Global Biotechnology Market Outlook 2031:
The global biotechnology market size was valued at USD 1 Trillion in 2022 and is projected to reach USD 3.74 Trillion by 2031, expanding at a CAGR of 15.8% during the forecast period 2023 - 2031. Biotechnology is an interdisciplinary, innovative discipline that modifies or develops processes and outcomes for the healthcare-related products and medicines using living creatures, biological systems, or derivatives.
It has a significant impact on a variety of industries, including medicine and pharmaceuticals, genetics, and food and chemical production. It has a broad and considerable use in addressing critical concerns connected to health and well-being, food and energy supply, and environmental protection.
Biotech firms are at the forefront of the development of COVID-19-targeting medications. For example, Gilead Sciences, Inc. acquired the US FDA approval for antiviral Remdesivir for the treatment of COVID-19 patients just 8 months after the first incidence of COVID-19 virus.
Furthermore, the increasing biotechnology industry's collaboration with diagnostic firms, drug manufacturers, research institutes, and multinational pharmaceutical corporations in creating therapeutic compounds to target COVID-19 virus is contributing to market growth.
For instance, in March 2020, Pfizer Inc. announced a collaboration with BioNTech SE to develop BNT162, a COVID-19 vaccine candidate. BioNTech SE created the vaccine using mRNA technology in order to accelerate the development of the COVID-19 vaccine.
Biotechnology Market Drivers, Restraints, Opportunities
- The presence of favorable government initiatives in developed countries and growing economies such as India, Brazil, and China are driving the growth of the biotech sector. Government regulations are aimed at improving the medication regulatory process, standardizing clinical trials, improving the reimbursement scenario, and accelerating the product approval process. For instance, the Government of India is taking several steps to encourage the industry. The Department of Biotechnology's National Biotechnology Development Strategy aims to build a solid foundation for discovery and innovation. This strategy combined with fresh technological platforms as well as advantages in improving biotech products are driving the market growth.
- Increasing government funding and technical assistance provided to biotech enterprises is accelerating the market growth.
- Rising prevalence of hepatitis B, cancer, and diabetes is anticipated to boost the growth of the market.
- Significant risk connected with genetically modified crops and creatures, and ethical concerns over clinical trials can restraint the market growth.
- A lack of understanding of biosystems enables forecasting the nature of artificial organisms created through biotechnology experiments can create challenges for the market.
- Expanding demand for agro-based products such as wheat corn, sugarcane, and sorghum and requirement for biotech innovations in technical research are some of the major factors spurring the market growth.
Scope of Biotechnology Market Report
The report on the global biotechnology market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Biotechnology Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell-based Assays, and Others), Applications (Bio Pharmacy, Bio Services, Bio Agriculture, Bio Industrial, and Bioinformatics)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Agilent Technologies, BioGen Medical Instruments, Danaher, F. Hoffmann-La Roche, Abbott Laboratories Illumina, Merk, Perkin Elmer, Qiagen, and Thermofisher Scientific, Amgen, Bio-Rad Laboratories
Biotechnology Market segment insights
DNA sequencing segment to hold a major market share
Based on technology, the market can be divided into fermentation, tissue engineering and regeneration, PCR technology, nanobiotechnology, chromatography, DNA sequencing, cell-based assays, and others The DNA sequencing segment is estimated to hold a largest market share.
In April 2020, the National Institutes of Health offered the Baylor College of Medicine Human Genome Sequencing Center (BCM-HGSC) a grant for a Pacific Biosciences Sequel II DNA sequencing apparatus. The nanotechnology segment is anticipated to expand at a CAGR of 16.8% during the forecadt period. The incorporation of such AI and computational tools improves in the rapid and accurate sequencing of DNA or RNA, hence improving the availability of nanopore sequencing data.
Bio pharmacy segment is estimated to hold a significant market share
Based on applications, the market can be classified as bio pharmacy, bio services, bio agriculture, bio industrial, and bioinformatics. The bio pharmacy segment is anticipated to accounted for over 45% market share in 2020.
The increasing prevalence of diseases is primarily responsible for the segment's growth. Furthermore, the growing emphasis on agri-biotech and bio-services, expanding acceptance of bioinformatic solutions, and a thriving bio-industrial sector are major factors contributing to the segment growth.
North America is expected to grow at a healthy rate
Based on regions, the market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa North America dominated the biotechnology market with over 40% market share in 2020.
One of the major factors of its large share is high R&D investments in new drug development by players in the US and Canada. According to an OECD report published in June 2018, it is projected that the US spent roughly 17.2 percent of its GDP on health care, which is contributing to the regional market growth.
- Tissue Engineering and Regeneration
- PCR Technology
- DNA Sequencing
- Cell-Based Assays
- Bio Pharmacy
- Bio Services
- Bio Agriculture
- Bio Industrial
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- Agilent Technologies
- BioGen Medical Instruments
- F. Hoffmann-La Roche
- Abbott Laboratories Illumina
- Perkin Elmer
- Thermofisher Scientific
- Bio-Rad Laboratories
The major players are Agilent Technologies, BioGen Medical Instruments, Danaher, F. Hoffmann-La Roche, Abbott Laboratories Illumina, Merk, Perkin Elmer, Qiagen, and Thermofisher Scientific, Amgen, Bio-Rad Laboratories. To maintain and strengthen their positions in the market, these players engaged in the initiatives such as merges and acquisitions and new product launches.