Biotechnology Market by Product Type (Instruments, Reagents, and Software & Services), by Technology (DNA Sequencing, Fermentation, Nanotechnology, Cell Based Assay, and Others), by Application (Bio-pharmacy, Bio-industry, Bio-services, Bio-agriculture, and Bio-informatics) – Global Outlook & Forecast 2022-2030
According to the deep-dive market assessment study conducted by Growth+ Reports, the biotechnology market was pegged at ~US$ 1,032.92 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~13.0% from 2022 to 2030.
Over the last decade, the use of genomic analytic techniques such as microbial identification and detection of genetic changes in the diagnosis of major infectious diseases such as HIV, malaria, and tuberculosis, as well as genetic abnormalities, has grown rapidly. The rising global prevalence of target diseases, combined with the demonstrated utility of polymerase chain reaction (PCR) analysis in the diagnosis and quantification of disease-causing bacteria, increases the use of clinical diagnostic tests and, as a result, will drive the growth of the biotechnology market during the forecast period.
The increasing prevalence of infectious and chronic diseases, as well as increased R&D investments to develop breakthrough genomic techniques such as cell-based assay and DNA sequencing, are expected to drive significant growth in developing countries. The growth of the biotechnology market in developing regions will be aided by an increase in healthcare spending, the expansion of healthcare infrastructure, growth of CROs and lower procedural costs of disease diagnosis techniques.
The COVID-19 pandemic has had a positive impact on the global biotechnology market by increasing opportunities and advancements in drug development and vaccine manufacturing. Rising demand for biotechnology tools for agricultural applications such as micropropagation, molecular breeding, tissue culturing, conventional plant breeding, and genetically modified crop development, among others, has also boosted the market growth.
Biotechnology has significant ethical implications during clinical trials that may hinder the growth during the forecast period. Clinical trials on new molecules and technologies bear high risks in terms of excessive cost and insufficient safety to the patients. As a result, careful consideration should be given before using new technologies on human subjects, and anyone participating in a trial should be fully aware of all potential outcomes. The unfortunate paradox is that in the hope of being cured, sick patients are sometimes willing to try new things. This means that scientists and medical professionals have a significant ethical obligation to fully explain the risks to patients and respect their final decision.
The North America biotechnology market is expected to grow at a stable rate over the forecast period. Increased R&D activities, rising investments in healthcare services, and the presence of major competitors are some of the factors driving the market's revenue growth. Biotechnology has proven to be a critical tool for increasing food security and sustainability in the United States. It enables farmers to increase food production, while also benefiting the environment. Biotechnology, for example, reduces the need for costly inputs while increasing weed control, allowing farmers to reduce tillage while improving soil, water, and air quality. Efficient use of biotechnology tools has improved over 90% of maize, cotton, and soybeans yield in the United States, and more farmers are incorporating biotech features into other crops such as alfalfa, sugar beets, and canola. The region has a high penetration of platforms based on genomics, proteomics, and cell biology, which is accelerating the adoption of life sciences tools. Furthermore, the rising prevalence of chronic diseases, as well as the increasing adoption of personalized medicine applications for the treatment of life-threatening disorders, are expected to boost the regional market growth.
Over the forecast period, Europe market is projected to grow consistently. Biotechnology contributes to the modernization of several industries in Europe. Many industries benefited through advancements in biotechnology include pharmaceutical and healthcare, textiles, animal health, chemicals, paper, plastic, fuel, food, and feed processing.
Some of the key players operating the global biotechnology market include Johnson & Johnson Services Inc., Gilead Sciences, Inc., Waters Corporation, BioNTech SE, Moderna, Inc., Genmab A/S, Merk KGaA, Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Bruker Corporation, Eppendorf SE, Bio-Rad Laboratories Inc., Qiagen N.V., and AstraZeneca plc. Furthermore, market growth is expected to be driven by collaborative efforts and partnerships aimed at the development and commercialization of new therapeutic platforms and molecules. For instance, in September 2021, AstraZeneca and VaxEquity worked together to develop and commercialize a self-amplifying RNA (saRNA) therapeutics platform to investigate novel therapeutic programs. saRNA is a new platform for the development of medicines and vaccines that employs similar technology to mRNA but with the added ability to self-amplify, allowing proteins to be expressed for longer periods of time, resulting in higher protein levels per dose level.