Biotechnology Market Size is expected to reach at USD 1,345 Billion by 2030, registering a CAGR of 15.5%, Owing to Increasing Prevalence of Chronic Illnesses

LOS ANGELES , Sept. 20, 2022 (GLOBE NEWSWIRE) -- The Global Biotechnology Market Size accounted for USD 372.8 Billion in 2021 and is estimated to achieve a market size of USD 1,345.0 Billion by 2030 growing at a CAGR of 15.5% from 2022 to 2030.

Biotechnology Market Report Key Highlights

• Global biotechnology market value was worth USD 372.8 billion in 2021, with a 15.5% CAGR from 2022 to 2030
• North America biotechnology market dominates with more than 44% market share in 2021
• According to research, the bio-informatics is expected to grow at rapid pace of 21% during the forecast period
• Among applications, the health sector hit 50% market share in 2021
• Rising demand for organics medicines and drugs, are drives the biotechnology market
  
  

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Report Coverage:

Biotechnology is ideally positioned to substitute more sustainable biological alternatives for harmful materials and chemical processes. This scientific subject is based on thousands of years of evolution in which living creatures have specialized in the production and recycling of various materials and chemicals. These biological mechanisms have the potential to break down waste more efficiently and produce materials with fewer pollutants, land, water, and energy use than the conventional approach.

Biotechnology permits the industrial production of a wide range of products by utilizing various microorganisms as well as organic metabolic functions. Historically, these naturally occurring substances were either not utilized at all or were only employed by a few businesses. Meanwhile, as of today, a variety of sectors have begun to adopt these products to meet a variety of environmental criteria, which is projected to fuel the biotechnology market share over the projection period.

Global Biotechnology Market Dynamics

Biotechnology Is Reshaping the Healthcare Industry

Growing chronic illness prevalence and the introduction of novel treatments are propelling the biotechnology market revenue growth. Biotechnology is extremely advantageous in the treatment of various ailments. From the point at which antibiotic-producing bacteria are cultured in a fermentation medium to the point at which a pure antimicrobial product is obtained, the pharmaceutical business employs biotechnology procedures. Furthermore, the use of current biotechnology can enhance the effectiveness of a variety of disease-specific innovative therapeutic techniques. Biotechnology is crucial in the healthcare system. Biotechnology is extensively used in the production of different medications and vaccinations used to cure various diseases. Biotechnology is used in a variety of additional medical treatments that play key roles in the public health system.

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Biotechnology Market Segmentation        

The global biotechnology market has been segmented by Acumen Research and Consulting based on technology, and application. By technology, the market is separated into nanobiotechnology, dna sequencing, fermentation, chromatography, tissue engineering and regeneration, cell-based assays, PCR technology, and others. In terms of technology, the others segment is predicted to dominate in the coming years. In contrast, DNA sequencing had the second-largest market position in 2021. The segment's expansion can be attributed to the increasing use of advanced DNA sequencing. For example, in April 2020, the Baylor University of Medicine Human Genome Sequencing Center (BCM-HGSC) was awarded a National Institutes of Health grant for a Pacific Biosciences Sequel II DNA sequencing instrument. It will help to improve sequencing capacity and efficiency. The new arpeggiator can navigate tough regions of the genetic code, allowing for full genome sequencing.

In terms of the application, the segment is divided into health, natural resources & environment, bioinformatics, food & agriculture, industrial processing, and others. According to the biotechnology market forecast, the health segment is expected to dominate the market during the forecast period. The rising prevalence of chronic diseases is primarily to blame for the segment's expansion. Furthermore, the adoption rates of bioinformatics strategies, as well as a thriving bio-industrial sector, are all contributing to providing lucrative opportunities for segment growth.

Global Biotechnology Market Regional Outlook

The global biotechnology market is divided into several geographic regions: North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa. According to biotechnology industry analysis, North America is projected to account for the prevalent portion of the global market in 2021. The presence of significant players, comprehensive R&D activities, and elevated healthcare expenditure all make a significant contribution to the growth of the regional market. Moreover, an increasing number of businesses that operate in the region are obtaining drug authorizations, which is helping to drive the biotechnology market growth. For example, Biogen Inc. received FDA approval for PLEGRIDY (peginterferon beta-1a) in February 2021, which is used to treat relapsing forms of multiple sclerosis. The approval adds to the industry's main portfolio of multiple sclerosis treatments.

In contrast, Asia-Pacific is predicted to have the fastest rising CAGR in the coming years. The expansion of the regional market is primarily due to an enhanced healthcare system, favorable government policies, clinical study assistance, and epidemiologic study factors. Moreover, foreign firms are strongly working in collaboration with local firms to speed up the biotechnology industry's growth. Such factors are contributing to the global biotechnology market trend.

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Biotechnology Market Players                

Some of the prominent biotechnology market companies are AstraZeneca plc, Celgene Corporation, Abbott Laboratories, Novo Nordisk A/S, Johnson & Johnson Services, Inc., Biogen Inc., Amgen Inc., Merck & Co., Inc., Gilead Sciences, Inc., and Novartis AG.

Some of the key strategies regarding the biotechnology industry include:

• In January 2021, Gilead Sciences, Inc. and Vir Biotechnology, Inc. have formed a partnership. The partnership will assess new therapeutic pairing strategies with the goal of constructing a functional remedy for prolonged hepatitis B virus (HBV). The companies intend to begin a Phase 2 trial evaluating standard treatment for both treatment-experienced and treatment-naive HBV patients.
• In October 2019, Novo Nordisk A/S has signed a partnership with bluebird bio, Inc. The partnership is working together to develop next-generation in vivo genome engineering treatments for genetic conditions such as hemophilia. Bluebird and Novo Nordisk will collaborate for three years to identify an advancement gene therapy nominee with the goal of offering people with hemophilia a life free of component replacement therapy.

Browse More Research Topic on Healthcare Related:

Global Red Biotechnology Market Size is expected to reach around USD 500 Billion by 2026 and will grow at noteworthy CAGR around 5.6 % throughout the forecast period 2019 to 2026.

The Global Healthcare Laboratory Information Market accounted for USD 1.98 Billion in 2020 with a considerable CAGR of 8.7% during the forecast period of 2021 to 2028.

The Global Biohacking Market is anticipated to grow at a CAGR of around 20.0% during the forecast period 2021 to 2028 and to reach around USD 66.7 Billion by 2028.

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