Biotechnology Market is Expected to Grow at a CAGR of 8.57% through 2026
High demand for organic products and
increasing prevalence of chronic diseases is expected to drive the demand for global
biotechnology market in the forecast period.
According to TechSci Research report, “Global Biotechnology Market By
Application (Bio-Pharmaceuticals, Bio-IT, Bio- Industrial, Bio-Agriculture), By
End User (Biotechnology & Pharmaceutical Companies, Research Institutes
& Laboratories, Academic Institutions, Others), By Region, Company Forecast
& Opportunities, 2026”, the global biotechnology
market stood at USD627.63 billion in 2020 and is expected to grow at a CAGR of
8.57% during the forecast period on account of growing prevalence of various
chronic diseases such as cancer, diabetes, respiratory diseases, cardiovascular
diseases, among others. This in turn has increased the demand for drugs and
therapy development for treatment, diagnosis and management of these diseases.
This in turn is expected to positively influence the market growth over the
next few years. Additionally, emergence of epidemics and pandemics has further
increased the demand for vaccines and other biological products, thereby
driving the market growth over the next few years. Furthermore, growing demand
for advanced technologies such as DNA sequencing, recombinant technology, fermentation,
tissue engineering, among others is expected to support the market growth over
the next few years. However, stringent regulatory approval process for
biotechnology products can hamper the market growth over the next few years.
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Global biotechnology market is
segmented into by application, by end user, by region and by company. Based on
application, the market can be categorized into bio-pharmaceuticals, bio-IT,
bio- industrial and bio-agriculture. The bio-IT segment is expected to register
a growth of around 10.39% in the forecast period on account of increasing
applications of IT in the field of biotechnology, Additionally, adoption of
advanced technologies such as Quantum computing, artificial intelligence, cloud
services, among others in the field of biotechnology and healthcare is further
expected to support the segmental growth through 2026.
Novo Nordisk A/S, Regeneron
Pharmaceuticals Inc., Amgen, Inc., CSL Limited, Gilead Sciences, Inc., Celgene
Corporation, Allergan, Inc., Biogen Inc., Vertex Pharmaceuticals, Inc., F. Hoffmann-La
Roche AG, Seagen Inc., Genmab A/S, Biocon Limited, Johnson & Johnson,
Pfizer Inc., among others are the leading players operating in global biotechnology
market. The companies operating in the market are adopting various strategies
like mergers & acquisitions, new product launches, new technology
developments and investing in small start-up-companies in order to stay
competitive in the market. For instance, In March 2021, Amgen entered into an
agreement with Rodeo Therapeutics Corporation (Rodeo) to acquire Rodeo, a
biopharmaceutical company based engaged in development of small-molecule
therapies designed to facilitate regeneration and repair of certain tissues.
This acquisition will help Amgen to offer innovative biopharmaceutical products
and reinstate its market position.
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“Asia
Pacific is expected to register the highest growth in the global biotechnology
market during the forecast period on account of increasing funding and
government support for the development of biotechnology market in the region especially
in the countries like China and India. Furthermore, changes in drug approval
procedures in these two countries is expected to support the market growth.
Besides, growing healthcare expenditure coupled with patient awareness and
improving healthcare infrastructure is expected to support the market growth in
the region.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global
Biotechnology Market By Application (Bio-Pharmaceuticals, Bio-IT, Bio-
Industrial, Bio-Agriculture), By End User (Biotechnology & Pharmaceutical
Companies, Research Institutes & Laboratories, Academic Institutions,
Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the
future growth potential of the global biotechnology market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of global biotechnology market.
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