Global Biotechnology Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Biotechnology is the use of biological processes, organisms, cells, and molecules to develop new technologies, products, and services for a variety of fields including medicine, agriculture, environmental science, and industry. It involves applying scientific principles and techniques to manipulate and modify living organisms at the genetic level for practical purposes. Biotechnology encompasses a wide range of techniques and applications such as genetic engineering, fermentation, cell culture, bioinformatics, and bioprocessing. These techniques have enabled the development of new products such as biopharmaceuticals, biofuels, and genetically modified crops, and have also contributed to advances in healthcare, environmental conservation, and industrial production. The Biotechnology market is expanding because of factors such as rising demand for agro-based products, growing healthcare expenditure boosting the development of effective personalized diagnostic & therapeutic procedures for cancer and growing demand for synthetic biology.
The market is fueled by the robust clinical trial pipeline and financing prospects for tissue engineering and regeneration technologies. According to the Alliance for Regenerative Medicine, companies developing cell and gene therapies raised over USD 23.1 billion in funding globally in 2021, up about 16% from the USD 19.9 billion total year 2020. Furthermore, the market is experiencing growth due to the rising need for clinical solutions for the treatment of chronic diseases such as cancer, age-related macular degeneration, diabetes, and practically all types of arthritis. The treatment of diabetes, neurological disorders including Parkinson’s and Alzheimer’s, different types of cancer, and cardiovascular ailments are all being researched and developed by major companies. For instance, according to clinicaltrials.gov, 28 medicines were in phase III trials for the treatment of Alzheimer’s disease as of January 2021, out of 126 compounds now being tested in clinical trials. In addition, increase adoption of bioinformatics applications and rising development of favorable government reimbursement and approval policies are creating lucrative opportunities to the market. However, the high cost of drug research and development activities stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Biotechnology Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the dominance of key market players, the rising number of drug discovery activities, and rising healthcare expenditure. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as the rising prevalence of various diseases, an increase in the number of collaborations for product development, geographic expansion of key players, and active participation of government in the market space.
Major market player included in this report are:
Gilead Sciences, Inc.
Bristol-Myers Squibb Company
Novo Nordisk A/S
Recent Developments in the Market:
Ø In January 2023, Anima Biotech teamed with AbbVie to accelerate the development of novel mRNA biology modulators for the treatment of several cancer and immunology targets.
Ø In January 2020, QIAGEN N.V. and Amgen collaborated to identify patients with malignancies that had the KRAS G12C mutation to create tissue-based companion diagnostics for Amgen’s experimental cancer drug AMG 510.
Global Biotechnology Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Technology, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Technology offerings of key players. The detailed segments and sub-segment of the market are explained below:
Tissue Engineering and Regeneration
Food & Agriculture
Natural Resources & Environment
Middle East & Africa
Rest of Middle East & Africa