Biotechnology Market size to exceed $729bn by 2025
Published Date: December 2, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Biotechnology Market size is set to exceed USD 729 billion by 2025; according to a new research report by Global Market Insights, Inc.
Various government organizations such as the National Center for Biotechnology Information and the National Institute of Biomedical Imaging & Bioengineering are investing rigorously in R&D activities pertaining to the field of biotechnology. Different initiatives such as building science parks, encouraging industry networks and providing tax breaks with related provisions to manage the cost of innovation will drive the biotechnology industry growth during the forecast period.
Biotechnology breakthroughs in medicine to drive the industry demand
Advances in the field of stem cell research, 3D visualization, face transplants and targeted cancer therapies among others will serve to a positive impact rendering factor in the market growth. Ability of stem cell therapy to treat more than 80 diseases including neuromuscular as well as degenerative disorders has increased its adoption over the recent years. 3D visualization is the recent breakthrough in biotechnology that enables doctors to view an entire 3D image of the patient’s internal organs using MRI and CT scans. The technology permits precise projection of each organ and helps surgeons to make small and targeted incisions that further minimizes body trauma. Development of such advanced technologies in the medical field will prove beneficial for the biomedical engineering industry growth.
Moreover, wide applications of biotechnology in agricultural field will further boost the market progression. Usage of scientific tools and techniques such as molecular markers, vaccines, genetic engineering, molecular diagnostics and tissue culture to modify plants is increasing during the recent years. Focus of people on development of technologically advanced crops that require low maintenance and produce high yield will increase the adoption of bio-based agricultural products, thereby augmenting the market expansion.
Bioinformatics is becoming an important application in the biotechnology field
Based on application segment, the biotechnology market is bifurcated into biopharmacy, bioservices, bioagriculture, bioindustrial and bioinformatics. The bioinformatics segment was valued around USD 5.5 billion in 2018 and is poised to witness significant growth over the coming years. Bioinformatics is a combination of information technology, statistics, molecular biology and algorithms that analyzes the data obtained from various experiments. Increasing investments in bioinformatics along with growing adoption of IT technologies will positively impact the market growth. Bioinformatics is generally used for organizing the biological data in medical research sector. Additionally, it has a wide range of applications in medicine & biology including molecular studies, drug innovations and forensic analysis of micro-organisms. Rising adoption of several bioinformatic tools worldwide will thus propel the bioengineering market expansion.
Browse key industry insights spread across 160 pages with 138 market data tables & 8 figures & charts from the report, “Biotechnology Market Share By Application (Biopharmacy, Bioservices, Bioagriculture, Bioindustries, Bioinformatics), By Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell Based Assay), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Surging demand for technologically advanced PCR devices augments the segmental demand
Based on technology, the global market covers fermentation, tissue engineering and regeneration, PCR technology, nanobiotechnology, chromatography, DNA sequencing, cell-based assay and others. PCR technology segment is anticipated to show over 8% CAGR owing to increasing adoption of these devices in various life science fields including drug discovery, molecular biology, genetics, biotechnology and clinical diagnostics. Moreover, PCR machines are extensively used in academic institutes for research purpose. Thus, increasing adoption of sophisticated diagnostic tools such as PCR will spur the segmental market revenue during the forthcoming years.
Favorable regulatory scenario in the European countries offers lucrative growth opportunities
The Europe biotechnology market demand is projected to witness around 8.5% CAGR owing to rising demand for bio-based products and services in the region. Biotechnology sector has become the most crucial and innovative industries in the European Union with several patent applications. In addition, increasing R&D activities in the biotechnology field to provide better and effective outcomes will foster the regional market growth. Adoption of advanced technologies in various European countries, to alter animal and plant genomes for commercial applications will further prove beneficial for biotechnology industry expansion. Furthermore, technological advancements and innovations in marine biotechnology will accelerate the overall market growth.
Emphasis of market players on development of novel technologies will drive the industry growth
Few of the notable industry players functioning in biotechnology market include Agilent Technologies, Amgen, Abbott Laboratories, Bio-Rad Laboratories, BioGen Medical Instruments, Danaher, Merck, F. Hoffmann-La Roche, Illumina, PerkinElmer, Thermo Fisher Scientific and Qiagen. The market players are adopting several organic and in-organic growth strategies including merges and new product launches to capitalize on market opportunities and gain significant market share. For instance, in March 2018, Agilent Technologies acquired Advanced Analytical Technologies. This acquisition was aimed at serving customers of both the firms with superior service and proficiency in analysis of nucleic acids and other biomolecules.