What is the global market size of Biotechnology Market?

Biotechnology Market size was valued at USD 1055.7 billion in 2021 and is poised to grow from USD 1202.44 billion in 2022 to USD 3879.51 billion by 2030, growing at a CAGR of 13.9% in the forecast period (2023-2030).

Who are the key vendors in the Global Biotechnology Market?

Global biotechnology market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'AstraZeneca', 'Gilead Sciences, Inc.', 'Bristol-Myers Squibb ', 'Amgen Inc.', 'Biogen Inc.', 'Celgene Corporation (now part of Bristol Myers Squibb)', 'Illumina, Inc.', 'Novo Nordisk A/S', 'Thermo Fisher Scientific Inc.', 'AbbVie Inc.', 'Regeneron Pharmaceuticals, Inc.', 'Vertex Pharmaceuticals Incorporated', 'Roche Holding AG', 'Genentech, Inc. (a subsidiary of Roche Holding AG)', 'Moderna, Inc.', 'Bio-Rad Laboratories, Inc.', 'Qiagen N.V.', 'Agilent Technologies, Inc.', 'Lonza Group AG', 'Pfizer Inc.'.

What is the key driver of Global Biotechnology Market?

Increasing prevalence of chronic illnesses is believed Chronic conditions are now more common than ever. With the growth of the middle class and the speeding up of urbanization, people are becoming more sedentary. As a result, there are more cases of genetic abnormalities, diabetes, malaria, HIV, and other diseases like TB and obesity. Additional factors driving market revenue growth include an increase in the prevalence of target diseases and genetic anomalies, ongoing technological advancements in Polymerase Chain Reaction technologies, and increased investments, financing, and grants for scientific research. The biopharmaceutical sector aids in the prevention of chronic diseases. Biopharmaceutical sector is focusing on creating individualized therapies. This will help develop individualized procedural healthcare standards and aid in the treatment of some hereditary genetic diseases.

What is the key market trend for Global Biotechnology Market?

By merging cutting-edge technology, expanding developments in the life sciences are providing significant advantages for healthcare interventions and productivity. Innovative technique development and company adoption have a beneficial impact on the biotech industry and are expected to drive significant market growth. Medicine is utilizing cutting-edge technologies, such as 3D bioprinting. Heart valves, cartilage, and skin are just a few of the bodily parts that may be developed using 3D bioprinting and living cells. The development of medications, tissues, and organs like the liver and heart utilizing patient body cells has a tremendous potential. The spectrum of uses for human cells and tissues in medical research will be further expanded because accurate models for research and analysis will be made available.

Which region accounted for the largest share in Global Biotechnology Market?

Global biotechnology market is dominated by North America. The presence of major players, extensive R&D efforts, and high healthcare spending are just a few of the factors driving the regional market's expansion. Platforms based on genomics, proteomics, and cell biology are widely used in the area, which is hastening the uptake of life sciences tools. A further factor that is anticipated to have a positive effect on market growth in the area is the rise in the prevalence of chronic diseases and the increasing use of personalized medicine applications for the treatment of serious illnesses.

Biotechnology Market Size, Share, Growth Analysis, By Type(Blue Biotechnology, Green Biotechnology, Red Biotechnology, White Biotechnology), By Product(Instrument & Reagent (Clinical Diagnostics, Proteomics and genomics, Drug Discovery & Development, Cell Analysis), By Technology(Nanobiotechnology, PCR Technology, Bioinformatics, Tissue Engineering), By Application(Health, Agriculture, Food and Beverages, Industrial Processing), By Region - Industry Forecast 2025-2032

Report ID: SQMIG35H2249 | Region: Global | Published Date: July, 2024
Pages: 260 | Tables: 128 | Figures: 77

Biotechnology Market Dynamics

Biotechnology Market Driver

High Incidence of Chronic Diseases

Incidence of chronic diseases such as cancer and diabetes has increased on a global level. Subsequently the demand for treatment of these diseases is also increasing at a rapid pace and fueling the global biotechnology market growth all over the world.

Rising Demand for Personalized Medicine

Personalized medicine utilizes biotechnology to its fullest from identification of genome to development of personalized medicines. Which is why as demand for personalized medicine increases it will also greatly benefit biotechnology market development in the future.

Restraints

Intellectual Property Claim Disputes

Biotechnology is all about innovation and if any company beats another to innovation and files a patent, it could increase the time to market for other company’s products as they cannot utilize a similar patented approach. These overlaps and disputes regarding intellectual property and patents inhibit market growth potential.

Ethical Concerns and Challenges

Some aspects of biotechnology such as genetic engineering, stem cell research, and human cloning are deemed ethically incorrect and some even state it is against human morals. Hence, resistance to some ethically complex approaches in biotechnology also slow down biotechnology demand outlook.

Biotechnology Market Report Snapshots

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Biotechnology Market size was valued at USD 1.21 Trillion in 2022 and is poised to grow from USD 1.38 Trillion in 2023 to USD 3.90 Trillion by 2031, growing at a CAGR of 13.9% during the forecast period (2024-2031).

Biotechnology companies should solely focus on perfecting their R&D divisions first to maximize their business scope in the future. Collaborations, mergers, and capital raises are projected to be preferred strategies for incoming biotechnology companies looking to penetrate the market. Use of advanced technologies such as artificial intelligence and machine learning will also present new opportunities for biotechnology market players going forward. 'AstraZeneca (UK) ', 'Gilead Sciences, Inc. (US) ', 'Biogen Inc. (US) ', 'Merck (Germany) ', 'Illumina, Inc. (US) ', 'Novo Nordisk A/S (Denmark) ', 'Thermo Fisher Scientific Inc. (US) ', 'Agilent Technologies, Inc. (US) ', 'Lonza Group AG (Switzerland) ', 'Pfizer Inc. (US) ', 'Bristol-Myers Squibb (US) ', 'Amgen Inc. (US) ', 'AbbVie Inc. (US) ', 'Regeneron Pharmaceuticals, Inc. (US) ', 'Vertex Pharmaceuticals Incorporated (US) ', 'Roche Holding AG (Switzerland) ', 'Johnson & Johnson Services, Inc. (US) ', 'Moderna, Inc. (US) ', 'Bio-Rad Laboratories, Inc. (US) ', 'Qiagen N.V. (Netherlands)'

Incidence of chronic diseases such as cancer and diabetes has increased on a global level. Subsequently the demand for treatment of these diseases is also increasing at a rapid pace and fueling the global biotechnology market growth all over the world.

Synthetic Biology: Biotechnology companies can focus on the rapidly growing popularity of the synthetic biology approach to maximize their revenue generation scope in the long run. From pharmaceuticals to fuels, synthetic biology is an approach that has the potential to revolutionize the world through biotechnology.

Robust investments in medical R&D are contributing to the high market share of North America. Presence of a developed healthcare infrastructure, quick adoption of novel technologies, and presence of key biotechnology companies are also helping this region’s dominance. The United States is slated to be the most opportune market for biotechnology companies in this region followed by Canada. Rapidly aging population and rising prevalence of cancer and diabetes are also expected to help boost biotechnology demand outlook in this region.

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Biotechnology Market Dynamics

Biotechnology Market Report Snapshots

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FAQs

What is the global market size of Biotechnology Market?

Who are the key vendors in the Biotechnology Market?

What is the key driver of Biotechnology Market?

What is the key market trend for Biotechnology Market?

Which region accounted for the largest share in Biotechnology Market?

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