Biotechnology Market to Reach USD 3879.51 Billion by 2031; Growing Adoption of Advanced DNA Sequencing Techniques
Global Biotechnology Market size was valued at USD 3879.51 Billion by 2031 in the forecast period (2024-2031). Increasing need for enzymes to mediate production of active pharmaceutical ingredients (API) for potent pharmaceuticals is predicted to drive market expansion. Enzyme ability to convert complex molecules for insolubility (starch to glucose) in the food and beverage industry. Removal of grease and oil impurities in industry, production of bioethanol for use in biofuels, and improved bleaching properties for paper and pulp industries are expected to drive enzyme demand in the coming years.
Rise of Chronic Diseases through Personalized Therapies
With the increasing prevalence of chronic diseases, it is believed that chronic conditions are now more common than ever. With the growing middle class and rapid urbanization, people are becoming more sedentary. As a result, diseases such as genetic mutations, diabetes, malaria, HIV, tuberculosis and obesity are high. Other factors contributing to the growth of market share are high prevalence of targeted diseases and genetic abnormalities, continuous technological advancement in polymer chain reaction technology and support for increased scientific research. The industry is focused on personalized therapies. This will help to create personalized healthcare and cure some genetic diseases.
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Rising Regulatory Barriers Impedes Market Growth
One of the major constraints facing the global biotechnology market is the complex regulatory framework governing biotech product development, testing, and market approval. Regulatory agencies impose stringent requirements to ensure that new biotech products are made of considerations of safety, effectiveness, and ethics. These regulations cover various areas such as preclinical and clinical research, manufacturing processes, labeling and post-market research. Navigating these regulatory mechanisms can be complex, time-consuming and costly for biotech companies.
Biotechnology companies can engage actively with regulatory bodies early in the development process to establish collaborative relationships. Access to regulatory guidance and feedback enables agencies to better understand and address regulatory requirements.
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Rising Collaboration and Partnerships Promotes Growth
Collaborative efforts and partnerships aimed at developing and commercializing novel therapeutic modalities and molecules are expected to drive the market growth. For example, in February 2021, Novartis and Alnylam collaborated to explore the use of siRNA technology to develop targeted therapies to restore liver function. In September 2021, AstraZeneca and VaxEquity jointly developed and commercialized a self-sustaining RNA therapeutic strategy. Moreover, increasing biosimilar demand and precision drug delivery is expected to fuel segment growth over the forecast period.
What Lies Ahead of Biotechnology Market ?
Prospects for the global biotechnology market are exceptionally promising, poised to transform many industries and fundamentally change people’s lives. Advances in biotechnology research and innovation are opening unprecedented opportunities in healthcare, agriculture, industrial manufacturing and environmental sustainability. Biotechnology in healthcare is driving a paradigm shift towards personalized medicine, where treatments are tailored to a person’s genetics, lifestyle and specific health needs. Advances in genetics modifying technologies such as CRISPR-Cas9 enable the treatment of genetic diseases, while precision medicine approaches target cancer, autoimmune disorders and rare diseases
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