Biotechnology Market Trends 2022- Advancement In Technology
The increasing prevalence of chronic diseases and development of novel techniques is driving the demand for the 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. The market is growing due to the rise in demand for horticulture products, such as beans, and wheat, among others. The growth in artificial intelligence in biotechnology products is making significant breakthroughs in the field of technology, which is propelling market demand. An increase in conditions like cancer and diabetes will also impact the growth of the biotechnology market.
An increase in demand for agro-based products such as sugarcane, wheat corn, and sorghum and the need for biotech innovation in technical research will fuel market growth. The rise in chronic disorders and the need for drug discovery has propelled the demand for the product. Biotechnology drugs are mainly required for diseases such as cancer, heart stroke, hypertension, asthma. Apart from the usage in the healthcare sector, biotechnology is increasingly used in growing organic food products, which is contributing to market development. Innovation in artificial intelligence and several pipeline projects by biopharmaceutical companies will impact the growth of the market.
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The COVID-19 impact:
The distribution of Covid-19's has influenced industrial activities worldwide. Pharma company manufacturers are at the forefront of human response to the COVID-19 pandemic. An increase in the number of biotech firms to explore and develop a vaccine for the virus has developed a strict competition. Biotechnology is playing a crucial role in the development of the vaccine at an unprecedented rate, and a substantial amount of funds are being put into the research and development of the market product. The market will witness an increased demand in the coming years.
Further key findings from the report suggest
- In October 2020, Dr. Reddy Laboratories announced its partnership with the Biotechnology Industry Research Assistance Council (BIRAC), Department of Biotechnology (DBT), for Sputnik V vaccine’s advisory support on clinical trials in India.
- PCR involves the synthesis of several copies of specific DNA fragments using an enzyme known as DNA polymerase. This method permits the creation of billions of DNA molecules within a time frame, making it more efficient than cloning of expressed genes.
- The bioinformatics segment will witness a considerable growth rate due to the substantial development in the field. Advancement in algorithm designing for efficient storage and management of genomic and proteomic data generated through research carried out on the animal, plant, or human genomes will fuel market growth.
- North America dominates the regional market for this technology, accounting for the largest market share of 40.0% in 2019. Substantial funds by the government for R&D in the field and growing demand for green products and chemicals from consumers are the principal factors that have established North America’s position in the global market.
- 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
- DNA Sequencing
- PCR technology
Application Outlook (Revenue, USD Billion; 2017-2027)
- Food and Agriculture
- Industrial Processing
- Natural resources & environment
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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- The reports include historical (2017–2020) and forecast (2027–2027) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2017 and 2027.
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- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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