The Biotechnology Market is estimated to reach revenue of $610.92bn by 2025 from $430.92bn from 2018, growing at a CAGR of 9.50% during the forecast period 2019-2025. The growth of the Biotechnology market is owed to the rising demand for horticulture products like wheat, beans etc. Rising innovations of artificial intelligence in the biotechnology industry is making a significant breakthrough in the technological field as a pipeline of products are undergoing technological enhancement within minimum time frame.
- Biotechnology involves application of molecular biology and cellular process to develop technologies and products and resolve the biological constraints prevailed in the market. Biomedical Engineering and Biotechnology are closely related where biotechnology deals with the life science and biomedical engineering deals with human health and clinical industry.
- Major players in the Biotechnology market are Agilent Technologies, BioGen Medical Instruments, Danaher, F. Hoffmann-La Roche, Abbott Laboratories Illumina, Merck, PerkinElmer, Qiagen and Thermo Fisher Scientific, Amgen, Bio-Rad Laboratories.
- Currently, there are around 250 biotechnology health care products and vaccines available to patients. More than 13.3 million farmers around the world use agricultural biotechnology to increase crop production, prevent damage from insects and pests.
- Applied Immunology approaches aimed at modifying immune response and plays a significant role in biotechnology market. Genomics is an application of biotechnology on understanding how very large numbers of genes interact with each other and with their environment.
By Technology - Segment Analysis
On the basis of Type, Tissue Engineering and Regeneration segment dominated the Biotechnology market in 2018 and is forecast to grow with a CAGR of 5% due to the technological demand and the rising demand for tissue engineering in the market.
By Application - Segment Analysis
On the basis of Application, Health segment holds the largest revenue share due to the rising demand for bio pharmacy for the use of recombinant genes in medications to treat different ailments. The market is also gaining popularity owing to the Increasing number of long term diagnosed diseases coupled with the rising new drug advancements.
Geography - Segment Analysis
North America is estimated to hold largest share, of 41% in the market in 2018. This is due to the huge investment made by the companies in the research and development sector in countries like U.S. and Canada. The biotechnology market in APAC region is anticipated to attain a significant share in the market due to the awareness of people regarding the viability of the technology and huge infrastructural facilities made within the country,
Drivers - Biotechnology Market
- Rising prevalence of conditions like diabetes and cancer:
Rising prevalence of conditions like diabetes and cancer drives the growth for biotechnologies in the market. According to WHO, The global cancer burden is estimated to have risen to ~18 million new cases and 9.6 million deaths in 2020.
- Rising demand for Agro-based products and need for biotech innovations in technical research
Rising demand for agro-based products like wheat corn, sugarcane, sorghum etc. drives the demand for biotechnology in the market. Companies are also trying to enrich their product catalog through developing new technologies which can be applied to the products.
Challenges – Biotechnology Market
- Major challenge in the market is the risk related to genetic data that can adversely affect the market. For e.g. - In agriculture, there are concerns that genetically modified crops may transfer genetic material into natural, unmodified plants. For instance, a crop that is herbicide resistant may transfer some of its traits to a weed, which would result in an herbicide resistant weed
- Reluctance of people to use the product and stringent rules and regulations related to the registration of products are limiting the growth and entry of new players in the market.
Companies are trying to create their own mark in the market by adopting new technologies at an accelerated rate. The company has also try to enrich their product catalogues through product developments. And many companies starts acquiring small companies to resolve the potential resource gap prevailed in their companies in the form of technologies, products etc. Companies are also starting investing in new technologies and research and development sector.
- On May 2018, Illumina acquired Edico Genome which is a provider of information analysis accelerating services for next-generation sequencing (NGS) and illumina eyes at reducing sequencing data acquisition and analysis through a standardized process.
- On March 2018. Agilent Technologies has signed a definitive agreement to acquire privately-held Advanced Analytical Technologies, Inc. (AATI), aimed at technological advancement.
Biotechnology Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Biotechnology market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
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