Global Biopharmaceutical and Biomedicine Market, by Product Type (Biopharmaceutical (Monoclonal Antibodies, Vaccines, Recombinant Human Insulin, Human Growth Hormone, Erythropoietin, Interferon, Colony Stimulating Factor, Blood Factors, Fusion Protein, and Others), Nanomedicine, Cell & Gene Therapy, Bioinformatics, and Molecular Enzymes & Kits), by Application (Therapeutics, Diagnostics, and Research and Development), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of inorganic strategies such as partnerships and agreements by the key players in the market is expected to drive the market growth over the forecast period. For instance, in May 2022, Be Biopharma, a company developing a proprietary class of engineered B cells, and Resilience, a technology company dedicated to broadening access to complex medicines and to protecting biopharmaceutical supply chains against disruption, signed a strategic partnership to manufacture engineered B cells, a new class of cellular therapies, for rare diseases.
Global Biopharmaceutical and Biomedicine Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on the biopharmaceutical and biomedicine market, owing to the increasing efforts by the key players in the market to develop vaccines for COVID-19 infection. For instance, in September 2021, Sputnik Light, also known as Gam-COVD-Vac, a recombinant human adenovirus serotype number 26 (rAd26) vaccine, developed by the Gamaleya Research Institute of Epidemiology and Microbiology, Russia, received permission from the Drug Controller General of India for conducting Phase 3 trials of the vaccine in India.
Thus, increasing efforts by the key players to develop vaccines and carry research and development activities for COVID-19 infection is expected to drive the market growth over the forecast period.
Global Biopharmaceutical and Biomedicine Market: Key Developments
In February 2022, Dr. Reddy’s Laboratories Ltd., a multinational pharmaceutical company, announced that Sputnik Light Russian vaccine, developed by the Gamaleya Research Institute of Epidemiology and Microbiology, Russia, was approved by the Drugs Controller General of India (DCGI), as part of India’s national inoculation effort against COVID-19.
In January 2022, International AIDS Vaccine Initiative (IAVI), a nonprofit scientific research organization, and AIDS Moderna, Inc., a pharmaceutical and biotechnology company, announced that the first dose in a clinical trial of experimental HIV vaccine antigens have been administered at George Washington University (GWU) School of Medicine and Health Sciences in Washington, D.C. The Phase I trial, IAVI G002, is designed to test the hypothesis that sequential administration of priming and boosting HIV immunogens delivered by messenger RNA (mRNA) can induce specific classes of B-cell responses and guide their early maturation toward broadly neutralizing antibody (bnAb) development.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Biopharmaceutical and Biomedicine Market”- Forecast to 2030, Global Biopharmaceutical and Biomedicine Market, by Product Type (Biopharmaceutical (Monoclonal Antibodies, Vaccines, Recombinant Human Insulin, Human Growth Hormone, Erythropoietin, Interferon, Colony Stimulating Factor, Blood Factors, Fusion Protein, and Others), Nanomedicine, Cell & Gene Therapy, Bioinformatics, and Molecular Enzymes & Kits), by Application (Therapeutics, Diagnostics, and Research and Development), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the Global Biopharmaceutical and Biomedicine Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/bio-pharmaceuticals-and-biomedicine-market-18
Moreover, increasing prevalence of infectious diseases is expected to drive the market growth over the forecast period. For instance, according to the World Health Organization facts sheet published on April 2022, there were 241 million cases of malaria in 2020 compared to 227 million cases in 2019, worldwide.
Key Takeaways of the Global Biopharmaceutical and Biomedicine Market:
- The global biopharmaceutical and biomedicine market is expected to exhibit a CAGR of 9.6% during the forecast period due to the increasing adoption of strategies such as collaborations and partnerships by the key players for carrying out research activities on recombinant vaccines. For instance, in May 2022, Osivax, a biopharmaceutical company developing vaccines to provide broad-spectrum protection against highly mutating infectious viruses and diseases, announced that it had entered into a research collaboration with the National Institute of Allergy and Infectious Diseases (NIAID), a part of the National Institutes of Health (NIH) to conduct a preclinical evaluation combining Osivax’ T-cell based influenza candidate, OVX836.
- Among applications, therapeutics segment is estimated to hold a dominant position in the global biopharmaceutical and biomedicine market over the forecast period, owing to the increased product launch and approvals by the regulatory bodies to the key players. For instance, in March 2021, Celgene Corporation, a subsidiary of Bristol Myers Squibb, received the U.S. Food and Drug Administration approval for Abecma (idecabtagene vicleucel), a cell-based gene therapy to treat adult patients with multiple myeloma who have not responded to, or whose disease has returned after. Abecma is the first cell-based gene therapy approved by the U.S. FDA for the treatment of multiple myeloma.
- On the basis of regions, North America is estimated to account for the largest market share in the global biopharmaceutical and biomedicine market over the forecast period, owing to increasing launch of programs aimed to educate and increase awareness amongst people to combat against deadly infectious diseases such as influenza. For instance, in March 2022, Novavax, Inc., a biotechnology company dedicated to developing and commercializing next-generation vaccines for serious infectious diseases, announced the launch of its global unbranded 'We Do Vaccines' and 'Know Our Vax' programs, which is an educational effort aimed to help to protect the health of people, in the fight against COVID-19 and other deadly infectious diseases such as influenza.
- 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.
