The global market for the Biotechnology is anticipated to develop at a compound annual growth rate (CAGR) of 8.7% throughout the course of the forecast, to reach USD 1,683.52 billion by 2030.
Key factors driving the biotechnology market growth include rising number of research & development expenditures as well as outsourcing activities by government and private institutions. Moreover, increasing number of conferences and workshops to be held in future will further bolster the market over forecast spell. On the other hand, growing risks associated to the genetic data is likely to restrain the market growth in upcoming years.
The global market of biotechnology has been segmented by different technology, application and geography. Further, technology segment is bifurcated into fermentation, tissue engineering & regeneration, nanobiotechnology, PCR, chromatography, DNA sequencing and cell based assay. Tissue engineering & regeneration section of the segment dominated the market in past years in terms of revenue. However, nanobiotechnology, cell based assay and fermentation sections of the segment are anticipate to register notable growth in coming future.
On the basis of application, the biotechnology market is sub-segmented into bioagriculture, bioservices, biopharmacy and bioindustrial. Biopharmacy section of the segment dominated the biotechnology industry with highest biotechnology market share in terms of revenue. This is due to the various products including advanced drugs, monoclonal antibodies, recombinant proteins, recombinant human insulin, growth hormones and vaccines that are extensively useful. Moreover, biopharmaceuticals are used for the treatment of several chronic diseases like neurological, metabolic, cancer, cardiovascular and other rare diseases.
Geographically, global market is led by North America with major biotechnology market share in terms of revenue, owing to presence of high research & development investments associated with the discovery and development of new drugs. On the other hand, Asia Pacific market is estimated to register lucrative growth over the forecast period on account of rising patient awareness, hastily improving infrastructure in healthcare sector and increasing healthcare expenditure levels in the emerging economies including China and India.
The global biotechnology market is highly fragmented as well as competitive in nature. Moreover, market comprises of several small as well as emerging players with prominent players. Some of the key players operating in the competitive edge of the market include F. Hoffmann-La Roche Ltd, Johnson & Johnson Services Inc., Merck & Co., Pfizer and Sanofi.
Furthermore, most of the established firms are looking for strategies to acquire small firms sustain their position in the market. For exampleSanofi announced acquisition of Protein Sciences, a U.S. based company, in July 2017. Protein Sciences deals with the research & development of vaccines.
Key segments of global biotechnology market include:
- Technology Segment
- Tissue engineering & regeneration
- DNA sequencing
- Cell based assay
- Application Segment
- Geographical Segmentation
- North America
- Middle East & Africa
- Latin America