According to IMARC Group latest report titled” Global Biopharmaceutical Market Report and Forecast 2021-2026”, the market reached US$ 232 Billion in 2020. The global Biopharmaceutical Market size is expected to reach a value of US$ 367 Billion by 2026, growing at a CAGR of 7.8% during 2021-2026. Biopharmaceuticals are biologically synthesized substances of high therapeutic value obtained from living organisms, such as microorganisms and animal cells. These large and complex molecular drugs are also known as biologics or biotech drugs. They mainly include monoclonal antibodies, recombinant growth factors, purified proteins, recombinant hormones, vaccines, synthetic immunomodulators, etc., utilized for therapeutic or in vivo diagnostic purposes. Biopharmaceuticals find extensive applications pertaining to autoimmune disorders, inflammatory and infectious diseases, hormonal disorders, cardiovascular ailments, metabolic disorders, neurological diseases, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The expanding geriatric population, along with the rising prevalence of chronic diseases, is primarily driving the biopharmaceutical market across the globe. Moreover, their ability to attack targets beyond the reach of traditional small molecule drugs is further contributing to the adoption of these biologics in the treatment of various life-threatening diseases. Additionally, increasing strategic collaborations among biopharmaceutical companies and rising investments in R&D activities are further bolstering the market growth. Moreover, the ongoing COVID-19 pandemic is leading to the development of vaccines against the SARS-CoV2 virus, some of which consist of advanced DNA, RNA, and protein subunit vaccines. Besides this, the rising need to alleviate the side effects of various small-molecule therapeutics and invasive surgical treatments will continue to drive the market growth over the forecast period. Looking forward, the market is expected to reach a value of US$ 367 Billion by 2026, growing at a CAGR of 7.8% during 2021-2026.
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Competitive Landscape with Key players:
The global biopharmaceutical market is concentrated in nature with the presence of a small number of key players who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Roche
- Amgen
- Novo Nordisk
- AbbVie
- Sanofi SA
- Johnson & Johnson
- Pfizer
- Merck & Co.
- Lilly
- Biogen Idec
Global Biopharmaceutical Market Segmentation:
Our report has categorized the market based on region.
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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