The global biotechnology market size is expected to reach USD 3,088.54 billion by 2029 according to a new study by Polaris Market Research. The report “Biotechnology Market Share, Size, Trends & Industry Analysis Report By Technology (Fermentation, Tissue Engineering, and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell-Based Assays); By Application; By Region; Segment Forecast, 2022 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing prevalence of chronic diseases, advancement in pharmaceutical technology, and increasing use of biotech solutions for novel drug discovery are expected to drive the demand over the forecast period. Furthermore, increasing investment in the healthcare industry and biopharma sector is expected to boost the industry’s expansion.
The unexpected emergence and transmission of the COVID-19 virus have raised interest in these goods such as vaccinations, screening procedures, medications, and others, which in turn is expected to increase the industry demand over the forecast period.
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The market in North America is expected to grow significantly over the forecast period due to increasing healthcare expenditure along with the presence of advanced technology for novel drug discovery procedures.
Some of the key players operating in the global industry include Agilent Technologies, Abbott, Amgen Inc., Biogen, AstraZeneca, Bio-Rad Laboratories, Danaher, F. Hoffmann-La Roche Ltd., CELGENE CORPORATION, Gilead Sciences, Inc., Lonza, Merck & Co., Novartis AG, Johnson & Johnson Services, Inc., Novo Nordisk A/S, Pfizer, Inc., PerkinElmer, Sanofi, Qiagen, and Thermo Fisher Scientific.
These companies are investing in research & development and are adopting strategies such as mergers & acquisitions, along with new product launches, to increase their industry presence. For instance, in October 2020, Bayers declared the acquisition of Asklepios BioPharmaceutical for approximately $4 billion to manufacture and develop gene therapy.
Polaris Market Research has segmented the global biotechnology market on the basis of technology, application, and region:
Biotechnology Technology Outlook (Revenue, USD Billion, 2017 – 2029)
- DNA Sequencing
- Tissue regeneration and engineering
- PCR technology
- Cell-based assays
Biotechnology Application Outlook (Revenue, USD Billion, 2017 – 2029)
Biotechnology Regional Outlook (Revenue, USD Billion, 2017 – 2029)
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa