The Global Biotechnologies Market Was Valued At U SD 0.7 Trillion In 2020, And It Is Expected To Reach USD 2.1 Trillion By 2027, With A CAGR Of 15.9%, During The Forecast Period.
Biotechnology utilization of biological systems or living organisms or some parts of these to develop a new biological product such as enzymes, biofuels, and other desired products. Biotechnology employs various biological processes and sometimes alters them to make desired outcomes. It involves many independent disciplines like molecular biology, biochemistry, and genetics. Various types of biotechnologies are categorized as red biotechnology, green biotechnology, white biotechnology, yellow biotechnology, blue biotechnology, grey biotechnology, and gold biotechnology.
In the current situation, a huge scope lies in the biotechnology research sector with the growing advancements in genetic engineering as it has expanded swiftly owing to the new possibilities to alter the organisms' genetic material (DNA). The COVID-19 pandemic positively impacted the biotechnology market. Biotechnology companies are the prime candidate for the community of drugs targeting COVID-19. For example, Gilead Sciences, Inc. acquired the U.S. FDA permission for the antiviral Remdesivir for the treatment of COVID-19 patients merely after 8 months of the first case of COVID-19. Additionally, the growing engagement of the biotech industry with multinational pharmaceutical companies, drug manufacturers, diagnostic companies, and research laboratories for the production of remedial molecules to end COVID-19 is contributing to the growth of the biotechnological market.
Factors such as favourable government initiatives for the growth of the biotechnology industry in developing nations, growing demand from orphan drugs and personalized medicines, and the urgent need to innovate the existing biotechnology techniques used in the agricultural industry are driving the biotechnology industry at a faster pace. Additionally, entry of new players in the market, advancement in technology are some of the other factors driving the biotechnology market. However, the high costs of pharmaceuticals are expected to restrain the market growth to some extent. Aspects such as environmental benefit applications and new researches on stem cells offer lucrative opportunities to the market.
In December 2020, AstraZeneca entered into an acquisition agreement Alexion Pharmaceuticals, Inc. for USD 39 billion to expand it’s presence in monoclonal antibody.
In October 2020, Sana Biotechnology, Inc., company dedicated for the manufacturing and supply of engineered cells as medicines, acquired the company named Oscine Corp., a corporation generating potentially therapeutic cell therapies for diseases of the CNS (central nervous system) and brain.
In October 2020, Dr. Reddy Laboratories signed an agreement for its partnership for Sputnik V vaccine’s advisory support on clinical trials in India, with the Department of Biotechnology (DBT), Biotechnology Industry Research Assistance Council (BIRAC).