High demand for organic products and increasing prevalence of chronic diseases is expected to drive the demand for global biotechnology market in the forecast period.
According to TechSci Research report, “Global Biotechnology Market By Application (Bio-Pharmaceuticals, Bio-IT, Bio- Industrial, Bio-Agriculture), By End User (Biotechnology & Pharmaceutical Companies, Research Institutes & Laboratories, Academic Institutions, Others), By Region, Company Forecast & Opportunities, 2026”, the global biotechnology market stood at USD627.63 billion in 2020 and is expected to grow at a CAGR of 8.57% during the forecast period on account of growing prevalence of various chronic diseases such as cancer, diabetes, respiratory diseases, cardiovascular diseases, among others. This in turn has increased the demand for drugs and therapy development for treatment, diagnosis, and management of these diseases.
This in turn is expected to positively influence the market growth over the next few years. Additionally, emergence of epidemics and pandemics has further increased the demand for vaccines and other biological products, thereby driving the market growth over the next few years. Furthermore, growing demand for advanced technologies such as DNA sequencing, recombinant technology, fermentation, tissue engineering, among others is expected to support the market growth over the next few years. However, stringent regulatory approval process for biotechnology products can hamper the market growth over the next few years.
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Global biotechnology market is segmented into by application, by end user, by region and by company. Based on application, the market can be categorized into bio-pharmaceuticals, bio-IT, bio- industrial and bio-agriculture. The bio-IT segment is expected to register a growth of around 10.39% in the forecast period on account of increasing applications of IT in the field of biotechnology, Additionally, adoption of advanced technologies such as Quantum computing, artificial intelligence, cloud services, among others in the field of biotechnology and healthcare is further expected to support the segmental growth through 2026.
Novo Nordisk A/S, Regeneron Pharmaceuticals Inc., Amgen, Inc., CSL Limited, Gilead Sciences, Inc., Celgene Corporation, Allergan, Inc., Biogen Inc., Vertex Pharmaceuticals, Inc., F. Hoffmann-La Roche AG, Seagen Inc., Genmab A/S, Biocon Limited, Johnson & Johnson, Pfizer Inc., among others are the leading players operating in global biotechnology market. The companies operating in the market are adopting various strategies like mergers & acquisitions, new product launches, new technology developments and investing in small start-up-companies in order to stay competitive in the market. For instance, In March 2021, Amgen entered into an agreement with Rodeo Therapeutics Corporation (Rodeo) to acquire Rodeo, a biopharmaceutical company based engaged in development of small-molecule therapies designed to facilitate regeneration and repair of certain tissues. This acquisition will help Amgen to offer innovative biopharmaceutical products and reinstate its market position.
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“Asia Pacific is expected to register the highest growth in the global biotechnology market during the forecast period on account of increasing funding and government support for the development of biotechnology market in the region especially in the countries like China and India. Furthermore, changes in drug approval procedures in these two countries is expected to support the market growth. Besides, growing healthcare expenditure coupled with patient awareness and improving healthcare infrastructure is expected to support the market growth in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Biotechnology Market By Application (Bio-Pharmaceuticals, Bio-IT, Bio- Industrial, Bio-Agriculture), By End User (Biotechnology & Pharmaceutical Companies, Research Institutes & Laboratories, Academic Institutions, Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of the global biotechnology market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global biotechnology market.
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