Biopharmaceutical and Biomedicine Market Size and Trends

The Global Biopharmaceutical and Biomedicine Market is estimated to be valued at USD 571.10 Bn in 2024 and is expected to reach USD 1,254.21 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.9% from 2024 to 2031.

Key Takeaways of the Biopharmaceutical and Biomedicine Market:

Based on product type, the biopharmaceuticals segment is expected to contribute the highest share of the market with 40.1% in 2024
Based on application, the therapeutics segment is expected to contribute the highest share of the market with 45.1% in 2024
Based on type, the branded biopharmaceuticals segment is expected to contribute the highest share of the market with 52.3% in 2024
North America is expected to top the market with 38.4% share, followed by Asia Pacific with 28.7% share in 2024

Market Overview:

Advancements in biomedical research have fueled the development of innovative therapeutic drugs and diagnostics. Significant investments by industry players and government organizations in R&D of novel biologics, cell, and gene therapies for the treatment of chronic diseases such as cancer and diabetes are also supporting market growth. The market is witnessing increasing adoption of personalized medicine aided by advancements in precision medicine and availability of patient specific data. Integration of AI and machine learning tools in drug discovery is also emerging as a key trend. Biopharmaceutical companies are exploring opportunities in developing biotherapeutics targeting disorders with high unmet needs.

Biopharmaceutical and Biomedicine Market Concentration By Players

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Key Developments:

On December 7, 2024, Miltenyi Biomedicine, a pharmaceutical company, presented interim findings from the DALY II USA trial evaluating zamtocabtagene autoleucel (zamto-cel) in patients with third-line, relapsed/refractory diffuse large B-cell lymphoma (R/R DLBCL). The analysis showed a favorable safety profile and promising overall response rate (ORR) and complete response rate (CRR).
In September 2023, the U.S. Department of Health and Human Services (HHS) extended its partnership with Regeneron under Project NextGen to develop next-generation monoclonal antibodies for COVID-19 prevention. The US$ 326 million contract modification supports advanced development to enhance preparedness for future variants while aiming to lower drug costs for Americans.
In April 2023, GSK, a biopharma company, announced its acquisition of BELLUS Health, a Canada-based biopharmaceutical company, for US$ 2 billion to gain camlipixant, a late-stage drug for refractory chronic cough (RCC). RCC affects millions globally, with no current treatments in the U.S. or EU. Camlipixant, in phase III trials, is expected to launch in 2026, strengthening GSK’s respiratory medicine pipeline.
In March 2021, Ipsen Biopharmaceuticals Canada Inc. announced the availability of INCRELEX (mecasermin), the first recombinant human IGF-1 therapy approved in Canada for treating severe primary insulin-like growth factor-1 deficiency (SPIGFD) in children aged 2–18. Approved by Health Canada in December 2020, INCRELEX addresses an ultra-rare growth condition affecting fewer than 5 in 10,000 globally.

Top Strategies Followed by Global Biopharmaceutical and Biomedicine Market Players

Established Players: Leading companies in the global biopharmaceutical and biomedicine market continue to focus extensively on research and development to drive innovation. They invest heavily in R&D to develop high-performing products including advanced therapeutics and medical technologies.
- For instance, Johnson & Johnson allocates over US$ 11 billion annually towards R&D with the aim of discovering groundbreaking treatment options. Likewise, Roche invested US$ 11.7 billion in 2020 on R&D activities focused on areas like oncology, immunology, and neuroscience. These extensive investments enable major players to remain at the forefront of the industry with a strong pipeline of novel drugs and technologies.
Mid-Level Players: Mid-sized companies in the market employ strategies centered around delivering quality and affordable product offerings. They target price-sensitive customer segments seeking cost-effective alternatives.
- For example, Novartis China focuses on introducing generic and biosimilar drugs at lower price points compared to branded products. Similarly, India-based, Cipla, provides affordable anti-retroviral and respiratory drugs to developing global markets. Such cost-leadership enables mid-tier players to expand their customer base and volume sales.

Emerging Startups - Global Biopharmaceutical and Biomedicine Market Industry Ecosystem

Innovative Technologies: Several startups are developing cutting-edge technologies with potential to significantly impact the industry. Companies like Anthropic are focused on using AI for drug discovery processes to reduce costs and timelines. Startups like Tempus are developing advanced technologies, including AI-driven analytics for personalized medicine. Their platform analyzes clinical and molecular data to provide insights that can significantly impact treatment decisions and patient outcomes
Sustainable Solutions: Emerging startups are focusing on sustainability. For instance, a company named Genomatica is working on eco-friendly bioprocesses to produce biopharmaceuticals, utilizing renewable feedstocks to reduce environmental impact. Startups are addressing unique market needs by offering specialized services. For example, a startup called EQRx is focused on providing affordable versions of high-cost medications, collaborating with healthcare providers to improve access for underserved populations