Global Biotechnology Market Highlights Over 2022 - 2031

The global biotechnology market is estimated to garner around USD 1.7 trillion in revenue by 2031 by growing at a CAGR of nearly 8% over the forecast period, i.e., 2022 –  2031. The growth of the market can be attributed to the increasing cases of chronic diseases, such as cancer, diabetes, cardiovascular diseases, and others. For instance, according to a report by the World Health Organization (WHO), as of 2021, chronic diseases were the leading cause of death worldwide. The report also states that cardiovascular diseases cause nearly 17.9 million deaths annually worldwide. Further, an estimated number of diabetics globally is expected to reach over 750 million by 2045.

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Additionally, high R&D expenditure on biotechnology companies and technological advancements related to healthcare treatments and productivity is further expected to boost market growth.

The COVID-19 pandemic had a positive impact on the biotechnology market owing to the increased development of drugs by biotech companies, on the back of delivering medicines used to treat COVID-19. This led to an expansion of the biotechnology industry with diagnostic companies, drug manufacturers, research laboratories, and multinational pharmaceutical companies for developing improved drugs to target COVID-19.

However, the high equipment costs and lack of proper user-friendly equipment are the key factors restraining the growth of the market.

The market is segmented by application into biopharmacy, bioindustries, bioservices, bioagriculture, and bioinformatics, out of which, the biopharmacy segment is anticipated to hold the major share over the forecast period. Biopharmacy helps in avoiding the negative effects of few of small-molecule medicines and invasive surgical treatments, which is attributed to the growth of the segment. In addition to these, improving the focus of biopharmacy companies on individual treatment is opening the way for the development of personalized procedural healthcare requirements. Further, the growing incidences of chronic diseases are also driving the growth of the segment during the forecast period.

Global Biotechnology Market Regional Synopsis

Regionally, the global biotechnology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness significant growth over the forecast period on the back of increasing chronic diseases, the presence of key players, extensive R&D activities, and high healthcare expenditure. For instance, in the United States, 133 million Americans suffered from at least one chronic disease in 2018, and the number is growing.

Additionally, receiving drug approvals for the new startup biotech companies in the region is contributing to the market growth.

On the other hand, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period owing to the improving healthcare infrastructure, supportive government policies, and clinical trial services related to various diseases. Moreover, increasing collaborations of local biotechnology and pharmaceutical companies with foreign companies are predicted to also boost the market growth of the region.

Market Segmentation

Our in-depth analysis of the global biotechnology market includes the following segments:

By Application

• Biopharmacy

• Bioindustries

• Bioservices

• Bioagriculture

• Bioinformatic

By Technology

• Fermentation

• Tissue Engineering and Regeneration

• Polymerase Chain Reaction (PCR) Technology

• Nanobiotechnology

• Chromatography

• DNA Sequencing

• Cell Based Assay

By End User

• Pharma

• Biotech

• Hospital

Growth Drivers and Challenges Impacting the Growth of the Global Biotechnology Market

Growth Drivers

• Increasing cases of chronic diseases, such as cancer, diabetes, and cardiovascular diseases

• High R&D expenditure on biotechnology companies

• Technological advancements related with healthcare treatments and productivity

Challenges

• High equipment costs

• Lack of proper user-friendly equipment

Key Companies Dominating the Global Biotechnology Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global biotechnology market that are included in our report are Biogen, F. Hoffmann-La Roche Ltd., AstraZeneca, Gilead Sciences, Inc., Abbott, Amgen Inc., Novo Nordisk A/S, Merck KGaA, Novartis AG, Sanofi, and others.

Latest Developments in the Global Biotechnology Market:

• February 2021: Biogen announced the approval of a new intramuscular (IM) injection route of administration by the U.S. Food and Drug Administration (FDA) for PLEGRIDY (peginterferon beta-1a) for the treatment of relapsing forms of multiple sclerosis (MS). 

• September 2020: F. Hoffmann-La Roche Ltd. acquired an Irish biotech firm Inflazome which is working on inflammasomes associated with chronic inflammatory diseases.

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• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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