Biotechnology Market

Global Biotechnology Market Size (2023 to 2028)

The global biotechnology market size is anticipated to grow from USD 903.4 billion in 2023 to USD 2105 billion by 2028 and is estimated to grow at a CAGR of 18.44% from 2023 to 2028.

Biotechnology is an interdisciplinary, advanced field that involves the modification or development of processes and outcomes to create healthcare items and treatments using living creatures, biological systems, or derivatives. It has a significant impact on various markets, including medical and pharmaceuticals, genetics, food and chemical production, and so on. High-tech marketing, which is commonly associated with science-based businesses such as biotechnology, is founded on the idea that technological advancements give rise to products and markets distinct from traditional markets, necessitating the use of a different marketing style.

Impact of COVID-19 on the global biotechnology market:

The COVID-19 pandemic is a driving force for market expansion. Biotechnology companies are at the forefront of the development of COVID-19-targeting medications. For instance, only eight months after the initial instance, Gilead Sciences, Inc. received FDA approval for the antiviral Remdesivir to treat COVID-19 patients. Additionally, increasing the biotechnology market's cooperation with diagnostic companies, medicine makers, research institutes, and multinational pharmaceutical corporations to create therapeutic compounds to target COVID-19 is aiding the market growth. Pfizer Inc., for instance, announced a collaboration with BioNTech SE in March 2020 to research BNT162, a COVID-19 vaccine candidate. BioNTech SE created the vaccine using mRNA technology to speed up the development of the COVID-19 vaccine.

On the other hand, the advent of the COVID-19 pandemic is a global epidemic that has had a negative impact on the worldwide biotechnology market for a short period. The SARS-CoV-2 outbreak has caused the global economy to shut down, disrupted the supply and distribution network, restricted the supply of raw materials, and imposed limitations on transporting commodities, all of which have hampered market advancement. Overcoming these restraints allowed for the pursuit of new scientific endeavors; investing heavily in the business has sped up the discovery of new medications, gene treatments, and vaccines in critical therapeutic areas.

MARKET DRIVERS:

The creation of new scientific disciplines such as genomics, metabolomics, and proteomics has emerged from continuous advances in molecular biology. The expanding usage of biotech solutions has facilitated the production of therapeutic proteins and other drugs. As the prevalence of chronic diseases has increased, so has the demand for pharmaceutical discovery and development. It is being used increasingly frequently in numerous fields due to the broad nature of the application. The growing usage of organic products in agriculture is also helping to expand the market. Agricultural input firms aim to upgrade existing technology, such as breeding innovations and gene sequencing, to generate new stacked crop features and new germplasm. Companies are focusing their efforts on bringing agricultural innovations to market to increase production over the long term. As a result, the widespread application of biotechnology techniques to improve agricultural products adds to the global biotechnology market growth.

By utilizing creative technologies, growing life sciences developments provide several benefits related to healthcare treatments and productivity. The development of innovative techniques and their deployment by businesses has a beneficial impact on the biotech sector and is expected to promote significant growth to the global biotechnology market. In medicine, advanced technology such as 3D bioprinting is being applied. Living cells are used in 3D bioprinting to generate specific human body components, such as heart valves, cartilage, and skin. It offers a high potential for developing medications, tissues, and organs such as the liver and heart, using the bodily cells of patients. Furthermore, advances in biotechnology and the acceptance and interaction of technologies like Artificial Intelligence, Big Data Analytics, and others are expected to generate significant growth prospects during the forecast period.

MARKET RESTRAINTS:

Biotechnology products and services are governed by many regulatory agencies, which could impede product development and commercialization. Furthermore, a certain level of danger associated with genetic data may impede the biotechnology market's expansion. Like the pharmaceutical market, the biotechnology market confronts four significant challenges: patents expire, resulting in competition from biosimilars, the high expenditure required for research and development, and low R&D productivity.

REPORT COVERAGE:

This research report on the global biotechnology market has been segmented and sub-segmented based on technology, application, and region.

Biotechnology Market – By Technology:

• Nanobiotechnology
• Tissue Engineering and Regeneration
• DNA Sequencing
• Cell-based Assays
• Fermentation
• PCR Technology
• Chromatography

In 2022, the fermentation segment of the biotechnology market had the largest share due to a wide range of applications for fermentation technology, as well as more excellent outputs, lower costs, and environmental friendliness. Fermentation technology is widely employed in manufacturing various medical items, including solvents like ethanol, antibiotics, probiotics, and intermediate molecules like citric acid. Fermentation technology is also utilized to produce key materials for the development of drug delivery vehicles, diagnostic kits, and medical devices, in addition to pharmaceuticals.

Biotechnology Market – By Application:

• Health
• Food & Agriculture
• Natural Resources & Environment
• Industrial Processing
• Bioinformatics

Because of the rising alliances to coordinate and enhance the adoption of informatics technologies, the bioinformatics segment is predicted to grow at the fastest CAGR. The companies will concentrate on therapeutic options other than the currently utilized replacement medicines for hemophilia. Atomwise's AI technology, AtomNet, screened over 17 billion molecules in less than two days to find potential targets.

Biotechnology Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Due to increased investment in research and development and expanding healthcare infrastructure, the Asia Pacific market is predicted to rise significantly throughout the forecast period. Furthermore, because of the rise of the biotechnology sector in developing nations like India and China, the market is being driven by favorable government initiatives. Government activities aim to streamline the medication regulatory pathway, standardize clinical studies, enhance reimbursement policies, and expedite the product approval process, all of which will provide the market with lucrative growth potential. Furthermore, the Indian government is taking several steps to encourage business, and the National Biotechnology Development Strategy of the Department of Biotechnology strives to create a robust platform for discovery and innovation. This strategy would include new technology platforms and advantages for improving biotech products. In addition, government funding and technical assistance to biotech companies accelerate the market's advancement.

Due to the high healthcare and R&D spending, North America dominated the global biotechnology market in 2020 and is likely to continue over the forecast period. Furthermore, rising awareness and adoption of biotechnology and its applications and uses in the region are expected to drive market growth. The presence of key market players in the region is also predicted to aid market expansion. The region's businesses are offering cutting-edge solutions to meet the needs of the biotechnology market. The U.S. government has adopted new rules, regulations, and compliance to applicable laws for biotech products, and the FDA ensures the safety and efficacy of pharmaceuticals, human food, and animal feed. The EPA monitors pesticides, including plants with plant-incorporated protectants, to ensure public safety.

Germany topped the European market in 2020, owing to the country's significant biotech presence and extensive research and development operations.

KEY MARKET PARTICIPANTS:

AstraZeneca, Gilead Sciences, Inc., CELGENE CORPORATION, Biogen, Abbott, Amgen Inc., Novo Nordisk A/S, Merck & Co., Johnson & Johnson Services, Inc., Novartis AG, Sanofi, F. Hoffmann-La Roche Ltd., Pfizer, Inc., and Lonza are a few of the companies playing a dominating role in the global biotechnology market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• By 2029, BASF expects to launch more than 30 programs to develop novel seeds, traits, biological and chemical crop protection solutions, new formulations, and digital products in February 2020.
• Rodeo Therapeutics Corporation (Rodeo) and Amgen Therapeutics Corporation (Amgen) agreed to buy each other in March 2021. Rodeo is a biopharmaceutical firm focused on developing small-molecule therapeutics to aid tissue regeneration and repair.
• F. Hoffmann-La Roche Ltd. completed the acquisition of Inflazome in September 2020. Inflammasome inhibitors are being developed by Inflazome, a biotechnology company based in Ireland.