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.
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.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/biotechnology-market
Biotechnology
Market Report Highlights
- 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
Biotechnology
Market Segmentation
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)
- Nanobiotechnology
- Tissue Engineering And Regeneration
- DNA Sequencing
- Cell-based Assays
- Fermentation
- PCR Technology
- Chromatography
- Others
Biotechnology
Application Outlook (Revenue, USD Billion, 2017 - 2028)
- Health
- Food & Agriculture
- Natural Resources & Environment
- Industrial Processing
- Bioinformatics
- Others
Biotechnology
Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key
Players of Biotechnology Market
- AstraZeneca
- Gilead Sciences, Inc.
- CELGENE CORPORATION
- Biogen
- Abbott
- Amgen Inc.
- Novo Nordisk A/S
- Merck & Co.
- Johnson & Johnson Services, Inc.
- Novartis AG
- Sanofi
- F. Hoffmann-La Roche Ltd.
- Pfizer, Inc.
- Lonza
Request a Sample Copy @ https://www.grandviewresearch.com/industry-analysis/biotechnology-market/request/rs1
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment