Global Bio-Pharma Market is valued at USD 274.10 Billion in 2020 and is expected to reach USD 703.28 Billion by 2027 with a CAGR of 12.5% over the forecast period.
Global Bio-Pharma Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- The increasing burden of chronic diseases, growing investment in research and development, and rising number of innovations are contributing to the growth of the Global Bio-Pharma Market.
Biopharmaceuticals, also known as bio-pharma, are the intersection of biotechnology and pharmaceutical production. Biopharmaceuticals are medicines produced in a laboratory that are structurally similar to compounds found in nature. The application of living organisms or extractions, by-products, or components of living organisms to prevent, relieve, or treat diseases comes under the bio-pharma. Biopharmaceuticals are revolutionizing medicine and saving the lives of thousands of people. Biopharmaceutical is helping patients with cancer, diabetes, cardiovascular disease, immune disorders, and other illnesses, as they offer targeted treatment with fewer side effects. Biopharmaceuticals are used to make vaccines, blood and blood components, allergenic for allergy treatment, body cells and tissues, living cells for cell therapies, gene therapies, and recombinant therapeutic proteins.
During Covid-19, economies around the world are suffering, businesses are experiencing losses, workers lost their job, and many people are facing the complete upheaval of lifestyle. The COVID-19 outbreak has put a significant burden on healthcare systems. However, biopharmaceutical companies taking center stage in the Covid-19 fight. Almost all of the region's biopharmaceutical companies have been working on developing effective COVID-19 treatments which has shown a positive impact on the growth of Bio-pharma market.
The regions covered in this Global Bio-Pharma Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of global Bio-Pharma is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Major players in the global Bio-Pharma market are AbbVie Inc., Amgen Inc., AstraZeneca PLC, Bayer, Bristol-Myers Squibb, Eli Lilly and Company, Johnson and Johnson, Merck & Co. Inc., Novo Nordisk, Pfizer, GlaxoSmithKline PLC, Sanofi S.A., and Takeda Pharmaceuticals and others.
The global Bio-Pharma Market is segmented into product, application, and regional & country analysis. On the basis of product, the market is segmented into insulin, interferon, monoclonal antibody, growth and coagulation factor, vaccine, hormone, Erythropoietin, and others. On the basis of application, the market is segmented into infectious disease, a blood disorder, metabolic disease, cardiovascular disease, oncology, neurological disease, immunology, and others.
On May 24th, 2021; Xeris Pharmaceuticals, Inc., a pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use injectable drug formulations, and Strongbridge Biopharma plc, a global commercial-stage biopharmaceutical company focused on the development and commercialization of medicines for rare diseases have entered into a definitive agreement under which Xeris will acquire Strongbridge for stock and contingent value rights. Based on the closing price of Xeris common stock of $3.47 on May 21st, 2021, and Strongbridge's fully diluted share capital, the agreement values Strongbridge at approximately $267 million, including the maximum aggregate amount payable under the CVRs. This is an extremely compelling transaction that will result in the formation of a scalable and diversified biopharmaceutical firm that will be more focused on specialty and rare disease therapies, preparing them for long-term product development and commercial success.
The market is largely driven by the increasing number of chronic diseases, and increasing innovation and new product launch in this market. According to the WHO, Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020 and diabetes was the direct cause of 1.5 million deaths in 2020. In addition, increasing FDA approvals for biopharmaceutical drugs is also one of the major factors fostering the growth of the biopharma market. For instance; in April 2021, U.S. Food and Drug Administration approved Farxiga (dapagliflozin) oral tablets to reduce the risk of kidney function decline, kidney failure, cardiovascular death, and heart failure in adults with chronic kidney disease. In May 2021, FDA approved J & J drug-Rybrevant, which is the first for lung cancer with a particular genetic mutation. Due to these driving factors, the Bio-Pharma market is currently growing tremendously.
However, the development of biopharmaceutical drugs requires high investment which may hamper the market growth. In spite of that, demand for biopharmaceuticals is rising owing to their potential to cure diseases rather than merely treat symptoms. This can offer more opportunities for the further growth of the global bio-pharma market.
North America is expected to dominate the global bio-pharma market owing to the growing number of chronic diseases and increasing innovation and investment in research and development in this region. According to the International Journal of Environmental Research and Public Health 2018, chronic diseases are one of the most common and expensive health problems in the United States. Nearly half of all Americans (about 45 %, or 133 million) have at least one chronic disease, and the number is rising. Increasing innovation and investment in R & D is also supplementing the growth of the biopharmaceuticals market in this region.
The Asia Pacific is anticipated to witness the fastest growth in the global bio-pharma market due to the rising prevalence of chronic diseases, increasing government support, rising investment in research and development in this region. Japan Agency for Medical Research and Development AMED is funding a number of research and development programs aimed at diagnosing, treating, and preventing the new coronavirus disease. According to Invest India 2021, India is one of the top 12 destinations for biotechnology in the world with a 3% stake in the global biotechnology sector. India is also a major player in the global vaccine business, being the world's leading supplier of DPT, BCG, measles vaccines, and covid-19 vaccine and a major contributor of 70% of WHO vaccinations. Due to these factors, the bio-pharma market is growing in Asia tremendously.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2027|
|Market Size in 2020:||USD 274.10 Billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 703.28 Billion|
|Tables, Charts & Figures:||175|
|BioPharma Companies||AbbVie Inc., Amgen Inc., AstraZeneca PLC, Bayer, Bristol-Myers Squibb, Eli Lilly and Company, Johnson and Johnson, Merck & Co. Inc., Novo Nordisk, Pfizer, GlaxoSmithKline PLC, Sanofi S.A., and Takeda Pharmaceuticals and others|
|Segments Covered||By Product, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
The Middle East and Africa