Biotechnology Market is expected to grow at a high CAGR of 15.4% during the forecasting period ( 2022-2029). Biotechnology is the use of biological processes, organisms, or systems to manufacture products intended to improve the quality of human life.
The broad concept of “biotechnology” encompasses a wide range of procedures including genetic engineering, cell, and tissue culture technologies, nano-biotechnology, and others. Red biotechnology is a branch of modern biotechnology which is utilized in the field of medicine.
Global market for biotechnology market is primarily driven by the growing incidence of chronic ailments worldwide. Other factors aiding the market growth are the advancements in novel technologies, the rise in demand for therapeutic and diagnostic solutions on principles of biotechnology, DNA sequencing, and recombinant technology.
The increase in initiatives from governments and private organizations, the rising global burden of major diseases, and the growth in GDP and disposable income is anticipated to fuel the growth of biotechnology.
Furthermore, the increasing demand for genetics and regenerative medicine and therapies based-diagnostics is fueling the progress of the biotechnology industry.
Its high success rate and efficiency motivate demand for biotechnology-based practices. Reduced costs for gene sequencing, penetration of artificial intelligence in the industry, and favorable policies fuel the adoption of biotechnology in healthcare.
However, the high operational costs of biotechnology and the risk associated with genetic data along with stringent regulatory frameworks may hinder the market progress.
By technology type, the global biotechnology market is segmented into DNA sequencing, nano-biotechnology, tissue engineering and regeneration, cell-based assay, PCR technology, and others.
Nano-biotechnology share dominates the market segment owing it to its major applications in drug delivery therapies for chronic disorders.
It helps in optical imaging and drug delivery by molecular diagnosis and nano-bio sensors, as they use nanoparticles. The increasing R&D by various companies in discovering new opportunities such as micro-fabricated systems is a key driving factor of this segment.
By application, the market is segmented into biomaterials, bioinformatics, drug discovery informatics, regenerative medicine, and others. Biomaterials share dominates the market segment owing it to the technological innovations in the field which are leads to the development of advanced products.
The rising numbers of geriatric population and the increasing prevalence of cardiovascular and orthopedic disorders provide a boost to the market.
Biomaterials are widely used in plastic medical procedure, cardiovascular, wound repair, ophthalmology orthopedic, and neurological conditions.
Furthermore, they are utilized in various healthcare technologies such as tissue engineering, cosmetic surgeries, medical implants, and advanced drug delivery. Bioinformatics is anticipated to witness the fastest growth in this segment.
The high adoption of cloud-based solutions for effectively managing data due to the accelerating growth of proteomics and genomics with the demand for a large-scale study of proteins and protein sequencing and the rising demand for personalized medicine are driving forces of bioinformatics.
North America dominates the global biotechnology market, and it is primarily attributed to a large number of R&D investments concerning drug discovery and development.
The increasing research funding and technological advancements are other factors that help the market see profitable growth.
Moreover, its broad base of the patient population and the presence of significant medical companies along with the extensive research activities are undertaken by a majority of prominent local players contribute to the growth of North America’s share.
Asia-Pacific region is expected to be the fastest-growing market during the forecast period, owing to increase patient awareness and the region’s rapidly improving healthcare infrastructure. The rise in healthcare expenditure, improving IT infrastructure, and increasing government initiatives also boost the biotechnology market in the Asia Pacific region.
Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with an increased focus on R&D are other ways the leading players improve their market presence.
February 2019, Certara, the global leader in model-informed drug development, regulatory science, real-world evidence, and market access services, announced the launch of version 19.1 of its flagship scientific informatics platform D360. D360 v19.1 expands the platform’s capabilities for biologists and biologics scientists and deepens support for small molecule chemistry.
In January 2019, Medovex Corporation closed the acquisition of substantially all of the assets of Regenerative Medicine Solutions (RMS). RMS is a Florida-based pulmonary biomedical service and a leader in regenerative medicine specializing in cellular therapies to treat chronic obstructive pulmonary disease (COPD) and other chronic lung diseases.
January 2019, OncoCyte Corporation, a developer of novel, non-invasive tests for the early detection of cancer, has transitioned to Thermo Fisher Scientific’s Ion GeneStudio S5 next-generation sequencing (NGS) platform for targeted sequencing.
May 2018, Illumina acquired Edico Genome, a provider of data analysis speeding up solutions for next-generation sequencing.
August 2017, Sanofi completed the acquisition of Protein Sciences, a vaccines biotechnology company based in Connecticut, United States which deals with the R&D of vaccines.
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