According to our new research study on “Biopharmaceuticals Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type and Application,” the market is expected to grow from US$ 3,29,966.22 million in 2022 to US$ 7,00,873.94 million by 2028; it is estimated to grow at a CAGR of 13.4% from 2022 to 2028. Factors driving the growth of the market are the rising application of biopharmaceuticals in cancer therapeutics and potential to treat rare diseases.
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Based on product type, the biopharmaceuticals market is segmented into monoclonal antibodies, recombinant vaccines, conventional vaccine, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, recombinant enzymes, cell and gene therapies, cytokines/interferon/interleukins, and others (mRNA-based therapeutics, etc.). The monoclonal antibodies segment held the largest share of the market in 2022 and is anticipated to register a CAGR of 14.1% in the market during the forecast period. The major driving factors for the growth of the monoclonal antibodies segment are the wide usage of monoclonal antibodies for various purposes such as diagnosis, research, and disease treatment. They are also used as probes to identify materials in laboratories or in-home test kits. They treat multiple diseases such as cancer, organ transplant rejection, inflammatory and autoimmune diseases, allergies, infections, COVID-19, osteoporosis, eye disorders, migraines, high cholesterol, and nervous system disorders.
Impact of COVID-19 Pandemic on Biopharmaceuticals Market
The rising number of COVID-19 cases has increased stress on the healthcare system across the globe. During the COVID-19 pandemic, outpatient appointments were mostly avoided as the risk of infection for both the patient and the medical staff running the clinic increased. During the COVID-19 pandemic, biopharmaceutical methods were used to develop personalized medicines for the treatment of COVID-19. Also, the growing demand for gene synthesis during this period due to the rise in demand for rapid treatment for COVID-19 has positively impacted the demand for biopharmaceuticals. The development of mRNA vaccines and subsequent manufacturing at a global scale to respond to the COVID-19 pandemic represented a boost in biologics development. Various companies partnered with Contract Development and Manufacturing Organization (CDMO) to develop and manufacture vaccines in order to curb the effects of COVID-19. In April 2020, AGC Biologics, a global biopharmaceutical CDMO, partnered with AdaptVac to develop and produce a COVID-19 vaccine. AdaptVac, together with its EU Horizon 2020 sponsored PREVENT-nCoV consortium partners, focused on developing a SARS-CoV-2 vaccine. In addition, in August 2020, AGC Biologics expanded its partnership with Novavax, Inc., a late-stage biotechnology company developing next-generation vaccines for serious infectious diseases. The COVID-19 pandemic fundamentally impacted biopharma companies operating in China by putting short-term pressure on budgets, reducing treatments for non-COVID-19 patients, and undermining market fundamentals. However, Covid-19 has also revealed several new focus areas, high expectations for rising investment, and a supportive policy agenda with the economic recovery. Thus, owing to the above factors, the COVID-19 pandemic has had a positive impact on the biopharmaceuticals market.
Amgen Inc., Johnson & Johnson, Thermo Fisher Scientific, Abbvie Inc., Eli Lilly And Company, AGC biologics, Wuxi biologics, Bristol-Myers Squibb Company, Boehringer Ingelheim Ltd., and Lonza are among the leading companies operating in the biopharmaceuticals market.
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