The global biotechnology market size was valued at USD 753.48 billion in 2020 and is expected to grow at a CAGR of 15.5% during the forecast period. The increasing pervasiveness of conditions, for instance, hepatitis B disease, and other issues are anticipated to fuel the growth in this area.
Rising interest for sustenance and horticultural items such as wheat, rice, sugarcane, and beans due to the increasing population in U.S., China, and India is expected to push the significance of these products. Additionally, factors, for example, deficiency of water, low yields, insect assaults, and constrained accessibility of agrarian land are prompting scientists to participate in broad R&D.
The organizations are concentrating on the enhancement of ingenious systems and their usage by partnering with members in the industry. Significant associations, together with government-subsidized foundations and different self-ruling communities talking towards the biotechnology funding elevate financing to assist R&D and brand-new product enhancement attempts.
Know more about this report: request for sample pages
The rising incidence of persistent conditions such as diabetes and cancer globally is expected to increase the need for biotechnology products over the forecast period. It is estimated that diabetes affected more than 420 million people globally and is expected to rise to more than 600 million by 2045, as per the International Diabetes Federation, in 2019. In addition, the proportion of type 2 diabetes in individuals is growing in lots of countries thus, such high percentages are expected to push the market growth for biotechnology.
Extensive applications paired with the growing need for efficient medications and treatments would favor the growth of companies actively involved in this market for biotechnology. Improved healthcare facilities in developing regions and rising R&D costs for biotechnology developments will increase the revenue size. Furthermore, increasing demand for agro-based products and the growing need for biotech practices in technical research will withstand to foster biotechnology market growth. However, risks associated to hereditary information can prevent the market to grow in the coming years.
Biopharmacy application is expected to be the largest segment of the global market for biotechnology and is estimated to have over 60% share in 2020. This sector is expected to grow during the forecast period due to the increased use of bio-recombinant proteins in many of the medications to treat different ailments. Biopharma companies focus on the improvement of customized medicines that must, even more, enhance segmental development.
Biotechnology applications in the healthcare segment accounted for the largest share in the overall market. Increasing levels of chronic diseases coupled with the demand for new drug advancements is one of the major factors pushing the market growth. Moreover, increased demands in the personalized medicines and biosimilars is also anticipated to push this segment during the forecast period.
The bioinformatics segment is also expected to have the fastest growth during the forecast period due to the repercussion of considerable advancements in this field. Significant developments include designing and developing algorithms for effective genomic and proteomic information storage and management which is produced through the studies performed on the plant, animal, or human genomes.
The Bioindustrial segment is projected to have substantial growth over the forecast period. High segmental development is accredited to the increasing use of bio enzymes and biochemicals for numerous chemical treatments.
Know more about this report: request for sample pages
The tissue engineering and regeneration segment accounted for a significant revenue share in 2020. It is anticipated that this segment would have a strong growth due to the rising need for this technology along with advances in tissue engineering, which have pushed the segmental development in the biotechnology industry during the forecast period.
Nanobiotechnology is estimated to have the highest market share in 2020. Nanobiotechnology discovers a major application in some of the major chronic disorders such as cancer. It involves the advancement of nanoparticle-based chemotherapeutic medications, gold nanoparticles, and quantum dots for molecular medical diagnosis.
Increasing R&D performed in numerous organizations in determining new opportunities such as microfabricated systems and devices which are used during numerous acute disorders treatments is one of the major factors driving the growth of this technology.
PCR innovation segment held considerable market share in 2020 and is predicted to witness a significant growth rate over the forecast period. Increasing applications of PCR technology in the field of forensic and life sciences and scientific diagnostics are anticipated to add much-needed traction to this growing market.
North America dominated the total market in 2020 with over 40% of the global market for biotechnology. High R&D investments for new drug development is one of the major factors for its big share. The U.S. invests more per capita in health care and has a high development rate as compared to any other country. According to the report published by OECD in June 2018, it is estimated that U.S. invested nearly 17.2% of its GDP towards health care expenditure.
The U.S. accounted for the largest revenue share in 2020 of North America and is estimated to grow at a considerable rate due to growing chronic diseases. According to a report by CDC (Center for Chronic Disease Prevention) in October 2018, 6 out of 10 people in the U.S. have a chronic ailment. Due to federal government policies and continuous technological developments, the market for biotechnology in this region is expected to gain significant growth during the forecast period.
The market for biotechnology in Asia Pacific is anticipated to attain significant market share during the forecast period due to patient awareness, swiftly enhancing health care infrastructure, and growing health care expense levels in the fast-developing economies of China and India.
The market in China is predicted to witness a considerable growth rate of more than 10% in the upcoming years. This growth is due to the growing occurrence of chronic diseases along with increasing R&D in the biotechnology market. The rising population coupled with increasing demand for bio-agri products is also one of the other major factors pushing the market growth for biotechnology in this region.
A few of the major service providers functional in the market consist of Agilent Technologies, BioGen Medical Instruments, Danaher, F. Hoffmann-La Roche, Abbott Laboratories Illumina, Merck, PerkinElmer, Qiagen, and Thermo Fisher Scientific, Amgen, Bio-Rad Laboratories. These players execute tactical efforts such as mergers and acquisitions and new product launches to maintain and strengthen their positions in the market.
For example, Illumina acquired Edico Genome which is a provider of information analysis accelerating services for next-generation sequencing (NGS) in May 2018. Similarly in July 2017, Sanofi acquired Protein Sciences which was aimed at the addition of recombinant-based influenza vaccine to its product portfolio.