Biotechnology Market Size Worth US$ ~3,102.94 billion by 2030: Exclusive Report by Growth Plus Reports
Growman Research and Consulting Pvt Ltd.
5 min read
Growman Research and Consulting Pvt Ltd.
Pune, July 22, 2022 (GLOBE NEWSWIRE) -- The globalbiotechnology market size was pegged at ~US$ 1,032.92 billion in 2021. The market is expected to clock US$ ~3,102.94 billion by 2030, to grow at a CAGR of ~13.0% between the forecast period. All information is portrayed in the latest report published by Growth Plus Reports. Report Title “Biotechnology Market by Product Type (Instruments, Reagents, and Software & Services), by Technology (DNA Sequencing, Fermentation, Nanotechnology, Cell Based Assay, and Others), by Application (Bio-pharmacy, Bio-industry, Bio-services, Bio-agriculture, and Bio-informatics) – Global Outlook & Forecast 2022-2030”
The rapid expansion of healthcare infrastructure in emerging countries is characterized by rapid growth and modernization of healthcare facilities through modern technologies. This factor is contributing to the growing demand for clinical diagnostic procedures in diagnostic laboratories, resulting in higher sales and revenue growth for biotechnology tools and solutions in the market.
Biotechnology is becoming increasingly important as large amounts of data generated by techniques such as nucleic acid and protein acid sequencing necessitate data interpretation and management for medical and future research goals. As a result, increased demand is expected to drive the biotechnology market during the forecast period.
Excerpts from ‘By Technology Segmentation’
Based on technology, the global biotechnology market is segmented into:-
DNA sequencing
Fermentation
Nanotechnology
Cell-Based Assay
Others
The nanobiotechnology segment is expected to dominate the market, because of an increase in nanomedicine approvals and the introduction of advanced technology.
For instance, Theragnostic nanoparticle applications have gained traction for enabling rapid diagnosis and customization of treatment options for multiple disorders at once. Nanoparticles' low toxicity, smaller size, and chemical plasticity have proven to be advantageous in overcoming the limitations associated with traditional routes of generic drug administration. Additionally, due to government and private investments in the field, as well as high healthcare spending and the presence of several mature and emerging players in this market, regenerative medicine and tissue engineering held a substantial share.
DNA sequencing technology occupied the second highest revenue share during the forecast period due to the dispersion of advanced DNA sequencing techniques and a decrease in sequencing cost. Government funding for genetic research has resulted in an increase in the use of sequencing to better understand diseases.
For instance, in May 2021, The University of Pittsburgh Graduate School of Public Health and Washington University School of Medicine in St. Louis were awarded a USD 10.7 million NIH grant to investigate the genetic basis of Alzheimer's disease.
Excerpts from ‘By Region Segmentation’
Based on the region, the global biotechnology market has been segmented into:-
North America
Europe
Asia Pacific
Rest of the World (RoW)
North America is the largest biotechnology market due to higher biopharmaceutical adoption and increased preference for bio-services. Biotechnology is used in a variety of industries, including pharmaceuticals, downstream chemical processing, agriculture, and bio-services. Vaccines, insulin, monoclonal antibodies, generic and branded drugs are the mainstays of the biopharmaceutical industry. The biopharmaceutical industry is the largest segment of the biotechnology market. Bio seeds, genetically modified (GM) crops and biopesticides are the primary focus of the bio-agriculture domain. This market is thriving as the demand for food production rises as the world's population grows. Moreover, North America is also the largest consumer of genetically modified crops.
Asia Pacific region is registered as the fastest growing segment during the forecast period. The growth of the regional market can be attributed to rising speculations and advancements in medical services foundations, significant government initiatives, and extension systems from key market players. For instance, Moderna Inc. announced plans in February 2022 to expand its Asian business network geographically through the establishment of four new subsidiaries in Malaysia, Singapore, Hong Kong, and Taiwan. Moreover, Kiniksa Pharmaceuticals and Huadong Medicine's critical collaboration for the turn of events and commercialization of Kiniksa's ARCALYST and mavrilimumab in Asia Pacific egion bring new market developments in the region.
Some of the key players operating the market global biotechnology market include:-
Johnson & Johnson Services Inc
Gilead Sciences, Inc
Waters Corporation
BioNTech SE
Moderna, Inc
Genmab A/S
Merck KGaA
Thermo Fisher Scientific Inc
Agilent Technologies, Inc
Bruker Corporation
Eppendorf SE
Bio-Rad Laboratories Inc
Qiagen N.V
AstraZeneca plc
These market players are attempting to increase their market share through various strategies such as new product launches, investments, partnerships, and mergers and acquisitions. Companies are also investing in the development of new products. Additionally, they are concentrating on competitive pricing.
For instance, in April 2021, Thermo Fisher Scientific announced the acquisition of PPD, a clinical research services provider, for $17.4 billion in cash. PPD will will now be part of Thermo Fisher's Laboratory Products and Services division.
Table of Content
INTRODUCTION
Market Ecosystem
Timeline Under Consideration
Historical Years – 2020
Base Year – 2021
Forecasted Years – 2022 to 2030
Currency Used in the Report
RESEARCH METHODOLOGY
Research Approach
Data Collection Methodology
Data Sources
Secondary Sources
Primary Sources
Market Estimation Approach
Bottom Up
Top Down
Market Forecasting Model
Limitations and Assumptions
PREMIUM INSIGHTS
Current Market Trend (COVID-19 Perspective)
Key Players & Competitive Positioning (2021)
VALUE PROPOSITIONS RELATED TO THE REPORT:
Comprehensive quantitative and qualitative insights at the segment and sub-segment level
Granular insights at the global/regional/country level
Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
Blanket coverage of competitive landscape
Winning imperatives
Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market.
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