Biotechnology Market Size, Share, Trends, Growth, Report Analysis 2023-2028

Global Biotechnology Market Overview 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Biotechnology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biotechnology market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global biotechnology market size reached US$ 665.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,033.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.

Biotechnology involves employing biological processes, organisms, or systems to innovate and produce products, technologies, and solutions that enhance various aspects of human life and industries. The field heavily relies on bioinformatics, utilizing computational tools to analyze biological data and integrating knowledge from biology, chemistry, genetics, and engineering. This approach enables precise manipulation of biological systems at the molecular level, ensuring specific and controlled outcomes. The applications of biotechnology are diverse, leading to the creation of life-saving drugs, gene therapies, and personalized medicine. It significantly improves crop yields, enhances pest resistance, and elevates the nutritional content of food crops, thereby contributing to global food security. Moreover, biotechnology plays a crucial role in addressing environmental challenges through bioremediation and sustainable resource management. In industrial processes, such as fermentation, biofuel production, and waste treatment, biotechnology enhances efficiency. The field is instrumental in the development of vaccines, monoclonal antibodies, and gene therapies. Additionally, it aids in disease prevention by creating diagnostic tests that facilitate early detection and monitoring of diseases. Biotechnology also contributes to environmental conservation by providing sustainable alternatives to traditional industrial processes. Beyond that, it finds widespread applications in healthcare, agriculture, energy, and environmental management sectors, showcasing its versatility and impact on various facets of human existence.

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Global Biotechnology Market Trends and Drivers:

The increasing prevalence of various chronic diseases, including diabetes, cancer, and cardiovascular disorders, is fueling the demand for innovative therapies and treatments. Moreover, the growing aging population and the rising need for progressive healthcare solutions are bolstering market expansion. Concurrently, the swift development of mRNA technology-based vaccines, exemplified by the Pfizer-BioNTech and Moderna vaccines, is enhancing the adaptability and effectiveness of biotechnological approaches in addressing global health challenges. Advancements in genomics and proteomics are facilitating personalized medicine, tailoring treatments based on individual genetic profiles, and enhancing patient outcomes. Additionally, heightened environmental awareness is driving the adoption of biotechnology in eco-friendly practices such as bioremediation and waste reduction. Simultaneously, increased investments from venture capital, governments, and private investors are propelling research and development (R&D) efforts within the biotechnology sector. The growing global population and the escalating need for enhanced yields are further propelling the demand for biotechnological innovations. Collaboration between biotech firms, pharmaceutical companies, and research institutions is on the rise, fostering innovation and expediting product development. Many biotech companies are outsourcing research activities to countries with cost-effective labor markets, leading to reduced operational expenses. Furthermore, the implementation of favorable regulatory environments in numerous countries is streamlining the approval process for biopharmaceuticals and genetically modified organisms. In addition to these factors, the increasing demand for ethical and sustainable products is prompting companies to embrace biotechnological solutions that align with environmental and ethical values.

Global Biotechnology Market 2023-2028 Analysis and Segmentation:

Top Key Players covered in this report are: Amgen Inc., Biocon Limited, Biogen Inc., F. Hoffmann-La Roche AG, Genmab A/S, Lonza Group AG, Novartis AG, Novo Nordisk A/S, Pfizer Inc., Regeneron Pharmaceuticals Inc., Seagen Inc., Syngenta AG and Vertex Pharmaceuticals Incorporated

The report segmented the market on the basis of region, product type, technology, and application.

Breakup by Product Type:

• Instruments
• Reagents
• Software and Services

Based on product type, the market has been segregated into instruments, reagents, and software and services.

Breakup by Technology:

• Nanobiotechnology
• Tissue Engineering and Regeneration
• DNA Sequencing
• Cell-Based Assays
• Fermentation
• PCR Technology
• Chromatography
• Others

Based on technology, the market has been segmented into nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, fermentation, PCR technology, chromatography, and others

Breakup by Application:

• Healthcare
• Food and Agriculture
• Natural Resources and Environment
• Industrial Processing
• Bioinformatics
• Others

Biotechnology is used in the healthcare industry due to the rising prevalence of various chronic ailments and the rising need for diagnostic tests, therapies, and medications.

Breakup By Regions:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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