Biotechnology is revolutionizing various industries including healthcare, pharmaceutical, agriculture and environmental protection. Products developed using biotechnology such as biopharmaceuticals, genetically modified crops and biofuels are offering innovative solutions. Biopharmaceuticals are increasingly becoming the preferred treatment option for chronic diseases like cancer and diabetes owing to their high selectivity and efficiency. The Global Biotechnology Market Size is estimated to be valued at US$ 945.11 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the biotechnology market is the rising adoption in emerging markets like India, Brazil, China and South Africa. These emerging economies offer huge growth opportunities owing to the expanding urban middle class demanding superior healthcare and nutrition. Biopharmaceutical companies are actively focusing on these regions to tap into the increasing healthcare expenditure. Furthermore, governments in these nations are promoting the local development of biotech sector through initiatives aiming to reduce import dependency and drive innovation led growth. This has spurred significant private investments and partnerships between global biotech firms and local players. The increasing R&D activities and clinical trials in emerging nations will aid the market expansion over the forecast period.
Segment Analysis
The global biotechnology market is segmented into DNA/gene-based technologies, medical devices, cell and tissue-based technologies, nanotechnology-based tools and platforms, and analytical and laboratory technologies segments. Amongst all the segments, the DNA/gene-based technologies dominates the global biotechnology market. This segment deals with gene and cell therapies, enzymes and advanced molecular diagnostics and holds the major market share, attributed to the rising popularity of genomics and proteomics, increasing R&D in DNA/gene therapies, and applications of DNA/gene sequencing technology and synthetic biology.
Key Takeaways
The global biotechnology market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: North America region dominates the global biotechnology market currently. This is credited to rising prevalence of chronic and genetic diseases, growing geriatric population, increasing biotechnology research activities, and growing presence of global key biotechnology companies in the region. Asia Pacific region is expected to witness fastest growth rate over the forecast period owing to rising healthcare expenditures, emerging economies like China and India investing heavily in pharmaceutical and biotechnology sectors.
Key players: Key players operating in the biotechnology market are Bausch Health Companies, Inc., Recordati Rare Diseases Inc., Lucane Pharma SA, Acer Therapeutics, Ultragenyx Pharmaceutical Inc., Aeglea BioTherapeutics, Arcturus Therapeutics Holdings Inc., Orpharma Pty Ltd., Selecta Biosciences, Inc., Abbott Laboratories, NESTLÉ S.A., DANONE S.A., and Mead Johnson & Company, LLC.
The global biotechnology market is expected to witness high growth over the forecast period owing to factors such as increasing R&D investments in drug development using biotechnological approaches, rising prevalence of chronic diseases, growing demand for vaccine production globally, progress in gene and cell therapies and precision medicines, and rising focus on developing technologies like regenerative medicines and personalized medicines. Asia Pacific region is expected to be the fastest growing market attributed to emerging economies increasingly adopting cutting-edge biotechnological innovations. Key global players are focused on developing novel therapeutic products, expanding geographically into Asian markets with low-cost manufacturing facilities.
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