Top 8 Companies in the Global Biopharmaceuticals Market in 2024

The global biopharmaceuticals market was valued at USD 438.79 billion in 2023, driven by the increasing prevalence of chronic diseases, advancements in the medical sector, and the growing investments by the leading life sciences companies. The market is anticipated to grow at a CAGR of 7.6% during the forecast period 2024-2032 to reach a value of USD 848.34 billion by 2032.
 
Biopharmaceuticals are medicinal products containing proteins, sugars, nucleic acid, tissues, and living cells derived from various biological sources such as animals, microorganisms, and humans. In 1982, recombinant human insulin (Humulin) made from specially modified bacteria was the first biopharmaceutical approved by the Food and Drug Administration (FDA) for human therapeutic uses and marketing. Following the success of Humulin, various types of biopharmaceuticals have been derived from recombinant DNA such as whole blood, vaccine, antigens, hormones, immunosera, enzymes, cytokines, monoclonal antibodies, allergenic, and gene therapies, among others.

Combined efforts of governments from different regions to maintain the availability of biopharmaceutical goods is a major factor contributing to substantial biopharmaceutical sector market growth. For instance, in June 2024, India, South Korea, Japan, the US, and the European Union launched an alliance to put joint efforts to build a resilient supply chain in the biopharmaceutical sector.

The market growth can be attributed to the market players' rising merger and acquisition activities. These activities are enabling stronger product portfolios among market players and a wider range of available biopharmaceuticals, increasing the demand in the market. For instance, in October 2024, Merck, also known as MSD, announced the completion of the acquisition of CN201 from Curon Biopharmaceutical (Curon), a novel investigational clinical-stage bispecific antibody for the treatment of B-cell-associated diseases. CN201 is a novel CD3xCD19-targeting T-cell-engager bispecific antibody, designed to target B cells for elimination by T cells.

Major Companies Shaping the Global Biopharmaceuticals Market in 2024

1.    Amgen Inc.

Amgen is a global biopharmaceutical leader specialising in biotechnology-based treatments for serious illnesses, focusing on oncology, cardiovascular, and inflammatory diseases. The company’s portfolio includes Kyprolis, Blincyto, Vectibix, Neulasta, Repatha, and Epogen, among others.

2.   AbbVie Inc.

Headquartered in Illinois, USA, the company is a global biopharmaceutical leader developing innovative therapies in immunology, oncology, virology, and neuroscience, renowned for the blockbuster drug Humira. In February 2024, AbbVie Inc. and OSE Immunotherapeutics SA, a clinical-stage immunotherapy company, announced a strategic partnership to develop OSE-230, a monoclonal antibody designed to resolve chronic and severe inflammation, currently in the pre-clinical development stage. Moreover, in May 2023, the company acquired Landos Biopharma, Inc. with a leading investigational asset NX-13, a first-in-class, oral NLRX1 agonist (a member of the NOD-like receptor family), which is currently in Phase 2 for the treatment of moderate to severe UC.

3.    Bristol-Myers Squibb Company

Bristol-Myers Squibb Company is a research-driven pharmaceutical giant, focused on oncology, immunology, and cardiovascular therapies, committed to innovative treatments for serious diseases. The company’s extensive portfolio offers an array of innovative drugs aiding millions across the globe.

4.    Eli Lilly and Company

Eli Lily is a global pharmaceutical company specialising in diabetes, oncology, and neuroscience, with a strong emphasis on research-driven medical advancements. The company’s extensive portfolio includes Humalog (insulin lispro), Trulicity (dulaglutide), Taltz(ixekizumab), Olumiant (baricitinib), Emgality (galcanezumab), Humatrope (sumatropin).

5.    Novo Nordisk A/S

Novo is a Danish healthcare company that specialises in diabetes care, obesity, and hormone replacement therapies, with an emphasis on chronic disease management. In January 2024, the company signed two research collaboration agreements with Omega Therapeutics and Cellarity, respectively. The company’s collaboration with Omega is expected to develop an epigenomic controller designed to approach obesity management as it allegedly improves metabolic activity. Further, the company's collaboration with Cellarity aims to resolve novel biological drivers of MASH and will leverage Cellarity’s platform to develop a small molecule therapy against the disease.

6.    Pfizer Inc.

Pfizer is a major pharmaceutical corporation known for its vaccines, oncology, and immunology treatments, advancing health through innovative medicines and vaccines. In July 2024, Pfizer and Evotec SE entered into a multi-year master research collaboration and option and license agreement. Under the agreement, Evotec and Pfizer’s collaboration is focused on early discovery research for metabolic and infectious diseases.

7.    GlaxoSmithKline plc.

Also known as GSK plc, GlaxoSmithKline is a British pharmaceutical and healthcare company focused on vaccines, infectious diseases, oncology, and consumer health products globally. In February 2024, GSK plc completely acquired Aiolos Bio (Aiolos), a clinical-stage biopharmaceutical company focused on addressing the unmet treatment needs of patients with respiratory and inflammatory conditions. As per the press release published by the company, the acquisition includes AIO-001, a potentially best-in-class, long-acting anti-thymic stromal lymphopoietin (TSLP) monoclonal antibody likely to enter phase II clinical development for the treatment of adult patients with asthma.

8.    AstraZeneca Plc.

AstraZeneca is a multinational biopharmaceutical company focusing on oncology, cardiovascular, and respiratory treatments, advancing healthcare through innovative medicines. In June 2024, AstraZeneca announced the successful completion of the acquisition of Fusion Pharmaceuticals Inc., a clinical-stage biopharmaceutical company developing next-generation radioconjugates (RCs). This acquisition aligns perfectly with the company’s aim to transform cancer treatment and outcomes for patients by replacing traditional regimens like chemotherapy and radiotherapy with more targeted treatments.