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The biotechnology market is estimated to represent a global market of USD 440.6 billion by 2031 with growth rate of 10.9%.
Biotechnology industry covers the study of living organisms to develop or modify new products for a specific purpose. Increasing research and development activities coupled with rising investment by key players in this market is driving the market growth significantly. Furthermore, the growth is attributed to the favorable government initiatives to promote biotech field across the globe. As per the various research publications, currently, more than 250 biotechnology vaccines and products are commercially available and is projected to increase at a significant rate. On contrary, the high cost of biopharmaceuticals coupled with the strict regulatory environment has been acknowledged as a major restraining factor for this industry
In terms of technology, the global biotechnology market is categorized as PCR, NanoBiotechnology, DNA Sequencing, Fermentation, Tissue Regeneration, Cell-Based Assay, and others. Of which, tissue regeneration segment achieved the highest share of the total market, accounted for more than USD 75 billion in 2019. It refers to the method of combining biological active molecule with scaffold/cells into functional tissue. Tissue engineering and regeneration exhibit strong potential in the skeletal reconstruction of large bone defects as well as gene-based therapies. Cartilage and artificial skin are some of the examples of tissue regeneration and engineered products approved by the U.S. FDA. Currently, several research activities are undergoing to develop high-throughput assays and instruments in order to reduce the complexity, time, and cost of tissue engineering. In addition to medical applications, non-therapeutic applications of this method include tissue chips that can be used to test toxicity and development of biosensors.
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COVID-19 Impact and Recovery Analysis
The novel COVID-19 has put the world on a standstill, affecting major operations, leading to an industrial catastrophe. However, the global biotechnology market is positively affected due to this outbreak. This report presented by AnalystView Market Insights contains a thorough analysis of the pre and post COVID-19 market scenarios. The report includes all the recent development and changes recorded during the COVID-19 outbreak and comprehends the analysis of top performer segments and marginal growth segment in biotechnology sector.
Regionally, developed regions such as North America and Europe accounted for the highest share of the global industry. Increasing research and development activities coupled with growing demand for effective pharmaceuticals drive the regional growth. For example, as per the Pharmaceutical Research and Manufacturers Association (PhRMA), the U.S. firms conduct over half of the world's R&D activities in the pharma sector and hold the intellectual property rights (IPR) on most of the new therapeutics.
Key Vendor Takeaway
Asia Pacific region is pegged to register a 15.6% growth rate in terms of value. A country such as India and China's billion-plus population offers huge growth potential for biotechnology products and services. Moreover, increasing budgetary allocations for the biotech industry in these countries further provide a healthy platform for market growth. While the biotech industry is on a high growth trajectory in Asia Pacific countries, the overall market remains small in African countries owing to the fragile backbone of the country's healthcare infrastructure and a shortage of skilled professionals.
Companies such as AstraZeneca, Biogen, Abbott, Merck, and Novartis AG are studies in detail along with the attributes such as company overview, financial performance, and key developments. Key companies are engaged in expanding their market presence through strategic mergers and acquisitions to capture large customer base. For instance, in August 2016, Novartis announced to the expansion of its biotechnology facility in Huningue, France. Such expansion has helped the company to boost its monoclonal antibody production by 70%.
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The market size and forecast for each segment has been provided for the period 2016 to 2027, considering 2019 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2021 to 2027 for every reported segment.
The years considered for the study are:
Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027
The proposed reports analyse and evaluates the COVID-19 Impact , and anticipated change on the future market scenario on this industry, by taking into the account the economic, political, technological, and social, parameters.
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL BIOTECHNOLOGY MARKET, BY TECHNOLOGY
GLOBAL BIOTECHNOLOGY MARKET, BY APPLICATION
GLOBAL BIOTECHNOLOGY MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa