Biotechnology Market worth over $950bn by 2027
Published Date: May 19, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Biotechnology Market size is set to surpass USD 950 billion by 2027, according to a new research report by Global Market Insights, Inc.
Rising demand for products developed using agricultural biotechnology and growing penetration of biotech tools to develop or modify genetic traits of plants will drive the market growth. Extensive utilization of biotech tools across agriculture such as tissue culture, marker-assisted selection, genetically modified (GM) crops & genetic engineering has resulted in higher yield and pest resistant crops. Genetically engineered crops develop resistance against specific pests, plant diseases and insects that further help in reducing the use of synthetic pesticides. The increased use of novel biotech processes in agricultural disciple would help in meeting the rising needs of the population. Furthermore, bioagriculture-based firms are emphasizing on enhancing the current technologies to offer advanced agricultural innovations for increasing productivity.
Increasing prevalence of chronic ailments will boost the biotechnology market expansion
Rising prevalence of chronic conditions such as cancer, diabetes and respiratory disorders across the world will stimulate the adoption of biotechnology across the global market. As per the World Health Organization (WHO), in 2020, the prevalence of chronic conditions was projected to be around 57% across the globe. Moreover, according to the Global Burden of Disease Study, there has been tremendous growth in various risk factors as well as non-communicable diseases such as obesity, cardiovascular diseases, diabetes and cancer. Additionally, growth in numbers of deaths owing to cardiovascular disease has risen to more than 16% in 2020. Life expectancy in the U.S. has decreased to around 79 as compared to other high-income countries. Similar trends are observed on the global scale with significant rise in chronic ailments that would offer numerous opportunities, thereby facilitating the industry growth.
Over the last three decades, chronic conditions have showcased exponential increase. For instance, leading conditions responsible for deaths are stroke, diabetes, chronic kidney disease, lung cancer and ischemic heart disease in the elderly population. Comprehensive applications of biotechnology in developing diagnostics, therapeutics medications and gene therapies for treating these chronic conditions is expected to foster the industry expansion globally. Heavy investments to discover and produce effective therapeutic solutions against chronic diseases will bolster the market revenue.
High product acceptance with continuous product development will impel the biotechnology market value
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Bioinformatics segment is estimated to observe 9.6% growth rate through 2027 led by continued development and adoption of advanced bioinformatics tools. Computational tools and techniques used to assess biological data bases that will surge the demand for bioinformatics market. In addition, several disorders such as urea cycle disorders, metabolic disorders and inborn errors can be detected earlier using different bioinformatics tools. Gene sequencing diagnostics is also implemented as an essential component to diagnose genetic causes of the condition. Bioinformatics tools are further used in drug discovery and development on the basis of molecular disease.
Browse key industry insights spread across 200 pages with 138 market data tables & 14 figures & charts from the report, “Biotechnology Market Size By Application (Biopharmacy, Bioindustries, Bioservices, Bioagriculture, Bioinformatics), By Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell Based Assay), COVID19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Use of tissue engineering and regeneration in restoration of damaged organs will fuel the market demand
Tissue engineering and regeneration segment in the biotechnology market accounted for USD 94 billion in 2020. Rising need for tissue engineering and regeneration technology is due to growing incidence of chronic ailments and increasing organ failures. Tissue engineering emphasizes on development of therapeutics for several chronic disorders. Utilization of tissue engineering would enable medical professionals to develop functional constructs that can potentially maintain, improvise or restore damaged organs or tissues. Broad range of applications of this technology stretches across forensic science, life science as well as clinical research. Furthermore, this technology finds applications in therapeutic areas such as cancer, dental, cord blood & cell banking, urology, and others.
Improving healthcare infrastructure in China will augment the industry revenue
China biotechnology market size was over USD 40 billion in 2020 on account of the productive R&D ecosystem, improving healthcare infrastructure and growing exports related to biotechnology products. Export of biotechnology products such as recombinant human insulin, vaccines, recombinant human growth hormones, recombinant interferon, and others are major revenue contributor for the country. Heavy public and private investments in the Chinese biotechnology sector has accelerated drug discovery and development.
Major industry players adopting various growth strategies including portfolio expansion to strengthen their market position
Some of the major companies operating in the biotechnology market are Abbott Laboratories, Agilent Technologies, Amgen, Bio-Rad Laboratories, Danaher, F. Hoffmann-La Roche, Illumina, Merck, PerkinElmer, Qiagen, Thermo Fisher Scientific among others. These prominent industry leaders are undertaking several strategic initiatives such as new product development, partnerships and acquisitions to reinstate their market position.
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