Apr 13, 2021, 05:05 ET
SAN FRANCISCO, April 13, 2021 /PRNewswire/ -- The global biotechnology market size is expected to reach USD 2.44 trillion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 15.83% from 2021 to 2028. The factors driving the market include favorable government policies, the launch of new and advanced products, robust investment in the biotechnology sector, and rising demand for synthetic biology.
Key suggestions from the report:
- The health application segment accounted for the largest share of 48.64% in 2020 owing to the COVID-19 impact, prevalence of diseases, increasing focus on the development of regenerative medicines, and improving healthcare infrastructure
- The DNA sequencing technology segment held the second-largest share in 2020 owing to its growing penetration in the development of precision medicines
- North America held the largest share of 44.19% in 2020. Companies operating in the region are launching advanced solutions to cater to the needs of the biotechnology industry
- For instance, in February 2021, Waters Corporation launched Waters ACQUITY PREMIER Solution. It is a next-generation liquid chromatography solution for improving analytical data quality
- Asia Pacific is expected to expand at the fastest CAGR of 16.8% from 2021 to 2028 owing to favorable government initiatives and changes in drug approval regulations in India and China
Read 150 page research report with ToC on "Biotechnology Market Size, Share & Trends Analysis Report By Technology (DNA Sequencing, Nanobiotechnology), By Application (Health, Bioinformatics), By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/biotechnology-market
Robust funding through alliance investment in start-up biotechnology companies for adopting new and advanced products is contributing to market growth. For instance, in February 2021, Illumina, Inc. invested in nine new genomics companies through Illumina Accelerator in 4 start-ups in the U.K. and 5 start-ups in the U.S. The companies include MultiplAI Health LTD.; BiotaX Labs LTD.; Mitra Bio Limited; Broken String Biosciences Limited; Flightpath Biosciences, Inc.; Doloromics Inc.; Oshun Medical Inc.; Parallel Health Inc.; and Rubik Therapeutics, Inc. Illumina Accelerator is an initiative through which selected startups can access to seed investment, genomics expertise, and Illumina sequencing systems and reagents and seek business guidance.
The bioinformatics application segment is expected to expand at the fastest CAGR from 2021 to 2028 owing to the increasing adoption of these tools for analyzing complex sequencing data. By technology, nanobiotechnology is expected to expand at a lucrative growth rate of 16.8% over the forecast period owing to the growing focus on nanotechnologies for efficient drug delivery and increasing research using this technology.
Supportive government initiatives are significantly contributing to market growth. For instance, in September 2020, the Government of India supported research institutes in agriculture biotechnology, including organic farming. Since the last 3 years, around USD 42.67 million had been invested to support this endeavor.
Moreover, the emergence of the SARS-COV-2 infection is driving the market. Companies are developing new solutions for combating the pandemic situation. For instance, in December 2020, Thermo Fisher Scientific Inc. announced CE-marking for TaqPath COVID-19 that can be used to perform in-vitro diagnosis of SARS-CoV-2, respiratory syncytial virus (RSV) A/B, and influenza A/B infections. The new kit will help in the detection and differentiation between diseases that have similar clinical symptoms.
Grand View Research has segmented the global biotechnology market on the basis of technology, application, and region:
- Biotechnology Technology Outlook (Revenue, USD Billion, 2017 - 2028)
- Tissue Engineering And Regeneration
- DNA Sequencing
- Cell-based Assays
- PCR Technology
- Biotechnology Application Outlook (Revenue, USD Billion, 2017 - 2028)
- Food & Agriculture
- Natural Resources & Environment
- Industrial Processing
- Biotechnology Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Biotechnology Market
- Gilead Sciences, Inc.
- CELGENE CORPORATION
- Amgen Inc.
- Novo Nordisk A/S
- Merck & Co.
- Johnson & Johnson Services, Inc.
- Novartis AG
- F. Hoffmann-La Roche Ltd.
- Pfizer, Inc.
Find more research reports on Biotechnology Industry, by Grand View Research:
- DNA Sequencing Market – The global DNA sequencing market size is expected to reach USD 11.2 billion by 2027 and is expected to expand at a compound annual growth rate (CAGR) of 11.4% from 2020 to 2027. Rapid advancements in sequencing technology and bioinformatics have enabled the identification of DNA variations.
- Genomics Market – The scientific community has tried to address genetic susceptibility and severity to SARS-CoV-2 infection by combining research efforts using existing genetic databases. Multiomic-based approaches and genome-wide association studies (GWAS) have been employed to uncover biological networks and common variants underlying host-pathogen interactions.
- Gene Expression Market – Rise in investments for the development of alternative drug discovery approaches coupled with an increase in research activities for genetic studies is expected to drive the global market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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