According to the latest research by Nova One Advisor, the global biotechnology market size was valued at USD 1.54 Trillion in 2023 and is projected to reach USD 5.68 Trillion by 2033, growing at a CAGR of 13.95% from 2024 to 2033
Request PDF Sample Copy of Report: (Including Full TOC, List of Tables & Figures, Chart)@ https://www.novaoneadvisor.com/report/sample/6732
The market is driven by strong government support through initiatives aimed at the modernization of regulatory framework, improvements in approval processes & reimbursement policies, as well as standardization of clinical studies. The growing foothold ofpersonalized medicineand an increasing number of orphan drug formulations are opening new avenues for biotechnology applications and are driving the influx of emerging and innovative biotechnology companies, further boosting the market revenue.
The COVID-19 pandemic has positively impacted the biotechnology market by propelling a rise in opportunities and advancements for drug development and manufacturing of vaccines for the disease. For instance, in 2021, over 11 billion doses of COVID-19 vaccine were produced globally, resulting in vaccination of about half of the worlds population within a year. Furthermore, the success of mRNA vaccines and accelerated approval processes have led to a surge in vaccine-related revenues, as evident by a combined revenue generation of around USD 31.9 billion in 2021 from Moderna, Pfizer/BioNTech, and Johnson & Johnson vaccines.
Expanding demand for biotechnology tools for agricultural applications including micro-propagation, molecular breeding, tissue culturing, conventional plant breeding & development of genetically modified crops, among others, have boosted the market growth. Moreover, genetically modified crops and herbicide-tolerant & insect resistant seeds are witnessing an increasing popularity and are contributing to the market growth. Rise in adoption of tissue culture technology for production of novel rice variants and disease- & pest-free banana varieties in regions of South Asia and Africa, and use of the technology for cloning of disease-free and nutritious plant varieties have propelled the agricultural applications for biotechnology.
The market is also driven by the presence of strong clinical trial pipeline and funding opportunities available in tissue engineering and regeneration technologies. As per the Alliance for Regenerative Medicine, companies developing cell and gene therapies raised over USD 23.1 billion investments globally in 2021, an increase of about 16% over 2020s total of USD 19.9 billion. Clinical success of leading gene therapy players in 2021, such as promising results from an in vivo CRISPR treatment for transthyretin amyloidosis, developed by Intellia Therapeutics and Regeneron, are significantly affecting the market growth.
Rising demand for clinical solutions for the treatment of chronic diseases such as cancer, diabetes, age-related macular degeneration, and almost all forms of arthritis are anticipated to boost the market. Major firms are investigating and developing pipeline products for diabetes and neurological disorders, such as Parkinsons & Alzheimers diseases, various types of cancers and cardiovascular diseases. For instance, according to clinicaltrials.gov, as of January 2021, there were 126 agents in clinical trials for the treatment of Alzheimer's disease, with 28 treatments in phase III trials.
Life sciences and healthcare sectors are experiencing a widespread use of fermentation technology and have positively impacted the market growth. Several modifications and advancements in the conventional bioreactors, such as introduction of simplified bioreactors and vortex bioreactors have led to improvements in the fermentation technology and growth in its adoption. Furthermore, vortex bioreactors have also been improvised for wastewater processing, to offer an enhanced operational feasibility. These modifications and improvement in fermentation technology are expected to accelerate market growth in the near future.
CAR T andTCR T-cell therapiesare being explored as potential treatment options against chronic viral infections, such as HIV, hepatitis B, and SARS-CoV-2. For instance, scientists at Duke-NUS Medical School are evaluating the use of T-cell therapy in combating the COVID-19 infection. The scientists have demonstrated that TCR-redirected T cells exhibit a functional profile comparable to that of SARS-specific CD8 memory T cells obtained from patients who have recovered from the infection. Such investigations are anticipated to spur further research prospects in this domain and drive the market growth.
Biotechnological techniques includingstem celltechnology, DNA fingerprinting, and genetic engineering, among other, are gaining significant traction since past few years. Technological advancement in stem cell therapeutics, increasing demand forbiologics, and a growing focus on the development of personalized medicines have resulted in a growing market for stem cell technologies. DNA fingerprinting applications are on the rise in forensic science, and for investigation of family relationships in animal populations as well as measurement of the extent of inbreeding. Similarly, genetic engineering and cloning techniques are being increasingly used in animal breeding and for manufacturing of complex biological substances.
Key Takeaways:
Immediate Delivery Available, Get Full Access@ https://www.novaoneadvisor.com/report/checkout/6732
TYPES OF BIOTECHNOLOGY
Like the stripes of the rainbow, the different biotechnology applications are grouped generally into seven colours orresearch and development areas.In this section, we highlight the most relevant of each of them.
To these typologies, four further sub-categories with corresponding colours have more recently been added:
Biotechnology Market Trends
Ask here for customization study@ https://www.novaoneadvisor.com/report/customization/6732
Biotechnology Market Size in the U.S. 2024 to 2033
The U.S. biotechnology market size was valued at USD 246.18 billion in 2023 and is anticipated to reach around USD 763.82 billion by 2033, poised to grow at a CAGR of 11.90% from 2024 to 2033.
North America accounted for the largest share of 41% in 2023. The regional market is witnessing growth due to several factors, such as the presence of key players, extensive R&D activities, and high healthcare expenditure. The region has a high penetration of genomics, proteomics, and cell biology-based platforms that is accelerating the adoption oflife sciences tools. Furthermore, rise in prevalence of chronic diseases and rising adoption of personalized medicine applications for the treatment of life-threatening disorders is expected to positively impact the market growth in the region.
Asia Pacific is expected to expand at the fastest growth rate from 2024 to 2033. The growth of the regional market can be attributed to increasing investments and improvement in healthcare infrastructure, favorable government initiatives, and expansion strategies from key market players. For instance, in February 2022, Moderna Inc. announced its plans for a geographic expansion of its commercial network in Asia through opening of four new subsidiaries in Malaysia, Singapore, Hong Kong, and Taiwan. In addition, biopharmaceutical collaborations, such as Kiniksa Pharmaceuticals and Huadong Medicines strategic collaboration for development and commercialization of Kiniksas ARCALYST and mavrilimumab in the Asia-Pacific region are expected to drive the market growth.
Segments Insights:
Technology Insights
DNA sequencingheld a significant market share of 17.53% in 2023 which can be attributed to declining sequencing costs and rising penetration of advanced DNA sequencing techniques. Government funding in genetic research has enabled a rise in applications of sequencing for better understanding of diseases. For instance, in May 2021, a USD 10.7 million NIH grant was awarded to the University of Pittsburgh Graduate School of Public Health and Washington University School of Medicine in St. Louis, for investigation of the genetic basis of Alzheimers disease.
Nanobiotechnology is expected to grow at a significant growth rate from 2024 to 2033 owing to an increase innanomedicineapprovals and the advent of advanced technology. For instance, applications of theranostics nanoparticles have gained impetus for enabling prompt diagnosis and customization of treatment options for multiple disorders at once. Factors such as low toxicity, smaller size, and chemical plasticity of nanoparticles have proved to be beneficial for overcoming the limitation associated with conventional routes of generic drug administration. Furthermore, tissue engineering and regeneration medicine held a significant share due to government and private investments in the field, along with high healthcare spending and presence of significant number of mature and emerging players in this space. These factors are expected to drive the segment growth over the forecast period.
Application Insights
The health application segment accounted for the largest share in 2023. Growing disease burden, increasing availability of agri-biotech & bio-services, and technological developments in bio-industrial sector are expected to drive the segment growth. In addition, the segment growth is also fueled by significant advancements in the fields ofArtificial Intelligence(AI),machine learning, andbig data, which are expected to increase penetration of bioinformatics applications, especially in industries such as food and beverages.
Moreover, collaborative efforts and partnerships aimed at development and commercialization of new therapeutic platforms and molecules are anticipated to drive the market growth. For instance, in January 2021, Novartis collaborated with Alnylam for exploring the application of the latters siRNA technology for development of targeted therapy for restoration of liver function. Similarly, in September 2021, AstraZeneca and VaxEquity collaborated for development and commercialization of self-amplifyingRNA therapeuticsplatform to explore novel therapeutic programs. Furthermore, growing demand for biosimilars and rising applications of precision medicine are expected to boost segment growth during the forecast period.
Regional Insights
North America accounted for the largest share of 41% in 2023. The regional market is witnessing growth due to several factors, such as the presence of key players, extensive R&D activities, and high healthcare expenditure. The region has a high penetration of genomics, proteomics, and cell biology-based platforms that is accelerating the adoption oflife sciences tools. Furthermore, rise in prevalence of chronic diseases and rising adoption of personalized medicine applications for the treatment of life threatening disorders is expected to positively impact the market growth in the region.
Asia Pacific is expected to expand at the fastest growth rate from 2024 to 2033. The growth of the regional market can be attributed to increasing investments and improvement in healthcare infrastructure, favorable government initiatives, and expansion strategies from key market players. For instance, in February 2022, Moderna Inc. announced its plans for a geographic expansion of its commercial network in Asia through opening of four new subsidiaries in Malaysia, Singapore, Hong Kong, and Taiwan. In addition, biopharmaceutical collaborations, such as Kiniksa Pharmaceuticals and Huadong Medicines strategic collaboration for development and commercialization of Kiniksas ARCALYST and mavrilimumab in the Asia-Pacific region are expected to drive the market growth.
Recent Developments
Some of the prominent players in the Biotechnology Market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Biotechnology market.
By Technology
By Application
By Region
Immediate Delivery Available | Buy This Premium Research https://www.novaoneadvisor.com/report/checkout/6732
You can place an order or ask any questions, please feel free to sales@novaoneadvisor.com|
Call: USA: +1 650 460 3308 | IND: +91 87933 22019 |
Europe: +44 2080772818
See the article here:
Biotechnology Market Size to Reach USD 5.68 Trillion by 2033 - BioSpace
Recommendation and review posted by G. Smith
