LONDON, March 31, 2021 (GLOBE NEWSWIRE) -- Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
According to The Business Research Company’s biotechnology market research report, companies in the biotechnology services industry are adopting digital ways of conducting clinical trials. Earlier, clinical trials used to be a very manual process, with trial participants going to a clinic in-person to receive treatment and recording their symptoms and side effects on paper and needed to recruit a large number of participants in order to get the right sample size. Now, digitalization is enabling biotech companies to test treatments on more patients in less time. For instance, in November 2019, Invitae, a US-based the medical genetics company announced a trial with Apple Watch that brings together biometric data collected from the wristwatch and the results of genetic tests in an effort to determine the genes that cause cardiovascular disease. This makes the trial accessible to a larger number of people, and it helps researchers quickly exclude patients who do not meet the criteria for the trial.
Biotechnology services are widely used in various fields, but the coronavirus pandemic had both positive and negative impacts on clinical trials. Many clinical trials were highly interrupted by the COVID-19 crisis due to financial losses, redirection of focus, and adaption of trials. Biotechnology and pharmaceutical companies across the world are investing in the research and development of vaccines against COVID-19. Many vaccines by biotechnology and pharmaceutical companies are under clinical trials, as a race among companies and countries to develop efficacious vaccines and therapeutics for the COVID-19 is ongoing. The pandemic caused major disruptions to clinical trial execution in the USA, impacting stakeholders across the industry. Investigation site capabilities experienced a downfall owing to financial losses, social distancing protocols, and concern over patient safety. As a result of the COVID-19 pandemic, approximately 80% of non-COVID-19 trials were interrupted or stopped. Besides, 23 out of 25 organizations reported some level of impact on ongoing trials attributing to COVID-19. This is where clinical trial digitization comes in handy.
On the other hand, various biotechnology companies are also working efficiently towards discovering vaccines, biotechnology companies such as Apeiron Biologics AG had initiated a Phase II clinical trial of APN01 to treat COVID-19. Amgen is leveraging its immunology and novel antibody therapy development to develop a therapeutic for COVID-19. Agastiya Biotech is testing its anti-cancer small molecule AB001 for the treatment of COVID-19. Adaptive Biotechnologies is leveraging its proprietary immune medicine platform to develop a therapeutic.
The Business Research Company’s report titled Biotechnology Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030 covers major biotechnology services companies, biotechnology services market share by company, biotechnology services manufacturers, biotechnology services market size, and biotechnology services market forecasts. The report also covers the global biotechnology services market and its segments.
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Biotechnology is the use of biological or genetic systems found in organisms or the use of living organisms to make technological advancements and adapt those technologies in various areas such as diagnostics, therapeutics, waste treatment, bioremediation, energy production, and the agricultural sector. According to biotechnology industry analysis, biotechnology companies are continuously focusing their pipeline on these six areas: immuno-oncology, Alzheimer’s disease, biotechnology services, nonalcoholic steatohepatitis (NASH), RNA, and rare and orphan diseases. The COVID-19 pandemic intensely affected the healthcare sector across the globe. Healthcare institutions on the front line of the pandemic are focused on effective treatment and quick recovery of infected patients to reduce the burden on infrastructure throughout the pandemic. The scientific community has focused on discovering and manufacturing competent drugs or possible vaccines to treat COVID-19, thus, causing a delay in biotechnology-related research and developments.
Now however, the global biotechnology services market is expected to grow from $150.37 billion in 2020 to $163.92 billion in 2021 at a compound annual growth rate (CAGR) of 9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $265.1 billion in 2025 at a CAGR of 12.8%. Asia Pacific was the largest region in the biotechnology services market, accounting for 37.5% of the total in 2020. It was followed by the North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the biotechnology services market will be Asia-Pacific and the Middle East where growth will be at CAGRs of 11.6% and 11.5% respectively during 2020-2025. These will be followed by South America and Africa, where the markets are expected to register CAGRs of 11.0% and 10.7% respectively during 2020-2025.
Biotechnology Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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