North America Biopharmaceuticals Market Trends, Size, Segment and Growth by Forecast to 2030

At 13.1% CAGR, the North America Biopharmaceuticals Market is projected to be worth US$ 315.74 billion by 2028, says Business Market Insights

According to Business Market Insights research, the North America biopharmaceuticals market was valued at US$ 151.22 billion in 2022 and is expected to reach US$ 315.74 billion by 2028, registering a CAGR of 13.1% from 2022 to 2028. Rising application in cancer therapeutics and potential to treat rare diseases are the critical factors attributed to the North America biopharmaceuticals market expansion.

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According to the National Cancer Institute report, cancer is among the leading cause of death globally. For instance, in 2018, there were 18.1 million new cancer cases and 9.5 million cancer-related deaths worldwide. By 2040, the new cancer cases are expected to rise to 29.5 million, with cancer-related deaths to 16.4 million. The US Department of Health and Human Services report states that the rate of new lung and bronchus cancer cases is 52.0 per 100,000 men and women annually. The estimated number of new lung and bronchus cancer cases was 236,740 in 2022, i.e., 12.3% of all new cancer cases. Biopharmaceuticals present new hopes for gaining control over such a high incidence of cancer. Based on the understanding of underlying biological mechanisms and the role of patients’ immune systems in fighting cancer, biopharmaceuticals researchers are producing new medicines responsible for treating cancers. These range from CAR-T cell therapy to immune checkpoint inhibitors and personalized medicines, targeting the genetic flaws translating into a specific cancer condition. A report by the Pharmaceutical Research and Manufacturers of America (PhRMA) reveals that six CAR-T therapies have been approved by the US Food and Drug Administration (FDA) for treating a wide range of cancer types, including pediatric cancer cases. Additionally, the PhRMA report reveals that other therapeutic approaches, such as mRNA with the potential to transform a wide range of cancers, have gained approvals.For instance, in February 2023, mRNA-4157/V940, an investigational personalized mRNA cancer vaccine by Moderna, Inc. and Merck was recognized as a breakthrough therapy, in combination with KEYTRUDA, by the USFDA. Further, more than 1,300 medicines and vaccines for treating various cancers are currently in clinical trials or are awaiting FDA approval. These involve immunotherapies (monoclonal antibodies and CAR-T), gene editing for target cancer, oncolytic viral therapies, and antibody–drug conjugates (ADCs) targeting specific cancer cells without harming normal cells. Thus, the rising incidence of cancers globally results in the demand for safe, effective, and efficient diagnostic systems, such as biopharmaceuticals. 

North America Biopharmaceuticals Market Overview

The North America biopharmaceuticals market is segmented into the US, Canada, and Mexico. The market growth in this region is attributed to the increasing incidence of cancer, growing product introduction in the region, and technological advancements in biopharmaceuticals. The biopharmaceuticals industry is at a pivotal stage in medical research with tremendous potential to further revolutionize the treatment of costly and debilitating diseases such as Alzheimer’s, cancer, heart disease, and hepatitis C. The rising burden of chronic diseases and increased investment in research and development activities in the US are driving the market in the region. The biopharmaceuticals industry makes important contributions to the US economy. The US leads the world in most R&D investment and innovation indices. As of 2020, biopharmaceutical companies in the United States have more than 3,400 drugs in clinical development, accounting for almost half of the estimated 8,000 drugs worldwide (of which 1,100 are being developed to treat various types of cancer). The biopharmaceuticals industry makes important contributions to the US economy by creating direct economic activities and supporting indirect activities. Pharmaceutical and medical manufacturing accounted for 0.95% of private sector value added in 2018. Biotech R&D facilities accounted for another 0.23%. Data from the Centers for Disease Control and Prevention (CDC), updated in July 2022, shows that coronary artery disease is the most common form of heart disease. Approximately 20.1 million adults aged 20 and older in the United States suffer from this condition. According to CDC data, someone suffers a heart attack every 40 seconds, and nearly 805,000 people in the US suffer a heart attack annually. All these factors are expected to boost the North America biopharmaceuticals market growth significantly during the forecast period.

North America Biopharmaceuticals Strategic Insights

Strategic insights for the North America Biopharmaceuticals provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Biopharmaceuticals Report Scope

North America Biopharmaceuticals Regional Insights

The geographic scope of the North America Biopharmaceuticals refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

North America Biopharmaceuticals Market Segmentation

The North America biopharmaceuticals market is segmented into product type, application, and country.

Based on product type, the North America biopharmaceuticals market is segmented into monoclonal antibodies, recombinant vaccines, conventional vaccines, recombinant growth factors, purified proteins, recombinant proteins, recombinant hormones, recombinant enzymes, cell & gene therapies, cytokines/interferon/interleukins, and others. In 2022, the monoclonal antibodies segment held the largest share of the North America biopharmaceuticals market.

The recombinant vaccines segment is further segmented into cancer vaccine, malaria vaccine, Ebola vaccine, hepatitis-B vaccine, tetanus vaccine, diphtheria vaccine, cholera vaccine, and others. The conventional vaccines segment is further segmented into polio vaccine, pox vaccine, and others. The recombinant growth factors segment is further segmented into erythropoietin and granulocyte colony stimulating factor. The purified proteins segment is further segmented into leukemia inhibitory factor (LIF), P53 protein, P38 protein, and others. The recombinant proteins segment is further segmented into serum albumin, amyloid protein, defensin, and transferrin. The recombinant hormones segment is further segmented into recombinant human growth hormones, recombinant insulin, and other recombinant hormones. The recombinant enzymes segment is further segmented into enterokinase, cyclase, caspase, and cathepsin. The cell & gene therapies segment is further segmented into allogenic products, autologous products, and acellular products.

Based on application, the North America biopharmaceuticals market is segmented into oncology, inflammatory & infectious disease, autoimmune disorders, metabolic disorders, hormonal disorders & growth failure, cardiovascular diseases, neurological diseases, and others. In 2022, the oncology segment held the largest share of the North America biopharmaceuticals market.

Based on country, the North America biopharmaceuticals market is segmented into the US, Canada, and Mexico. In 2022, the US accounted for the largest share of the North America biopharmaceuticals market.

AbbVie Inc, AGC Biologics AS, Amgen Inc, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Co, Eli Lilly and Co, Johnson & Johnson, Lonza Group AG, Thermo Fisher Scientific Inc, and WuXi Biologics Inc are the leading companies operating in the North America biopharmaceuticals market.

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Akshay
Senior Market Research Expert at Business Market Insights