Global Biotechnology Market Overview 2023-2028
Biotechnology is a multidisciplinary field that harnesses biological processes, organisms, or systems to develop innovative products, technologies, and solutions that benefit various industries and human life. It involves the manipulation of living organisms genetic material, such as deoxyribonucleic acid (DNA), to alter their characteristics or create new traits. It is used in the development of diagnostic tools that aid in disease detection, monitoring, and personalized medicine. It is also utilized to develop personalized nutrition plans based on genetic data. It enables the development of diagnostics, vaccines, and therapeutics for various diseases.
The global biotechnology market size reached US$ 665.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,033.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.
Global Biotechnology Market Trends and Drivers:
The increasing use of biotechnology in developing innovative medical treatments, including gene therapies, personalized medicine, and novel biopharmaceuticals, represents one of the primary factors strengthening the market growth around the world. Moreover, the rising adoption of biotechnology in the agricultural sector to enhance crop yields, improve pest resistance, and develop genetically modified organisms (GMOs), is favoring the growth of the market. In addition, the growing usage of biotechnology in bioprocessing and biomanufacturing to facilitate the production of pharmaceuticals and industrial chemicals is influencing the market positively. Apart from this, the increasing adoption of biotechnology in the production of regenerative medicine, including tissue engineering and stem cell therapies, is propelling the growth of the market.
Global Biotechnology Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Amgen Inc., Biocon Limited, Biogen Inc., F. Hoffmann-La Roche AG, Genmab A/S, Lonza Group AG, Novartis AG, Novo Nordisk A/S, Pfizer Inc., Regeneron Pharmaceuticals Inc., Seagen Inc., Syngenta AG and Vertex Pharmaceuticals Incorporated
The report segmented the market on the basis of region, product type, technology, and application.
Breakup by Product Type:
- Software and Services
Based on product type, the market has been segregated into instruments, reagents, and software and services.
Breakup by Technology:
- Tissue Engineering and Regeneration
- DNA Sequencing
- Cell-Based Assays
- PCR Technology
Based on technology, the market has been segmented into nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, fermentation, PCR technology, chromatography, and others
Breakup by Application:
- Food and Agriculture
- Natural Resources and Environment
- Industrial Processing
Biotechnology is used in the healthcare industry due to the rising prevalence of various chronic ailments and the rising need for diagnostic tests, therapies, and medications.
Breakup By Regions:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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