Newark, NJ, Sept. 10, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global biotechnology market is expected to grow from USD 447.92 billion in 2019 and to reach USD 833.34 billion by 2027, growing at a CAGR of 7.02% during the forecast period 2020-2027.
The growing prevalence of chronic disorders has increased the need for drug discovery, which in turn has resulted in the market growth of the biotechnology market. The biotechnology drug discovery process is majorly required for diseases such as heart stroke, cancer, asthma, hypertension, etc. The rise in demand for diagnostics and therapeutics solutions for these chronic diseases is fuelling market growth. Thus, biotechnology has proved to be useful in improving healthcare access and filling up the medical needs in certain regions. Apart from this, the biotechnology has been increasingly used in many other industries owing to the comprehensive nature of the application. The increased usage of biotechnology in agriculture due to the growing demand for organic food products is also contributing to the market growth.
Biotechnology utilizes the biological systems for the creation of new products. It often merges with the related fields of science-based upon the application. Biotechnology is a vast concept, and thus it includes a number of processes for the development of products. Apart from development, it is also used to modify the organisms as per the specific purposes. The research in biotechnology became popular with the development of genetic engineering in the 1970s. Genetic engineering led to the introduction of new processes such as tissue engineering and regeneration. The traditional form of biotechnology utilizes the natural form of living organisms, while the advance form requires modification.
The rapidly increasing innovations in biotechnology have expanded the application in different disciplines such as biochemistry, genetics, molecular biology, etc., The intersection of artificial intelligence in the biotechnology industry is ought to provide attractive opportunities in the future. Nowadays, biotechnology has been increasingly used in the cultivation of crops such as rice, beans, sugarcane, wheat, etc. The researchers are focusing on R&D activities to enhance agriculture productivity by reducing the impact of negative factors such as shortage of water, pest attack, low yield, etc. Further, the growing development of therapeutic solutions for an understanding of genetic variations and the preparation of personalized medicine is expected to drive the market further. However, the stringent regulations related to approval of the product are hindering the market growth.
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Key players operating in the biotechnology market are Bio-Rad Laboratories, PerkinElmer, Johnson & Johnson Services Inc., Amgen, Thermo Fisher Scientific, Agilent Technologies, Illumina, Sanofi, Abbott Laboratories, Qiagen, F. Hoffmann-La Roche, Pfizer, Merck & Co., Danaher and others. The major players in the biotechnology market are focusing on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and thus strengthen their position in the global market. Thermo Fisher Scientific and Johnson & Johnson Services Inc. are some of the biggest manufacturers and suppliers of biotechnology in the global market.
- In May 2018, a significant player, Illumina acquired Edico Genome, which is a data analytics provider of next-generation sequencing.
Nano-biotechnology dominated the market and held the largest market share of 29.14% in the year 2019
On the basis of the technology segment, the global biotechnology market includes nano-biotechnology, DNA sequencing, fermentation, PCR technology, cell-based assay, chromatography, tissue engineering and regeneration and others. Nano-biotechnology dominated the market and held the largest market share of 29.14% in the year 2019. Nano-biotechnology is the field of science that deals in unique biological properties and physicochemical properties of the nanostructures. Nano-biotechnology is widely used in areas such as agriculture and medicine. The need for micro-fabricated systems for the treatment of acute diseases has increased the R&D activities on the segment, which is a major driving factor.
Pharmacy dominated the market and held the largest market share of 31.35% in the year 2019
On the basis of the application segment, the global biotechnology market includes agriculture, industrial processing, pharmacy, bioinformatics, environment, bioservices and others. Pharmacy dominated the market and held the largest market share of 31.35% in the year 2019. The innovation of biotechnology was done in order to discover drugs for chronic diseases. It has till now remained the dominant application. The increase in the adoption of an unhealthy lifestyle has led to a rise in chronic diseases. Thus, the demand for personalized medicines has increased, which is produced with the help of biotechnology processes.
Regional Segment Analysis of the Biotechnology Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global biotechnology market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region accounted for a significant market share of 42.92% in the year 2019. The massive amount of investment in R&D activities by major players is the primary factor for market growth in the region. The countries belonging to the region, especially US have high healthcare expenditure, which is contributing to the demand. Further, the availability of advanced techniques has increased the applicability of biotechnology in many dimensions. However, Asia-Pacific is expected to register the highest growth rate during the forecast period. The growing patient population owing to the prevalence of chronic diseases has led to the development of the biotechnology market in the region. Additionally, the increasing adoption of biotechnology in agriculture and industrial processing has accelerated the growth of the market.
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About the report:
The global biotechnology market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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