Global Biotechnology Market to Surpass USD 3879.51 billion by 2030 Driven by Increasing Prevalence of Chronic Diseases
SkyQuest projects that the global biotechnology market will attain a value of USD 3879.51 billion by 2030, with a CAGR of 13.9% during the forecast period (2023-2031). With the increasing prevalence of chronic diseases, it is believed that chronic conditions are now more common than ever. With the growing middle class and rapid urbanization, people are becoming more sedentary. As a result, diseases such as genetic mutations, diabetes, malaria, HIV, tuberculosis and obesity are high. Other factors contributing to the growth of market share are high prevalence of targeted diseases and genetic abnormalities, continuous technological advancement in polymer chain reaction technology, and investment, money for and support for increased scientific research in the global biotechnology market. The biopharmaceutical industry is focused on personalized therapies. This will help create personalized
Westford, USA, Feb. 07, 2024 (GLOBE NEWSWIRE) — Government income generation drives the market due to biotech sector growth in developing countries such as China, Japan, India etc. Government control efforts aim to facilitate the clinical research process, for funding improving payment systems, supporting infrastructure and facilitating medication management. One of the major barriers in the global biotechnology market for pharmaceutical products is the presence of a it is used in the manufacture of medicinal herbs the long-term research drugs. A drug must be developed for 12 to 15 years before it can be sold on the open market. Social and ethical concerns associated with clinical trials are also barriers to the development of biotechnology.
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Browse in-depth TOC of “Biotechnology Market”
● Pages – 157
● Tables – 71
● Figures – 75
The expanding need for biotechnological tools for agricultural production including micropropagation, molecular breeding, tissue culture, conventional plant breeding & development of genetically modified crops has created a market has progress been greater. Moreover, genetically modified crops and weed tolerant & pest resistant seeds are witnessing increasing popularity and contributing to the growth of the global biotechnology market. With the development of tissue culture technology used to develop new disease & pest free rice varieties and banana varieties in the South Asia-Africa region, biotechnology has led to the development of disease resistant plant varieties incompetent and energetic has been employed in agriculture.
Prominent Players of Global Biotechnology Market
- Airex Energy Incorporation
- Cool Planet Energy Systems
- Pacific Pyrolysis Pty Ltd
- Agri-Tech Producers LLC
- Genesis Industries LLC
- Full Circle Biotechnology
- The Biotechnology Company
- Earth Systems Bioenergy
- Phoenix Energy
- Chargrow LLC
- Biotechnology Now LLC
- Green Charcoal International
- Clean Fuels B.V.
- Biotechnology Products Inc.
- Carbofex BV
- Agri-Tech Producers
- Pacific Biotechnology Benefit Corporation
- Biotechnology Supreme LLC
- Sonnenerde GmbH
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DNA Sequencing Segment to Dominate Market Owing to Rising Government Funding
DNA sequences accounted for a huge market share of 17.43% by 2023 which can be attributed to falling sequencing costs and increasing advanced DNA sequencing techniques boosted by government funding in genetic research have been achieved in sequencing applications for a better understanding of diseases. For example, in May 2021, a $10.7 million NIH grant was awarded to the University of Pittsburgh School of Public Health and the University of Washington School of Medicine to investigate the genetic basis of Alzheimer’s disease. In the global biotechnology market.
North America accounted for the largest share at 41.37% by 2023 in the global biotechnology market. The regional market witness’s growth due to various factors, such as presence of key players, extensive R&D activities, and rising healthcare costs. The growing prevalence of chronic diseases and increasing adoption of personalized medicines for treatment of life-threatening disorders is expected to positively impact the market growth in the region.
Nanobiotechnology Segment to Witness Significant Growth Owing to Early Diagnosis Possibilities
With increased approval of nanomedicine and advanced technologies, nanobiotechnology segment is expected to grow at a tremendous pace from 2023 to 2031 in the global biotechnology market. For example, theranostic nanoparticle applications have advanced to enable early diagnosis and treatment feasibility has been chosen for a wide range of problems in once materials which by conventional chemistry methods proved useful in overcoming the associated limitation.
Asia Pacific is expected to expand at the fastest growth rate from 2023 to 2031 in the global biotechnology market. The growth of the regional market can be attributed to investments and improvements in the healthcare sector, government policies being good and expansion strategies of the major market players. For example, in January 2022, Moderna Inc. with plans to expand its sales strategy geographically in Asia by opening four new subsidiaries in Malaysia, Singapore, Hong Kong and Taiwan and biopharmaceutical partnerships, such as Kinisa Drug Collaboration and Huadong Medicine with mavrilimumab for development announced and commercialization expected to boost market growth.
A comprehensive analysis of the major players in the global biotechnology market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments of Global Biotechnology Market
- In October 2023, Gilead Sciences, Inc. will have 100,000 shares. and Assembly Biosciences developed advanced therapies for serious viral infections.
- In October 2023, Gilead’s subsidiary Kite Epicrispr Biotechnologies announced a research collaboration and licensing agreement to use Epic Bio’s gene regulation platform in the development of advanced cancer cell therapies.
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Key Questions Answered in Global Biotechnology Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market’s future growth?
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