LONDON, April 21, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Companys research report on the biotechnology services market, the biotechnology services market is expected to grow rapidly due to increasing lifestyle and chronic diseases. This is mainly due to unhealthy lifestyles, a growing aging population, rising inactivity and obesity. According to the World Health Organization, chronic disease prevalence is expected to rise by 57% globally by the year 2020. China and India together had about 193.4 million diabetic patients in 2019, and India is expected to have about 101 million diabetic patients by 2030. In the field of mental health, the World Health Organization predicts that one in every four people will beaffected by a type of mental disorder such as depression, schizophrenia, or anxiety in the future. In response to this, national governments across the globe are rapidly increasing their medical research expenditure. The world's population is also growing older with every passing year.
For instance, worldwide, the average life expectancy is expected to rise from 73 years to 74.1 years between 2016 and 2021. Based on this estimate, 11.5% of the world population will be over 65 years of age by 2021. Additionally, due to the increased consumption of processed foods, chronic health conditions like diabetes are expected to become more common. Therefore, increasing investment in medical research to treat chronic diseases is further driving the demand for biotechnology services.
The global biotechnology services market is expected to grow from $129.14 billion in 2021 to $151.10 billion in 2022 at a compound annual growth rate (CAGR) of 17.0%. The growth in the market is mainly due to companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. TBRCs biotechnology services market growth analysis states that the market is expected to reach $267.29 billion in 2026 at a CAGR of 15.3%.
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The development of automated solutions for devices and equipment is gaining popularity among biotechnology services market trends. Automation of the process will help to enhance productivity and consistency of the whole diagnostic process, along with reducing contact points for samples, consumables, and liquid handling, which improves the safety of clinical and laboratory personnel. In 2019, Thermo Fisher Scientific, based in Massachusetts, USA, a major player in the market, introduced a new benchtop automated reading and incubation system for antimicrobial susceptibility testing (AST). This new instrument will provide microbiology laboratories with accurate minimum inhibitory concentration (MIC) results that are needed by clinicians to confidently select an effective antibiotic for critically ill patients while safeguarding future patient care through more successful antimicrobial stewardship.
Major players in the biotechnology services market are Novartis, Fisher BioService, Pfizer, Novo Nordisk, BioAlps, Precision for Medicine, Sartorius and Aldevron.
The global biotechnology services market segmentation is categorized by service into prevention and disease control, public engagement activities, health education and research, food biotechnology services, donor recruitment, tissue collection, cell processing and isolation, research and development; by industry into Clinical Research Organizations (CROs), Contract Manufacturers Organizations (CMOs), Contract Research and Manufacturing Services (CRAMS); by area of application into pharmaceutical, biotechnological, academic, clinical trial, healthcare sectors.
As per the biotechnology services industry overview, in 2021, Asia Pacific was the largest region in the market. North America was the second largest region in the biotechnology services market. The regions covered in the biotechnology services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Biotechnology Services Global Market Report 2022 Market Size, Trends, And Global Forecast 2022 2026 is one of a series of new reports from The Business Research Company that provide biotechnology services market overviews,biotechnology services market analyze and forecast market size and growth for the whole market, biotechnology services market segments and geographies,biotechnology services market trends, biotechnology services market drivers,biotechnology services market restraints,biotechnology services market leading competitors revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors approaches.
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The Biotechnology Services Market Is Expected To Reach $267 Billion By 2026 Due To A Rapid Increase In Lifestyle And Chronic Diseases As Per The...
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