GLOBAL BIOTECHNOLOGY MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD. NORTH AMERICA TO WITNESS THE HIGHEST GROWTH
Global Biotechnology Market is expected to reach the market valuation of USD XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX billion in 2020. Biotechnology is an interdisciplinary, that uses living creatures, biological systems, or derivatives to modify or develop processes and outcomes for the development of healthcare goods and medicines.
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The various factors driving the Biotechnology market include the increasing prevalence of chronic diseases and growing approval of vaccines and other biologics. Moreover, agricultural companies are concentrating their efforts on bringing agricultural innovations to market to boost production through long-term solutions. For example, BASF said in February 2020 that by 2029, it will have launched more than 30 initiatives aimed at producing novel seeds, traits, biological and chemical crop protection solutions, new formulations, and digital products.
The COVID19 has resulted in a profound re-evaluation of the advantages and costs of cancer care. The pandemic has been a devastating disease worldwide. Despite of the disruption in the supply chain, the COVID-19 outbreak has boosted the demand for biotechnology as the biotech companies has been working on development of drugs for fighting against COVID-19. For instance, Gilead Sciences, Inc. got FDA approval for antiviral Remdesivir for the treatment of COVID-19 patients just 8 months after the first case.
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Furthermore, the biotechnology industry’s corporation with diagnostic firms, drug makers, research laboratories, and global pharmaceutical corporations in the development of therapeutic compounds that target COVID-19 is helping to drive market growth. For instance, Pfizer Inc. and BioNTech SE announced a collaboration in March 2020 to research BNT162, a COVID-19 vaccine candidate. The vaccine was developed using mRNA technology by BioNTech SE for the quick development of the COVID-19 vaccine.
Based on technology, the market is fragmented into nanobiotechnology, tissue engineering & regeneration, DNA sequencing, cell-based assays, fermentation, PCR technology, chromatography, and others. The nanotechnology segment dominated the market in 2020 and generated the total revenue of USD XX billion. It is anticipated to maintain its dominance during the forecast period owing to the continuous advancements and wide range of applications.
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The various application wherein Biotechnology is utilized includes bio-pharmacy, bio-services, bio-agriculture, bio-industrial, and bioinformatics. In 2020, bio-agriculture segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period.
Additionally, the report provides detailed initiatives that are being taken in the field of Biotechnology. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the important competitors, and high healthcare expenditure. At the same time, Asia-Pacific is anticipated to grow at the highest CAGR of XX% during the forecast period.
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Abbott Laboratories, Amgen, Bio-Rad Laboratories, Danaher, F. Hoffmann-La Roche, Illumina, Merck, PerkinElmer, Qiagen, and Thermo Fisher Scientific are some of the prominent players operating in the global Biotechnology market. Several M&A’s along with partnerships have been undertaken by these players to develop Biotechnology.
Global Biotechnology Market Segmentation
Market Insight, by Technology
- Tissue engineering & regeneration
- DNA sequencing
- Cell-based assays
- PCR technology
Market Insight, by Application
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Abbott Laboratories
- Bio-Rad Laboratories
- F. Hoffmann-La Roche
- Thermo Fisher Scientific