Global Biotechnology Market

Biotechnology Market Size, Share, Growth Analysis, By Product(Instrument & Reagent, Clinical Diagnostics, Proteomics & Genomics, Drug Discovery, Cell Analysis, Others), Technology(Nanobiotechnology, PCR Technology, Bioinformatics, Others), Type, Application, and Region - Industry Forecast 2024-2031


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.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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.  

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Biotechnology Market

Report ID: SQMIG35H2249

$5,300
BUY NOW GET FREE SAMPLE