The biotechnology market is a specialized sub-sector of the pharmaceutical industry that utilizes biological processes, organisms or systems to manufacture products and therapies for specific diagnostic and therapeutic uses. The sector focuses on healthcare, food, feed, pulp and paper, textile, chemicals and environmental industries.
The global Biotechnology Market is estimated to be valued at US$ 14.91 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period from 2024 to 2031. Key Takeaways Key players operating in the Biotechnology Market are Cannabix Technologies Inc., Alcohol Countermeasure Systems Corp., Dragerwerk AG and Co. KGa, Intoximeters Inc., Lifeloc Technologies Inc., MPD Inc., Quest Products Inc., Advanced Safety Devices LLC, Aerocrine AB, Akers Biosciences Inc., Alcolizer Pty Ltd., Alcopro Inc., Guth Laboratories Inc., Meretek Diagnostics Group of Otsuka America Pharmaceutical Inc., PAS Systems International Alcohol Sensor Systems, Toshiba Medical Systems Corp., TruTouch Technologies Inc., ENVITE- WISMER GmbH, AK GlobalTech Corporation, Intoximeter Inc., and BACtrack Inc. Growing demand in the market: The Global Biotechnology Market Growth is owing to the growing demand for biologics and biosimilars. Biotechnology products are increasingly being used in disease diagnostics and treatment. The rising prevalence of chronic diseases and genetic disorders has boosted research activities in biotechnology. Global expansion of the market: Key players in the Biotechnology Market News are expanding their presence globally by establishing manufacturing and research facilities in various geographies. Biotechnology companies are investing heavily in R&D to develop advanced biologics and bio-based therapies. Partnerships with research institutes and hospitals have also helped fast-track drug development processes. Market key trends One of the key trends gaining traction in the Biotechnology Market is the increasing focus on personalized medicine. Biotechnology enables developing tailored diagnostics and treatments for specific patient needs based on genetic profiling. This trend is expected to transform disease management. Biotechnology innovations will play a vital role in enabling precision medicine approaches to deliver better health outcomes.
Porter’s Analysis Threat of new entrants: The biotechnology industry requires considerable R&D investment and compliance with strict regulatory standards which poses significant entry barriers. Bargaining power of buyers: Individual buyers have low bargaining power as the industry is fragmented with many buyers and differentiated products. However, large pharmaceutical companies can exert some pricing pressure. Bargaining power of suppliers: R&D services and key raw material suppliers like reagents have moderate bargaining power as switching costs are low and there are substitute suppliers. Threat of new substitutes: Threat of substitutes is low as biotech products often have few alternatives and switching costs are high due to stringent regulatory approvals. Competitive rivalry: The industry has high rivalry due to many companies developing novel bio-based products and services. Companies compete based on innovation, intellectual property, and strategic partnerships. Geographical regions: North America currently accounts for the largest value share due to presence of major companies and government funding for research. Asia Pacific is expected to be the fastest growing region supported by increasing investments, expanding biotech industries and growing contract research opportunities in China and India. The Biotechnology Market in the United States generates the highest value currently owing to robust government research funding, clustering of major players, supportive regulations and availability of skilled workforce. Asia Pacific region is poised to witness the fastest growth during the forecast period driven by increasing investments from government and private sectors to build local R&D capabilities and manufacturing infrastructure across China, India, South Korea and other Asian countries.
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