The Biotechnology Market, industry ,size, share trends, growth,...

The Biotechnology Market, industry ,size, share trends, growth, demand, opportunities and forecast by 2030

Posted 2024-03-19 08:58:47

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Data Bridge Market Research analyses that the biotechnology market which was USD 1023.92 billion in 2022, is expected to reach USD 10129.16 billion by 2030, at a CAGR of 29% during the forecast period 2023 to 2030.

Market Overview

Biotechnology is a technology that uses biological systems, living organisms, or parts of them to develop or create various products. Biotechnology has become simple due to technological advancements, as a growing number of key market players develop and launch new products to expand their market share. Furthermore, the emergence of COVID-19, which has increased demand for vaccine development, has fuelled the growth of the biotechnology market. As new technologies and software are developed in the healthcare sectors, tracking systems have evolved or become advanced in response to market demand.

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Biotechnology Market Dynamics

Drivers

Innovations and advent of novel technologies

Growing advances in life sciences are providing numerous benefits associated with healthcare interventions and productivity by incorporating innovative technology. The development of innovative techniques and their implementation by firms has a positive impact on the biotech sector and is expected to spur significant market growth. Innovative technologies, such as 3D bioprinting, are being used in medicine. 3D bioprinting uses living cells to develop human body parts such as heart valves, cartilage, and skin. It has a high potential for developing drugs as well as tissues and organs such as the liver and heart using patient's body cells. The ability to create human cells and tissues will broaden the range of applications in medical research by providing precise models for study and analysis. These are the novel technologies which drive the market growth.

Increasing medical applications of fermentation technology

Fermentation technology advancements are increasingly being used in the production of monoclonal antibodies, therapeutic recombinant proteins and DNA, and anti-viral drugs, among other things. Aside from medications, fermentation technology is used to produce essential materials for the development of drug delivery vehicles, diagnostic kits, and medical devices. Furthermore, the increasing use of bioethanol due to environmental concerns to reduce reliance on synthetic or petroleum-derived counterparts will drive the biotechnology market.

Opportunities

Collaborations and partnerships

Collaborative efforts and partnerships aimed at developing and commercializing new therapeutic platforms and molecules are expected to drive market growth. For example, in January 2021, Novartis collaborated with Alnylam to investigate the application of the latter's siRNA technology for the development of targeted therapy for the restoration of liver function. Similarly, in September 2021, AstraZeneca and VaxEquity collaborated on developing and commercializing a self-amplifying RNA therapeutics platform to explore novel therapeutic programmes. Furthermore, rising biosimilar demand and precision medicine applications are expected to drive segment growth during the forecast period.

Some of the major players operating in the biotechnology market are:

Abbott (U.S.)
Agilent Technologies Inc. (U.S.)
Danaher (U.S.)
BD (U.S.)
Bio-Rad Laboratories Inc. (U.S.)
General Electric (U.S.)
bioMérieux SA (Frnace)
LONZA (Switzerland)
F. Hoffmann-La Roche Ltd. (Switzerland)
Hoefer, Inc. (U.S.)
PerkinElmer Inc. (U.S.)
Merck KGaA (Germany)
Promega Corporation (U.S.)
Quality Biological (U.S.)
Siemens (Germany)
Bio-Techne (U.S.)
TAKARA HOLDINGS INC. (Japan)
Sysmex Corporation (Japan)
Tosoh Corporation (Japan)
Ortho Clinical Diagnostics (U.S.)
Olympus Corporation (Japan)

Key questions answered in the Biotechnology Market are:

What is Biotechnology Market?
What was the Biotechnology Market size in 2022?
What are the different segments of the Biotechnology Market?
What growth strategies are the players considering to increase their presence in Biotechnology Market?
What are the upcoming industry applications and trends for the Biotechnology Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Biotechnology Market?
What major challenges could the Biotechnology Market face in the future?
What segments are covered in the Biotechnology Market?
Who are the leading companies and what are their portfolios in Biotechnology Market?
What segments are covered in the Biotechnology Market?
Who are the key players in the Biotechnology Market?