USD 1055.7 billion
Report ID: SQSG35H2012 | Region: Global | Published Date: April, 2023 | Pages: 260 | Tables: 71 | Figures: 75
Biotechnology Market size was valued at USD 1055.7 billion in 2021 and is poised to grow from USD 1202.44 billion in 2022 to USD 3879.51 billion by 2030, growing at a CAGR of 13.9% in the forecast period (2023-2030).
Biotechnology is an interdisciplinary, cutting-edge field that uses living things, biological systems or their derivatives to alter or develop production processes and therapeutics. It has a significant impact on a variety of industries, including medicine and pharmaceuticals, genomics, food and chemical production, and others. It plays a significant and comprehensive role in addressing pressing issues pertaining to environmental protection, food and energy security, and health and wellbeing. The regulatory support given by governments of different nations, rising food demand, technological advancements to fight severe diseases, and the depletion of natural resources are the main factors driving the biotechnology market. However, the biotechnology industry's expansion is being constrained by a number of problems, including the protracted time it takes for research to be commercialized and public attitudes regarding biotech products. Some of the quickly developing biotechnology technologies of today include nanotechnology, cloning, and stem cell science.
The market is being driven by beneficial government initiatives as a result of the growth of the biotechnology sector in developing nations like China, Japan, and India. The government authority's efforts are aimed at streamlining the clinical research process, enhancing repayment plans, assisting the item endorsement process, and easing the administrative pathway for drugs. All of these initiatives will give the company a solid foundation for future growth. One of the main market barriers for biopharmaceutical medications is the protracted lab-to-market phase. A medicine must be developed for 12 to 15 years before it can be sold on the open market. Clinical trial-related social and ethical problems also serve as a barrier to the growth of the biotechnology business.
US Biotechnology Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1055.7 billion
Food & Agriculture
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Global biotechnology market is segmented based on the Technology type, end use and region. Based on Technology the Global biotechnology market is segmented into Nano-biotechnology, Tissue Engineering and Regeneration, DNA Sequencing, Cell-based Assays, Fermentation, PCR Technology, and Chromatography. Based on Application, the market is segmented into Health, Food & Agriculture, Natural Resources & Environment, Industrial Processing, Bioinformatics, and Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Biotechnology Market Analysis by Technology
Based on Technology, the global biotechnology market is segmented into Nano-biotechnology, Tissue Engineering and Regeneration, DNA Sequencing, Cell-based Assays, Fermentation, PCR Technology, and Chromatography. The segment of DNA sequencing held the larger market share. Due to falling sequencing prices and the increasing adoption of advanced DNA sequencing techniques, DNA sequencing technology dominated the market in 2021 and generated the biggest revenue share. Applications of sequencing to understand diseases have increased thanks to government support for genetic research. For instance, the University of Pittsburgh Graduate School of Public Health and Washington University School of Medicine in St. Louis received a USD 10.7 million NIH grant in May 2021 for the study of the genetic basis of Alzheimer's disease. Applications of theranostics nanoparticles, for instance, have gained momentum in order to facilitate quick diagnosis and customization of therapy options for several illnesses at once. Nanoparticle characteristics including low toxicity, smaller size, and chemical adaptability have proven to be useful in addressing the drawbacks of traditional ways of generic drug delivery. Due to public and private expenditures, high healthcare spending, and the existence of multiple established and up-and-coming firms, tissue engineering and regenerative medicine also retained a sizeable stake.
Biotechnology Market Analysis by Application
Based on Application, the market is segmented into Health, Food & Agriculture, Natural Resources & Environment, Industrial Processing, Bioinformatics, and Others. Among these, the health segment held the larger share. The segment is projected to expand as a result of the rising illness burden, increased availability of agri-biotech products and services, and technological advancements in the bio-industrial sector. Significant developments in the fields of artificial intelligence (AI), machine learning, and big data are also contributing to the segment's growth. These developments are anticipated to increase the penetration of bioinformatics applications, particularly in sectors like the food and beverage industry. The segment of bioinformatics held the second largest market share. The rise in platform application is linked to the life science company's increased demand for structural identification and modification. This would therefore assist in the process of creating new drugs and assessing their therapeutic benefits. Additionally, improved drug development techniques are required due to increased efficiency and safety in drug research and development.
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Global biotechnology market is dominated by North America. The presence of major players, extensive R&D efforts, and high healthcare spending are just a few of the factors driving the regional market's expansion. Platforms based on genomics, proteomics, and cell biology are widely used in the area, which is hastening the uptake of life sciences tools. A further factor that is anticipated to have a positive effect on market growth in the area is the rise in the prevalence of chronic diseases and the increasing use of personalized medicine applications for the treatment of serious illnesses.
Asia Pacific region is fastest growing region till forecasted period. The expansion plans of major market players, favorable government initiatives, and increasing investments in healthcare infrastructure can all be linked to the growth of the regional market. For instance, Moderna Inc. announced in February 2022 that it intended to geographically expand its commercial network in Asia by establishing four new subsidiaries in Malaysia, Singapore, Hong Kong, and Taiwan. Additionally, partnerships in the biopharmaceutical industry, such as the strategic partnership between Kiniksa Pharmaceuticals and Huadong Medicine for the development and commercialization of Kiniksa's ARCALYST and mavrilimumab in the Asia-Pacific region, are anticipated to fuel market expansion.
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Biotechnology Market Driver
Biotechnology Market Restraint
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Global biotechnology market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Biotechnology Market Top Player's Company Profiles
Biotechnology Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Biotechnology Market Analysis, in terms of Technology, the segment of DNA sequencing held the larger market share. Due to falling sequencing prices and the increasing adoption of advanced DNA sequencing techniques. In terms of application, the health segment held the larger share. The segment is projected to expand as a result of the rising illness burden, increased availability of Agri-biotech products and services, and technological advancements in the bio-industrial sector.
|Market size value in 2021||USD 1055.7 billion|
|Market size value in 2030||USD 1202.44 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Biotechnology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Biotechnology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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