New York, NY, Jan. 18, 2024 (GLOBE NEWSWIRE) — Polaris Market Research has published a recent study report titled “Biotechnology Market Share, Size, Trends, Industry Analysis Report, By Application (Bioinformatics, Food & Agriculture, Health, Industrial Processing, Natural Resources & Environment, Others); By Technology; By Region; Segment Forecast, 2024 – 2032” in its research database.
As per the recent analysis by Polaris Market Research, the global biotechnology market size and share was valued at USD 1452.30 billion in 2023 and is predicted to reach USD 4,482.21 billion by 2032. Also, the study states that the market reveals a robust 13.4% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is Biotechnology? How Big is Biotechnology Market Size?
Biotechnology is a technology that involves the utilization of molecular biology for applications in human and animal health. It is concerned with the development and manipulation of new products, methods, and organisms for specific purposes, such as genetically modified foods. Early applications of the technology resulted in the development of products like bread and vaccines. However, the field has evolved significantly in the 20th century in ways that alter the genetic structures of living organisms.
The modern practice of biology integrates several disciplines, including molecular biology, chemistry, bionics, and genetic engineering. This approach has led to innovations and breakthroughs in several areas, like medicines and therapeutics, medical diagnostics, and biofuels. Biotechnology has a wide range of applications in various sectors, ranging from food & agriculture to health and industrial processing. Enhanced reimbursement policies and government policies promoting regulatory modernization primarily propel the biotechnology market growth.
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Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
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What are the Key Findings of the Report?
- The rise of personalized medicine and expanding portfolio of orphan drug formulations attract emerging innovative firms and contribute to market growth.
- The increasing prevalence of chronic illnesses is one of the primary factors driving the demand for biotechnology.
- The biotechnology market segmentation is primarily based on technology, application, and region.
- North America dominated the market with the largest market share in 2022.
What are the Largest Biotechnology Companies?
- Abbott Laboratories
- Amgen Inc.
- Bristol-Myers Squibb
- F. Hoffmann-La Roche Ltd.
- Gilead Sciences, Inc.
- Johnson & Johnson Services, Inc.
- Merck KGaA
- Novartis AG
- Novo Nordisk A/S
- Pfizer, Inc
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- Which Factors are Driving the Market Growth?
There has been an increase in the prevalence of chronic diseases in the past few years. This is largely because of accelerated urbanization and an increasingly sedentary lifestyle. These trends lead to higher obesity rates and contribute to the increased occurrence of diseases such as diabetes, HIV, and malaria.
Ongoing technological advancements and rising funding and investment for scientific research further drive the biotechnology market demand. The bio-pharmacy sector, which plays a major role in preventing chronic conditions, focuses on the creation of personalized treatment options. This approach is anticipated to open the way for individualized healthcare requirements and boost the treatment of genetic conditions.
- What are the Latest Market Trends and Opportunities?
The growing demand for biotechnology tools in agricultural applications like tissue culturing, molecular breeding, and micro-propagation is projected to boost the market growth. Besides, the surge in popularity of genetically modified crops, seeds, and herbicide-tolerant is projected to further contribute towards the expansion of the market.
Overview of the Top Segments
- The DNA Sequencing Segment Accounted for the Largest Revenue Share
The rising adoption of advanced DNA sequencing methods and lowering sequencing costs are primarily contributing to the segment’s growth in the biotechnology market. The availability of government funding for genetic research has led to the expanded applications of sequencing, resulting in an in-depth understanding of diseases and chronic conditions.
Nanobiotechnology is projected to experience substantial growth at a high CAGR rate. The advent of advanced technology and rising approvals for nanomedicine largely propels the segment’s growth. The numerous benefits of nanoparticles, including chemical flexibility and low toxicity, have proven effective in overcoming the challenges linked to the traditional methods of generic drug administration.
- The Health Segment Held the Highest Market Share
By application, the health segment accounted for the largest biotechnology market share. The segment’s growth is largely fueled by the growing prevalence of diseases, rising availability of agri-biotech services, and ongoing technological advancements in the bio-industrial sector. Furthermore, significant progress in novel technologies such as artificial intelligence and machine learning is projected to increase the penetration of bioinformatics applications and have a favorable impact on the segment’s demand.
Increasing partnerships and collaborations focused on the development of new therapeutic molecules are expected to boost the market demand. In addition, a surge in demand for biosimilars and growing applications of precision medicine are projected to contribute to the growth of the segment in the upcoming years.
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Biotechnology Market: Report Scope
|Revenue Forecast in 2032
|USD 4,482.21 Billion
|Market size value in 2024
|USD 1639.64 Billion
|Expected CAGR Growth
|13.4% from 2024 – 2032
|2024 – 2032
|By Technology, By Application, By Region
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North America: North America dominated the biotechnology market sales in 2022. Several factors, including the presence of several key players, extensive R&D initiatives, and significant expenditure on healthcare, drive the region’s growth. North America has a substantial penetration of proteomics, cell biology, and genomic-based platforms. This, in turn, accelerates the adoption of life sciences tools in the region. Furthermore, the rising prevalence of chronic conditions and rising adoption of personalized medicine applications are projected to impact the region’s growth positively.
Asia Pacific: The Asia Pacific region is anticipated to exhibit the highest growth rate. Rising investments in healthcare infrastructure, the presence of favorable government policies, and strategic expansion efforts by industry vendors are primarily contributing to the region’s expansion. Furthermore, collaborations in the biopharmaceutical industry are anticipated to contribute significantly to the demand for biotechnology market in the region.
Browse the Detail Report “Biotechnology Market Share, Size, Trends, Industry Analysis Report, By Application (Bioinformatics, Food & Agriculture, Health, Industrial Processing, Natural Resources & Environment, Others); By Technology; By Region; Segment Forecast, 2024 – 2032” with in-depth TOC at: https://www.polarismarketresearch.com/industry-analysis/biotechnology-market
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- In May 2023, American biopharmaceutical firm Gilead Sciences, Inc. announced that it had completed the acquisition of XinThera. The acquisition bolsters Gilead’s clinical development goals by integrating complementary pipeline assets focused on validated targets in oncology and inflammation.
The Report Answers Questions Such As:
1. How big is the biotechnology market size and share?
Ans: The global market for biotechnology was valued at USD 1452.30 billion in 2023 and is expected to reach USD 4482.21 billion by 2032, growing at a CAGR of 13.4% during the forecast period.
2. Which is the key segment in the market for biotechnology?
Ans: The DNA sequencing segment accounted for the largest market share owing to the increased adoption of advanced DNA sequencing techniques.
3. Which region is expected to witness the fastest growth in the industry?
Ans: Asia Pacific is expected to have the fastest growth owing to the increased investments and enhancements in healthcare infrastructure.
4. Who are the top players in the biotechnology market?
Ans: The global players include Abbott Laboratories, AstraZeneca, Lonza, Pfizer, Inc and Sanofi.
Polaris Market Research has segmented the Biotechnology market report based on technology, application, and region:
By Technology Outlook
- Tissue Engineering and Regeneration
- PCR Technology
- Cell-based Assays
- DNA Sequencing
By Application Outlook
- Food & Agriculture
- Industrial Processing
- Natural Resources & Environment
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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