Global Biotechnology Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Biotechnology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biotechnology market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global biotechnology market size reached US$ 665.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,033.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.
Biotechnology is the application of biological processes, organisms, or systems to develop or create products, technologies, and solutions that improve various aspects of human life and industries. It relies on bioinformatics, which involves the analysis of biological data using computational tools and involves the integration of biology, chemistry, genetics, and engineering. It allows for precise manipulation of biological systems at the molecular level, ensuring targeted and controlled outcomes. It leads to the development of life-saving drugs, gene therapies, and personalized medicine. It enhances crop yields, pest resistance, and nutritional content of food crops, contributing to food security. It can address environmental challenges through bioremediation and sustainable resource management. It improves the efficiency of industrial processes like fermentation, biofuel production, and waste treatment. It is widely used to develop vaccines, monoclonal antibodies, and gene therapies. It aids in disease prevention through the development of diagnostic tests that enable early detection and monitoring of diseases. It contributes to environment conservation by offering sustainable alternatives to traditional industrial processes. Besides this, it finds several applications in healthcare, agriculture, energy, and environmental management sectors.
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Global Biotechnology Market Trends and Drivers:
The rising prevalence of several chronic diseases, such as diabetes, cancer, and cardiovascular disorders is driving the need for novel therapies and treatments. Additionally, the expanding aging population and the escalating demand for innovative healthcare solutions are strengthening the growth of the market. Apart from this, the rapid development of vaccines using mRNA technology, such as the Pfizer-BioNTech and Moderna vaccines, is improving the agility and efficacy of biotechnological approaches in addressing global health crises. Advances in genomics and proteomics are enabling personalized medicine, tailoring treatments to individual genetic profiles, and improving patient outcomes. Moreover, the rising environmental awareness is promoting the use of biotechnology in eco-friendly practices, such as bioremediation and waste reduction. Besides this, increasing investments from venture capital, governments, and private investors are fueling research and development (R&D) in the biotechnology sector. Along with this, the growing global population and the rising need for improved yields are driving the demand for biotechnological innovations. Furthermore, the rising collaborations between biotech firms, pharmaceutical companies, and research institutions are fostering innovation and accelerating product development. Moreover, many biotech companies are outsourcing research activities to countries with cost-effective labor markets, reducing operational expenses. In addition, the implementation of several favorable regulatory environments in many countries is streamlining the approval process for biopharmaceuticals and genetically modified organisms. Besides this, the escalating demand for ethical and sustainable products is encouraging companies to adopt biotechnological solutions that align with environmental and ethical values.
Global Biotechnology Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Amgen Inc., Biocon Limited, Biogen Inc., F. Hoffmann-La Roche AG, Genmab A/S, Lonza Group AG, Novartis AG, Novo Nordisk A/S, Pfizer Inc., Regeneron Pharmaceuticals Inc., Seagen Inc., Syngenta AG and Vertex Pharmaceuticals Incorporated
The report segmented the market on the basis of region, product type, technology, and application.
Breakup by Product Type:
- Software and Services
Based on product type, the market has been segregated into instruments, reagents, and software and services.
Breakup by Technology:
- Tissue Engineering and Regeneration
- DNA Sequencing
- Cell-Based Assays
- PCR Technology
Based on technology, the market has been segmented into nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, fermentation, PCR technology, chromatography, and others
Breakup by Application:
- Food and Agriculture
- Natural Resources and Environment
- Industrial Processing
Biotechnology is used in the healthcare industry due to the rising prevalence of various chronic ailments and the rising need for diagnostic tests, therapies, and medications.
Breakup By Regions:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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