Biotechnology involves the use of living organisms like microorganisms, proteins and DNA to develop or modify products and processes for specific use. Biotechnology products include pharmaceuticals, genetically modified crops and biofuels. Biotechnology is widely used in healthcare for developing new therapies, vaccines and diagnostic tests. Rapid advances in biotechnology have enabled production of biologics and targeted drugs to treat various chronic and complex diseases like cancer. Biotechnology is also used in agriculture and food processing. Genetically engineered crops have increased crop yields and reduced reliance on chemicals. Biofuels produced from biomass are promoted as renewable and clean sources of energy. The global biotechnology industry continues expanding due to strong demand for biologics and targeted therapies.
The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the biotechnology market is increasing demand for biosimilars. Biosimilars are biologic medical products that are developed to be similar to an already approved biologic drug known as reference biologic product. Biosimilars offer more affordable treatment options compared to reference biologics and have potential to reduce healthcare costs substantially. Several leading biopharma companies are investing heavily in development of biosimilars to target chronic diseases. For instance, AbbVie provides biosimilars for rheumatoid arthritis and cancer while Pfizer markets biosimilars for inflammatory diseases. Rising uptake of biosimilars globally is expected to boost biotechnology market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low barriers to entry for new players due to high capital costs for R&D and strict regulations by FDA.
Bargaining power of buyers: Buyers have high bargaining power due to presence of many players and alternatives available in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute materials and components.
Threat of new substitutes: Threat of substitutes is low as research and technology in biotechnology is constantly advancing.
Competitive rivalry: Intense competition exists among existing players to develop new products and services.
Key Takeaways
The Global Biotechnology Market Size is expected to witness high growth. The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2030.
The biotechnology market in North America is growing at a rapid pace due to increasing R&D activities for drug discovery and advancement in biologics. Growing adoption of biosimilars and rising prevalence of chronic diseases are also supplementing market growth in the region. In Europe, supportive government regulations, increasing funding for research, and rapid approval of orphan drugs are some factors contributing to the large share of the region in the global market.
Key players operating in the biotechnology market are Bausch Health Companies, Inc., Recordati Rare Diseases Inc., Lucane Pharma SA, Acer Therapeutics, Ultragenyx Pharmaceutical Inc., Aeglea BioTherapeutics, Arcturus Therapeutics Holdings Inc., Orpharma Pty Ltd., Selecta Biosciences, Inc., Abbott Laboratories, NESTLÉ S.A., DANONE S.A., and Mead Johnson & Company, LLC.
Key players operating in the biotechnology market are focusing on new product launches, mergers & acquisitions, and geographical expansion to strengthen their market position. For instance, in January 2022, Ultragenyx Pharmaceutical Inc. received approval from FDA for Dojolvi (triheptanoin) for the treatment of Long-Chain Fatty Acid Oxidation Disorders. In August 2021, Selecta Biosciences, Inc. acquired Asklepios BioPharmaceutical, Inc. to expand its gene therapy portfolio.
For more Insights, Read –
https://www.marketwebjournal.com/biotechnology-market-trends-size-and-share-analysis/
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