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| Biopharmaceutical and Biomedicine Market |
The Biopharmaceutical and Biomedicine Market is estimated to be valued at US$ 20025.57 Bn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The biopharmaceutical and biomedicine market comprises biopharmaceutical drugs
and biomedicines developed through biotechnology processes and methods to cure,
treat or prevent medical issues including diseases, injuries or genetic
disorders. Biopharmaceutical drugs and biomedicines are increasingly being used
as alternatives to conventional chemical and small molecule based drugs owing
to their higher target specificity and fewer side-effects.
Market Overview:
The biopharmaceutical and biomedicine market includes products like vaccines,
blood components, gene therapies, tissue-engineered medical products, and other
medically relevant products that are derived from living or dead biological
sources. Biopharmaceuticals and biomedicines have revolutionized treatment of
chronic diseases like cancer, diabetes, cardiovascular diseases etc. owing to
their specificity, precision and ability to target the disease pathology with
minimal side-effects.
Market key trends:
One of the key trends driving growth of the biopharmaceutical and biomedicine
market is the rising demand for personalized and precision medicine.
Traditional "one-size-fits-all" approaches to treatment are being
replaced through personalized medicine that takes into consideration individual
patient genotypes, phenotypes and biomarkers. This tailor-made treatment allows
for higher efficacy and better outcomes. Biopharmaceuticals especially
monoclonal antibody therapies are at the forefront of the growing personalized
medicine market owing to their ability to treat human diseases based on
molecular signatures.
Porter’s Analysis
Threat of new entrants: High capital requirement and stringent regulation from
regulatory bodies like FDA acts as a entry barrier for new players.
Bargaining power of buyers: Large players like hospitals system have
significant bargaining power over price of biopharma products.
Bargaining power of suppliers: Suppliers are concentrated for raw materials
like cell culture media, chromatography columns limiting their bargaining
power.
Threat of new substitutes: Though new substitute are emerging but challenges of
ensuring safety, specificity and efficacy maintains the advantage for existing
therapies.
Competitive rivalry: Intense competition exist among players focusing on
innovation to gain advantage through developing novel drugs and therapeutics.
SWOT Analysis
Strength: Dominating position of leading players, strong R&D capabilities,
drug pipelines and patent protection provide competitive edge.
Weakness: High R&D costs, stringent regulatory processes and delays to
approvals impact profitability. Risk of failures during clinical trials limits
success rates.
Opportunity: Growth in emerging markets, increasing lifestyle diseases and
aging population present opportunities. Partnership with regional players aid
market access.
Threats: Price control measures by governments, lack of infrastructure in
emerging nations pose threats. Drug development faces inherent uncertainty and
risk of obsolescence.
Key Takeaways
The global Biopharmaceutical
and Biomedicine Market Growth is expected to witness high growth,
exhibiting CAGR of 9.6% over the
forecast period, due to increasing prevalence of chronic diseases. North
America dominated the market owing to growing awareness, high healthcare
expenditure and presence of major companies in the US. Europe occupies the
second largest share due increasing R&D investments and supportive
regulations.
Regional analysis: Asia Pacific is the fastest growing region in the
Biopharmaceutical and Biomedicine Market due to rising healthcare infrastructure,
growing middle class with access to insurance, and increasing outsourcing of
clinical trials to the region by leading players. China and India offer
lucrative opportunities with presence of contract manufacturing organizations.
Key players related content: 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.
Major players are focusing on partnerships and acquisitions for expansion in
emerging markets.
Read More,
https://www.newsstatix.com/biopharmaceutical-and-biomedicine-market-trends-size-and-share-analysis/
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