Biotechnology Market

The market is driven by strong government support through initiatives aimed at modernization of the regulatory framework, improvements in approval processes and reimbursement policies, as well as standardization of clinical studies. The growing foothold of personalised medicine and an increasing number of orphan drug formulations are opening new avenues for biotechnology applications and are driving the influx of emerging and innovative biotechnology companies, further boosting market revenue.

Global Biotechnology Market: Growth

The biotechnology market makes use of living organisms, specifically organisms and microbes, to develop a variety of solutions that benefit humans. It is a synthesis of numerous techniques used on live cells, encompassing not just biology but also arithmetic, biochemistry, and engineering. The outbreak of the COVID-19 pandemic is expected to have a long effect on the industry. Increasing investment in research for the development of vaccines and drugs by several biotech businesses has increased the industry's growth.

Increasing awareness regarding the broad applications of these technologies, such as human and animal nutrition, environmental protection, drug development, and agricultural improvements, is expected to drive the biotechnology market',s growth over the forecast period. Furthermore, the COVID-19 outbreak has prompted several organisations to invest in the research and development of novel drugs for the future crisis, which in turn is expected to drive the biotechnology market',s growth over the forecast period. Additionally, increasing demand for organic agricultural goods, increased use of biotechnology in clinical trials, and the creation of more effective, nutritious, and long-lasting hybrid plants and animals are expected to fuel the biotechnology market',s expansion.

Global Biotechnology Market: Drivers

Growing advances in the life sciences are providing numerous benefits associated with healthcare interventions and productivity by incorporating innovative technology. The development of innovative techniques and their implementation by firms have a positive impact on the biotech sector and are expected to spur significant market growth. Innovative technologies, such as 3D bioprinting, are being used in the medicine. 3D bioprinting uses living cells to develop human body parts such as heart valves, cartilage, and skin, etc. It has a high potential for developing drugs as well as tissues and organs such as the liver and heart using the patient's body cells. The ability to create human cells and tissues will broaden the range of applications in medical research by providing models for study and analysis.

The biopharmaceutical industry is concentrating on developing personalised treatments. This will pave the way for the development of personalised procedural healthcare requirements as well as aid in the treatment of some hereditary genetic diseases. Additionally, fresh concepts are being introduced to the market, such as cell therapy, which has the potential to treat cancer efficiently.

Global Biotechnology Market: Restraint

The high cost of developing biotechnology reagents will undoubtedly limit market growths. Market players make large investments in installing new and advanced machines to speed up the process, which raises the cost. This biotechnology market report provides details of new recent developments, trade regulations, production analysis, value chain optimization, import-export analysis, market share, and the impact of domestic and localised market players. It also examines opportunities in the market in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application and dominance, product approvals, product launches, geographic expansions, and technological innovations. To gain more information on the biotechnology market, contact Data Bridge Market Research for an analyst brief. Our team will help you make a market decision to achieve market growth.

Biotechnology Market: Opportunities

Collaborative efforts and partnerships aimed at developing and commercialising new therapeutic platforms and molecules are expected to drive market growth. For example, in January 2021, Novartis collaborated with Alnylam to investigate the application of the latter's siRNA technology for the development of targeted therapy for the restoration of liver function. In September 2021, AstraZeneca and VaxEquity collaborated on developing and commercialising a self-amplifying RNA therapeutics platform to explore novel therapeutic programs. Furthermore, rising biosimilar demand and precision medicine applications are expected to drive segment growth during the forecast period.

Biotechnology Market: Insight by Technology

The tissue engineering and regeneration segment held a strong share of the market in 2021 and is expected to grow considerably over the forecast period due to its advantages of regenerating patients tissue and organs and the advancement of technology. Furthermore, the rise in the use of operational regenerative treatments due to increasing cases of obesity and diabetes among the population is expected to boost the industry's growth over the forecast period. The nanobiotechnology segment is expected to grow at a significant pace over the forecast period due to increasing novel drug discovery and rising investment by several private and government organizations. Furthermore, nanotechnology opens up new avenues for life-saving medical and cancer treatment.

Biotechnology Market : Insight by Application

Based on application, the biotechnology market has been segmented into food and agriculture, industrial processing, health, natural resources and environment, bioinformatics, and others. The health segment accounted for the largest revenue share in 2022. In healthcare, "biotechnology" refers to a diagnostic product or vaccination that is made out of living organisms and can be made using technology. The technology meets the requirements of patients and their families since it has acquired immune deficiency syndrome through the integration of medicine and diagnostics, as well as gene therapy and tissue engineering. The technology enables new therapeutic and diagnostic treatments for chronic diseases that are unique, targeted, and personalized.

The biopharma segment is expected to grow significantly over the forecast period. The increasing prevalence of chronic diseases among the population has led several private and public businesses to introduce novel drugs and vaccines for the treatment, which in turn has benefited the segment's growth. Furthermore, the emergence of the COVID-19 pandemic has triggered investment in the pharmaceutical industry, contributing to industry expansion.

Biotechnology Market: Regional Analysis

North America dominated the global market in 2022 and is expected to maintain its dominance over the forecast period due to increasing investment in research and development. Furthermore, the presence of major industry key players in the region, as well as growing awareness of biotechnology applications, are expected to fuel this trend.

The Asia Pacific market is expected to grow at a considerable pace over the forecast period, owing to increasing investment in research and development and the growing healthcare infrastructure. For instance, the Central Council for Research in Siddha (CCRS) launched ARIVU in August 2021, a program to encourage academics and businesses to conduct research to develop the value chain in the biotechnology and nanotechnology markets.

Biotechnology Market: Competitive Landscape

The competitive landscape of the global biotechnology market is moderately consolidated, with a few major companies operating on global and regional levels. Major companies are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footprint in the global biotechnology market. Some major companies in the market report include:

• AstraZeneca

• Gilead Sciences Inc.

• Bristol-Myers Squibb

• Biogen

• Abbott Laboratories

• Amgen Inc.

• Novo Nordisk A/S

• Merck KGaA

• Johnson & Johnson Services

• Novartis AG

• Sanofi

• F. Hoffmann-La Roche Ltd.

• Pfizer Inc.

• Lonza

Biotechnology Market: Recent Development

• In 2021, Thermo Fischer Scientific agreed to pay USD 17.4 billion to acquire the clinical research organisation Pharmaceutical Product Development (PPD). This acquisition would help the company commercialise drug discoveries by investing more in drug development and expanding its clinical research business.

• In 2021, Amgen agreed to buy Rodeo Therapeutics Corporation (Rodeo). Rodeo Therapeutics Corporation is a biopharmaceutical company that develops small-molecule therapies to aid in the regeneration and repair of specific tissues. This acquisition will enable Amgen to offer innovative biopharmaceutical products and reclaim its market position.