BIOPHARMACEUTICALS MARKET ANALYSIS

Biopharmaceuticals MarketSize and Trends

The global biopharmaceuticals market was valued at US$ 371.26 Bn in 2022 and is forecast to reach a value of US$ 654.76 Bn by 2030 at a CAGR of 7.4% between 2023 and 2030. The global biopharmaceuticals market is experiencing strong growth owing to the growing burden of chronic, infectious, and neurological diseases and growing geriatric population worldwide. Moreover, the outbreak of COVID-19 (pandemic) and increase in research and development (R&D) is expected to boost the growth of the market. However, factors such as high-end manufacturing requirements and stringent rules/regulations are expected to hamper the market growth.

Global Biopharmaceuticals Market Trends:

Acceptance of biopharmaceuticals is a recent trend

Biopharmaceuticals offer several benefits, fewer side effects, and the potential to cure the diseases instead of merely treat the symptom. Thus, the inclination towards biosimilars is slowly increasing. Moreover, the demand for biopharmaceuticals is increasing across the globe due to their low cost compared to biologic products. EMA has approved 86 biosimilar medicines since 2006. While, the US FDA has approved 33 biosimilars, 21 of which are commercially available in the market. This trend is expected to continue over the forecast period.

Rise in awareness among people is another trend

Biopharmaceuticals are the most sophisticated and elegant achievements of modern science. There is a need to educate both physicians and patients about the benefits of biopharmaceuticals as there is a lack of knowledge and awareness about biosimilars among patients. Many patients worldwide have never heard of biosimilars, and thus, there is a need to improve knowledge and awareness of biopharmaceuticals as well as the benefits of biosimilars. This trend is also expected to continue over the forecast period, driving the market growth.