Region, 2022

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Increasing research and development activities and robust pipeline of biopharmaceuticals and biomedicines are expected to drive market growth during the forecast period.

Increasing research and development activities by key players in the market for developing recombinant vaccines is expected to drive market growth over the forecast period. For instance, on June 14, 2022, Genexine, Inc., a clinical-stage biotechnology company focused on the development and commercialization of immunotherapeutics and next-generation long-acting biologics, announced that its partner, I-MAB Biopharma Co., Ltd., an innovation-driven global biopharma company ,recently completed patient enrollment in a phase 3 clinical trial of its proprietary long-acting growth hormone, eftansomatropin alfa, also known as GX-H9/TJ101, in China

Global Biopharmaceutical and Biomedicine Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, UAE, Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another.

However, the COVID-19 pandemic had a positive impact on the global biopharmaceutical and biomedicine market, owing to increased research and development activities by the key players for developing vaccines for the COVID-19 infection. The key players in market were focused on developing and receiving approvals for vaccines to treat COVID-19 infection. For instance, on June 5, 2022, the Drugs Controller General of India gave approval to Biological E Limited., an India-based biotechnology and biopharmaceutical company, for the Corbevax vaccine to be administered as a booster shot to individuals aged 18 years and above, six months after they have already received two doses of either Serum Institute’s Covishield or Bharat Biotech’s Covaxin. Corbevax is a recombinant protein sub-unit vaccine developed against COVID-19 infection.

Global Biopharmaceutical and Biomedicine Market: Key Developments

In June 13, 2022, Innovent Biologics, Inc., a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of oncology, autoimmune, metabolic, ophthalmology and other major diseases, and PT Etana Biotechnologies Indonesia, an Indonesia-based biotechnology company, jointly announced that the Indonesian Food and Drugs Authority (Badan Pengawas Obat dan Makanan) had approved Bevagen (bevacizumab biosimilar), a recombinant humanized anti- vascular endothelial growth factor (anti-VEGF) monoclonal antibody drug, for five indications including metastatic colorectal cancer (mCRC), locally recurrent or metastatic triple negative breast cancer (mTNBC), advanced, metastatic, or recurrent non-small cell lung cancer(NSCLC), epithelial ovarian, fallopian tube, and primary peritoneal cancer (OC), and cervical cancer(CC).

In May 2022, JSR Life Sciences, a company offering research products and services for outsourced drug discovery and development, announced the launch of a new business division, Similis Bio, which would function as a partnering division to work with biopharmaceutical companies to improve efficiency and reduce costs related to biosimilar development.

Global Biopharmaceutical and Biomedicine Market: Restraint

The major factors that hinder growth of the global biopharmaceutical and biomedicine market include high cost of biopharmaceutical and biomedicine products. Costs of biopharmaceutical and biomedicine products are quite high as these need research and development process, and their manufacturing is a very complex process, which needs highly skilled scientists. Such expensive biopharmaceutical products are not affordable to organizations in emerging economies such as India, China, etc. High cost of biopharmaceutical and biomedicine products is a major factor hindering its adoption. For instance, in India a vial of Avastin, a monoclonal antibody, costs between US$ 372.65 to US$ 402.46. High cost medicine is not affordable to everyone, hence, it is a major restraining factor for market growth.

Key Players

Major players operating in the global biopharmaceutical and biomedicine market include 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.