The Global Biotechnology Market Was Valued at USD 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 (2021-2027).
Biotechnology is the process of exploitation of biological processes in order to develop products like hormones and antibiotics often by manipulating microorganisms and genetics for industrial and other purposes. It is the type of technology that utilized a biological system or organism or parts there to develop new biological products such as enzymes, biofuels, and other desired products. Biotechnology utilizes a variety of biological processes to achieve the desired results. It includes many independent disciplines such as molecular biology, biochemistry, and genetics. In the current scenario, there is a great deal of scope in the field of biotechnology research, where the development of genetic engineering is increasing as it expands rapidly due to new possibilities that can alter the genetic material (DNA) of living organisms.
Factors such as supportive government initiatives in developing countries, the growing demand for pharmaceuticals and individualized medicine for rare diseases, and the urgent need to innovate existing biotech technologies used in the agricultural industry are driving the biotechnology industry.
Advances in technology, product approvals and launches, and collaborations and partnerships by market players for the development and marketing of products are some of the key drivers of the market. However, the high cost of pharmaceuticals is expected to restrain the growth of the market to some extent. For instance,
The Global Biotechnology Industry Segmentation:
By Technology
By Application
By Region
The unique insight provided by this report also includes the following:
Based on technology, the DNA sequencing technology segment is expanding at a the highest rate during the period 2021-2027.
The DNA sequencing segment held the largest market share in 2020. The segmental growth can be attributed to the growing adoption of advanced DNA sequencing. The adoption of advance technologies will aid in improving the DNA sequencing efficiency and capacity. The nanotechnology is expected to grow at a faster growth rate during the forecast period of 2021 to 2027.
Based on the applications, the health application segment accounted for a largest market share in the overall biotechnology industry.
The Health application segment was accounted the largest share of the market in 2020. The growth is owing to the growing prevalence of diseases and investment by market players. The bioinformatics application segment is expected to observe the strong growth during the forecast period due to development and rapid adoption of informatics tools.
Based on regions, the market for biotechnology in North America accounted for the largest share in 2020.
The biotechnology market based on region is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Amongst all, North American region is anticipated to hold the largest market share in the forecast period of 2021 to 2027. Local presence of major market players, high R&D investment, and rapid adoption of these advance and costly technology in the region due to high domestic income are some of the major factors responsible for the dominance of the region. Moreover, Asia Pacific region is growing at the fastest CAGR thought the forecast period due to increasing awareness about biotechnology, growing investment by market players, and improving healthcare infrastructure.
Company Profiles and Competitive Intelligence:
The major players operating in the global biotechnology market are, AstraZeneca, F. Hoffmann-La Roche Ltd., Johnson & Johnson Services, Inc., CELGENE CORPORATION, Biogen, Abbott, Novo Nordisk A/S, Amgen Inc., Merck & Co., Novartis AG, Gilead Sciences, Inc., Sanofi Aventis, Pfizer, Inc., Lonza, and Mitra Biotech, among others.
The report also provides in-depth analysis of biotechnology market dynamics such as drivers, restraints opportunities and challenges
Drivers
Restraints
Opportunities
COVID-19 Impact on the Biotechnology Market Analysis
COVID-19 has greatly affected the market of the Biotechnology industry. 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 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.
The report also provides in-depth analysis of key trends in Biotechnology market
|
Sr. No. |
Trends |
Impact |
|
1 |
Several biotech players invested for the development of biotechnological products for the field of food and agriculture |
Positive |
|
2 |
Outbreak of Covid 19 accelerates the research and development activities |
Positive |
The report also provides in-depth analysis of recent news developments and investments
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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