Biotechnology refers to the application of scientific and engineering principles to materials, organisms, and systems by processing to produce products, improve plants or animals, or develop microorganisms for specific uses. Technologies associated with biotechnology includes vaccines, therapeutics, molecular diagnostics, transgenic crops etc. Biotechnology has applications in healthcare, agriculture, environment and industrial processes. The global biotechnology market is estimated to be valued at US$ 820.4 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand for vaccines and therapeutics remains the key driver propelling growth of the global biotechnology market. Vaccines play a pivotal role in immunization and treatment of various infectious, chronic and life-threatening diseases such as influenza, pneumonia, polio etc. While the ongoing Covid-19 pandemic has increased global demand for Covid-19 and other vaccines across the healthcare sector. Growth in healthcare spending levels across developed and emerging nations has translated into increased R&D for development of novel therapeutics used in treatment of cancers, infectious diseases and genetic disorders. Another driver augmenting market growth is increasing adoption of biotechnology in agricultural applications for development of genetically modified seeds, crops tolerant to herbicides. This has led to improvement in farm yield and productivity over the years.
SWOT Analysis
Strength: The biotechnology market has several major strengths. Biotechnology helps develop new medicines and treatments which improve human health. It allows for more precise and targeted therapies. Biotechnology also drives innovation and discovery of new products.
Weakness: High investment requirements are one of the major weaknesses of the biotechnology market. It takes many years and millions of dollars to develop new drugs and therapies using biotechnology. There is also regulatory risk as approval processes can be long and uncertain.
Opportunity: The aging global population and rising incidence of diseases offer significant opportunities. Personalized and precision medicines allow for better treatment of rare diseases and different genetic profiles. Emerging areas like gene and cell therapy hold promise to treat previously incurable conditions.
Threats: Strict regulations around safety and ethics pose threats. Over-reliance on public funding is also a risk. Patent expiries of major biologic drugs also threaten future revenues. Emerging biosimilars may capture part of the market for some biologic drugs.
Key Takeaways
The Global Biotechnology Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 820.4 Bn by 2024, growing at a CAGR of 3.5%.
Regional analysis: North America currently dominates the biotechnology market, owing to high healthcare spending and presence of major players in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period. Countries like China, India and South Korea are increasingly investing in R&D and clinical trials to develop innovative biologics and biosimilars. This is driving the growth of the biotechnology market in Asia Pacific.
Key players: Key players operating in the biotechnology market are Bausch Health Companies Inc., Amgen Inc., Biogen Inc., Gilead Sciences Inc., Vertex Pharmaceuticals Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company, Merck & Co. Inc., Pfizer Inc., and Johnson & Johnson. These companies are focused on developing novel biologic drugs and therapies for cancer, diabetes, cardiovascular diseases and other therapeutic areas through extensive R&D efforts and clinical trials. They are also adopting strategies like acquisitions and partnerships to strengthen their product pipelines and market shares.
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https://www.newswirestats.com/biotechnology-market-size-share-growth-outlook-2023/
