Biopharmaceutical and Biomedicine Market Contributing Large Share

Biopharmaceutical and Biomedicine Market
Biopharmaceutical and Biomedicine Market


The 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% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Biopharmaceuticals and biomedicine products play an important role in treating various diseases and provide improved quality of life. These products are being used for treatment of cancer, metabolic disorders, cardiovascular diseases, infectious diseases and others. Biopharmaceuticals offer targeted therapy with minimum side effects.

Market key trends:
One of the key trend in the Biopharmaceutical and Biomedicine Market is the increasing R&D investments in cell and gene therapy. Biopharmaceutical companies are investing significantly in development of new cell and gene therapies to treat various genetic and chronic diseases. For instance, Novartis invested around US$ 500 million to establish its cell and gene therapy manufacturing facilities in Stein, Switzerland. Similarly, Gilead Sciences acquired Kite Pharma for US$ 11.9 billion to strengthen its cell therapy portfolio. These heavy investments are expected to drive the growth of cell and gene therapy segment during the forecast period.
Segment Analysis
The global biopharmaceutical and biomedicine market is segmented into monoclonal antibodies, therapeutic proteins and vaccines. The monoclonal antibodies segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is because monoclonal antibodies have emerged as promising and effective treatments for various chronic diseases like cancer and autoimmune disorders.

Key Takeaways
The global biopharmaceutical and biomedicine market is expected to witness high growth, exhibiting CAGR of 9.6% over the forecast period 2022-2030, due to increasing prevalence of chronic diseases worldwide.

The market size is expected to reach US$ 561,375.9 million in 2022.

On the regional front, North America is expected to dominate the global biopharmaceutical and biomedicine market over the forecast period. This is attributed to presence of key players, increasing healthcare expenditure and growing research activities in the region. Europe is also expected to contribute significantly to the market growth.

Key players operating in the biopharmaceutical and biomedicine market are 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. These companies are focusing on new product launches and strategic collaborations to strengthen their market position.

Read More:

https://www.dailyprbulletin.com/the-biopharmaceutical-and-biomedicine-market-promising-future-driven-by-technological-advancements/

 

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