Biopharmaceutical and Biomedicine MarketSize and Trends

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

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.

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

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

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