New York, Dec. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Biotechnology Services Global Market Report 2022" - https://www.reportlinker.com/p06193706/?utm_source=GNW
14 billion in 2021 to $151.10 billion in 2022 at a compound annual growth rate (CAGR) of 17.0%. 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 $267.29 billion in 2026 at a CAGR of 15.3%.
The biotechnology services market consists of the sales of biotechnology services and related goods by entities (organizations, sole traders and partnerships) that engage in conducting research and experimental development in biotechnology. Only goods and services traded between entities or sold to end consumers are included.
The main types of biotechnology services are prevention and disease control, public engagement activities, health education and research, food biotechnology services, donor recruitment, tissue collection, cell processing and isolation, and research and development.Food biotechnology services encompass a diverse variety of technologies used in crops, livestock, forestry, fisheries and aquaculture, and agro-industry.
They are used for a variety of purposes, including genetic improvement of plants and animals to increase yields or efficiency, characterization and conservation of genetic resources for food and agriculture, plant and animal disease diagnosis, vaccine development, and fermented food production. The various applications include pharmaceutical, biotechnological, academic, clinical trial, and healthcare sectors and are used by Clinical Research Organizations (CROs), Contract Manufacturers Organizations (CMOs), and Contract Research and Manufacturing Services (CRAMS).
Asia Pacific was the largest region in the biotechnology services market in 2021.North America was the second largest region in biotechnology services market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing pervasiveness of conditions like hepatitis B, diabetes and cancer is driving the research in biotechnology.Biotechnology uses research tools from biology and chemistry to study the genetic material of bacteria and viruses to check the disease-producing agent.
Oncology research is most prominent among biopharma companies.Stem cell treatment, using a monoclonal antibody for therapy and genome sequencing is progressing in medical applications.
According to the Indian Economic Survey 2021, in 2019, the Indian biotechnology business was worth US$ 64 billion, and it is predicted to grow to US$ 150 billion by 2025. Global R&D spending by the world’s largest publicly traded biotech companies increased 13.7 percent each year, from $4.8 billion in 2001 to $55.0 billion in 2020. Therefore, the rising pervasiveness of diseases and huge expenses on R&D is predicted to contribute to the growth of the biotechnology services market.
Collaborations and partnerships between industry players are a growing trend in the field of biotech services.In Dec 2019, Interpace Pharma, a subsidiary of Interpace Biosciences, dealing in pharmacogenomics testing, genotyping and biorepository services, collaborated with Genecast Biotechnology Co.
Ltd for jointly developing, promoting, and offering translational studies and clinical trial solutions to the industry.This partnership is expected to benefit pharmaceutical and biotech companies to accelerate their biomarker-driven drug development and precision medicine.
Genecast is a Chinese company providing a wide range of diagnostic services to pharmaceutical and biotech companies.
The risk related to genetic data is anticipated to limit the growth of the biotechnology services market.The biotechnological approach of transferring specially created genes for modification in characteristics to create genetically modified organisms (GMOs) has always been considered a threat to human and environmental health.
According to the report of the World Conservation Union, there are numerous environmental risks likely to occur by the use of GMOs, which include interbreeding, antibiotic resistance, impact on the ecosystem, creation of new or worse viruses, competition with natural species, unpredictable and unintended effects and ethical concerns.The World Health Organization (WHO) has also set guidelines for manufacturers of GMO food.
The National Bioengineered Food Disclosure Standard has been implemented in the USA from January 2020 making it mandatory to label all foods containing genetically engineered items to be labeled as "bioengineered". Thus, the risk associated with genetically modified items is negatively impacting the growth of the biotechnology services market.
In October 2021, Amgen, a US-based biopharmaceutical company acquired all outstanding shares of Teneobio for a deal amount of $2.5 billion. Amgen acquired Teneobio’s bispecific and multispecific antibody technologies as part of the acquisition. These solutions complement the company’s existing antibody expertise and BiTE platform. This will aid in the discovery and advancement of novel molecules for the treatment of a wide range of illnesses in Amgen’s major treatment areas. TeneoBio is a US-based biotechnology business that specialises in the production of human heavy chain antibodies.
The countries covered in the biotechnology services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06193706/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
