Seattle, July 05, 2022 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, 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% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Biopharmaceutical and Biomedicine Market:
Major players operating in the market are focusing on adopting strategies such as product approvals, which is expected to drive the market growth over the forecast period. For instance, in March 2022, CanSinoBIO, a company developing and manufacturing biological vaccine products, announced that its recombinant novel coronavirus vaccine (Adenovirus Type 5 Vector) (trade name: Convidecia) was approved by the Ministry of Health Malaysia and the Indonesian National Agency of Drug and Food Control as a heterologous booster.
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Key Market Takeaways:
The global biopharmaceutical and biomedicine market is expected to exhibit a CAGR of 9.6% during the forecast period due to increasing prevalence of infections. For instance, according to the World Health Organization Facts Sheet 2022, around 296 million people were living with chronic hepatitis B infection in 2019 globally.
Among product type, biopharmaceutical segment is expected to hold a dominant position over the forecast period, owing to increasing research and development activities by the key players for developing drugs and vaccines. For instance, in February 2021, Sanofi, a multinational healthcare company, and GSK plc., a multinational pharmaceutical company, announced the initiation of a new phase 2 study with 720 volunteers aged 18 and over to select the most appropriate antigen dosage for Phase 3 evaluation of their adjuvanted recombinant protein COVID-19 vaccine candidate
On the basis of applications, therapeutics segment is expected to hold a dominant position over the forecast period, owing to increasing efforts by the key players to increase the production capacity of the drugs and therapies for treating diseases. For instance, on June 9, 2022, Astellas Pharma Inc., a multinational pharmaceutical company, completed the construction of a US$ 100 million gene therapy manufacturing plant located in Sanford, North Carolina. This plant will support clinical- and commercial-scale production of the company’s adeno-associated virus (AAV) vectors for gene therapies.
Competitive Landscape:
Key players operating in the global biopharmaceutical and biomedicine market include 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.
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Market Segmentation:
- Global Biopharmaceutical and Biomedicine Market, By Product Type:
- Biopharmaceutical
- Monoclonal Antibodies
- Vaccines
- Recombinant Human Insulin
- Human Growth Hormone
- Erythropoietin
- Interferon
- Colony Stimulating Factor
- Blood Factors
- Fusion Protein
- Others
- Nanomedicine
- Cell & Gene Therapy
- Bioinformatics
- Molecular Enzymes & Kits
- Biopharmaceutical
- Global Biopharmaceutical and Biomedicine Market, By Application:
- Therapeutics
- Diagnostics
- Research and Development
- Global Biopharmaceutical and Biomedicine Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
