The biopharmaceuticals market size is expected to advance at a CAGR of 7.1% during 2021–2030, to reach $720.8 billion by 2030.
This is ascribed to the rising incidence of severe diseases, including cancer, diabetes, and vascular diseases, globally. Additionally, there would be a healthy demand for biological pharmaceutical products due to the growing elderly population, which suffers from a range of chronic and acute diseases.
Other key factors propelling the market are the growing investments in biopharmaceutical products, increasing number of product approvals, and widening acceptance of these products, especially for rare diseases.
Cell and gene therapies is expected to be the fastest-growing category, registering a CAGR of around 8.9%, over the forecast period.
There have been many advancements in this field, representing cutting-edge research, which are being employed in clinical trials across a range of therapeutic areas, including cell and gene therapies and targeted therapies, such as precision medicine. Moreover, the government support for clinical trials and fast drug candidate approvals are expected to improve the biopharmaceuticals market outlook by boosting the shift in the focus of bio-based pharma companies toward cell and gene therapies.
Developed countries, such as the U.S., Canada, Australia, and the U.K., spend a large portion of their GDP on healthcare. In these economies, the cost of and demand for healthcare are growing rapidly; thus researchers are extracting cells, proteins, and genetic material (DNA) from patients (or donors) and altering them to provide a highly personalized therapy. In recent years, the U.S., the U.K., and other advanced European economies have pursued advancements in and rise in the sale of biologics to reduce the cost of therapeutics and improve health services. Moreover, China, Japan, and India are significant countries extracting cells, proteins, and DNA from patients and donors and altering them to provide a highly personalized therapy.
The oncology category is expected to be largest in the therapeutic application segment, with a share of around 20%, in 2030.
Over the recent years, biopharmaceuticals have been dominant in cancer trials, compared to trials for non-cancer conditions. Biopharma firms have been investing billions in the development of new therapies and working with academic medical research centers, nonprofit organizations, and patient advocacy groups on cancer research, due to the widespread incidence of this disease.
Furthermore, pharmaceutical and biotech firms are investing intensively in oncology research and pursuing completely new approaches, such as bi- and multi-specific antibodies, glycomodified antibodies, antibody–drug conjugates (ADCs), mRNA- and DNA-based approaches, oncolytic viruses, and cell therapies. Hence, the rising number of cancer cases and increasing number of approvals help the overall market grow.
The most-significant biopharmaceuticals market players are AbbVie Inc., Sanofi, Eli Lilly and Company, Pfizer Inc., Abbott Laboratories, AstraZeneca PLC, Novartis AG, Biogen Idec Inc., Bristol-Myers Squibb Company, and Glaxo Smith Kline PLC.