Biotechnology Market to Reach USD 1,029.09 Billion by 2027 – Reports and Data

The advancement in technology and development of therapies and diagnostic solutions is boosting the growth of the Biotechnology Market.

The global biotechnology market is forecasted to reach USD 1,029.09 Billion by 2027, according to a new report by Reports and Data. Increasing use of technology across several industries on account of its multiple advantages such as environmental friendliness, efficient production methods, new raw material chains, low waste generation, reduced manufacturing costs, and raw material consumption is anticipated to have a positive impact on the market over the next few years.

The growing trend of personalized medicines and the need to understand genetic variations is foster market growth. However, stringent regulations related to product approval will hamper market demand. Advancements in biotechnology have expanded in the different disciplines such as genetics, biochemistry, and molecular biology, among others. The market players are focusing on R&D activities to improve agriculture productivity by reducing the negative impact of certain factors such as pest attack, shortage of water, low yield, among others. Extensive application, coupled with the growing need for effective medication and treatment, will favor market demand. Improved healthcare facilities in emerging nations and the rising cost of R&D for biotechnology developments will impact the market revenue.

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The COVID-19 impact:

The distribution of Covid-19's has influenced industrial activities worldwide. The virus led to the implementation of lockdown, which disrupted the workings of the economy while the healthcare sector witnessed a collapse in several countries. However, the biotechnology industry is witnessing a positive demand due to its application in the development of vaccines for COVID-19. Increased usage of technology for the development of advanced therapies will have a positive impact on the market.

Further key findings from the report suggest

• In October 2020, Sana Biotechnology, Inc., focused on the creation and delivery of engineered cells as medicines, announced the acquisition of Oscine Corp., a company developing potentially curative cell therapies for diseases of the central nervous system and brain.
• DNA sequencing plays a crucial role in mapping out the human genome and is an essential tool for several basic and applied research applications. DNA sequencing is also used in pharmacogenomics for the development of personalized medicine.
• The health segment accounted for a significant share due to the growing prevalence of chronic diseases associated with the growing demand for new drug development. The rising trend of personalized medicine and biosimilars will also influence market demand.
• The European market is growing due to the use of biomass as an efficient alternative to petroleum and is anticipated to have a positive impact on the environment, increase economic growth, and decrease prolonged dependence on petroleum imports, which in turn will drive the technology demand over the forecast period.
• Key participants include Gilead, AstraZeneca, Biogen, Celgene Corporation, Abbott, Novo Nordisk A/S, Amgen, Inc., Johnson & Johnson Services, Inc., Merck & Co, and Novartis AG, among others.

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For the purpose of this report, Reports and Data has segmented into the Global Biotechnology Market on the basis of technology, application, and region:

• Technology Outlook (Revenue, USD Billion; 2017-2027)
  • Tissue engineering and regeneration
  • Cell-based Assays
  • Nanobiotechnology
  • Fermentation
  • Chromatography
  • DNA Sequencing
  • PCR technology
  • Others
• Application Outlook (Revenue, USD Billion; 2017-2027)
  • Food and Agriculture
  • Industrial Processing
  • Health
  • Natural resources & environment
  • Bioinformatics
  • Others

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• Regional Outlook (Revenue, USD Billion; 2017-2027)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. UK
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. Rest of APAC
  • MEA
    1. Saudi Arabia
    2. UAE
    3. Rest of MEA
  • Latin America
    1. Brazil
    2. Rest of LATAM

 

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