Biotechnology Industry Overview
The global biotechnology market size was valued at USD 752.88 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.83% from 2021 to 2028.
The market is driven by favorable government initiatives owing to the growth of the biotechnology sector in developing countries, such as India and China. Government initiatives are oriented towards modernizing the drug regulatory pathway, standardizing clinical studies, improving reimbursement policies, and speeding up the product approval process, thereby offering lucrative growth opportunities to the market. In addition, in 2019, small molecules dominated the pharmaceutical compounds pipeline with around 22 U.S. FDA approvals as compared to eight large molecules (biotech). Around 4 out of every 10 drugs are biotech derived, which can be attributed to the growing demand for orphan drugs and personalized medicine. This is driving the influx of emerging and innovative biotechnologies companies, further boosting the market revenue.
Gather more insights about the market drivers, restrains and growth of the Global Biotechnology Market
Moreover, agricultural-input companies are focusing on improving the existing technologies that include the development of new stacked traits in crops and new germplasm by breeding innovations and gene sequencing. Companies are focusing on bringing agricultural innovations to the market for improving productivity with sustainable solutions. For instance, in February 2020, BASF announced that by 2029, the company will launch more than 30 projects for developing novel seeds, traits, biological and chemical crop protection solutions, new formulations, and digital products. Hence, extensive use of biotechnology techniques essential to enhance agricultural products contributes to the market growth.
Furthermore, the COVID-19 pandemic acts as a positive catalyst to market growth. Biotech companies are the frontrunners in the development of drugs targeting COVID-19. For instance, just after 8 months of the first case of COVID-19, Gilead Sciences, Inc. received the U.S. FDA approval for antiviral Remdesivir for the treatment of COVID-19 patients.
In addition, expanding the involvement of the biotechnology industry with diagnostic companies, drug manufacturers, research laboratories, and multinational pharmaceutical companies for developing therapeutic molecules to target COVID-19 is contributing to the market growth. For instance, in March 2020, Pfizer Inc. entered into a collaboration with BioNTech SE for the development of BNT162, COVID-19 vaccine candidate. BioNTech SE developed the vaccine using mRNA technology for the rapid development of the COVID-19 vaccine.
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- Bioinformatics Market – The global bioinformatics market size was valued at USD 3.51 billion in 2013. Growing demand in the process of novel drug R&D and private and public funding initiatives to support R&D exercises are expected to be the key factors driving the market during the forecast period.
- Personalized Medicine Market – The global personalized medicine market size was valued at USD 493.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.
Biotechnology Market Segmentation
Grand View Research has segmented the global biotechnology market on the basis of technology, application, and region:
Biotechnology Technology Outlook (Revenue, USD Billion, 2017 – 2028)
- Tissue Engineering And Regeneration
- DNA Sequencing
- Cell-based Assays
- PCR Technology
Biotechnology Application Outlook (Revenue, USD Billion, 2017 – 2028)
- Food & Agriculture
- Natural Resources & Environment
- Industrial Processing
Biotechnology Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- September 2020: F. Hoffmann-La Roche Ltd. completed the acquisition of Inflazome, an Irish biotechnology firm engaged in the development of inflammasome inhibitors.
- February 2020: BASF announced that by 2029, the company will launch more than 30 projects for developing novel seeds, traits, biological and chemical crop protection solutions, new formulations, and digital products.
Key Companies profiled:
Some prominent players in the global biotechnology market include
- Gilead Sciences, Inc.
- CELGENE CORPORATION
- Amgen Inc.
- Novo Nordisk A/S
- Merck & Co.
- Johnson & Johnson Services, Inc.
- Novartis AG
- F. Hoffmann-La Roche Ltd.
- Pfizer, Inc.
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