Biopharma Market Set to Top $700B by 2028 Amid Approvals and Investments, But Faces Manufacturing and Safety Hurdles
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Global biopharmaceuticals market expected to surpass $700 billion by 2028 driven by rising prevalence of chronic diseases and aging population (DelveInsight estimates)
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North America to dominate global biopharmaceuticals market through 2028 due to high disease burden, established healthcare infrastructure, and presence of major industry players
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New product approvals, like antibody targeting COVID-19 Omicron variant authorized by FDA in Feb 2022, further propelling market expansion
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Investments of $2.1 billion by Eli Lilly in May 2022 to expand manufacturing capabilities indicative of overall industry growth
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Challenges like complex manufacturing requirements and side effects may impede some biopharmaceutical market growth