Selbyville, Delaware, May 20, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the biotechnology market which estimates the market valuation for biotechnology will cross US$ 950 billion by 2027. Increasing number of chronic conditions including cancer, diabetes and cardiovascular disorders worldwide will positively influence biotechnology industry growth.
Growing patient pool with chronic diseases will drive the demand for innovative gene therapies including DNA sequencing for better treatment outcome. Moreover, growing consumption of unhealthy diet along with lifestyle habits such as alcohol consumption and tobacco smoking is the major reason for high prevalence of chronic conditions. As per the WHO 2018 report, cancer was the second leading cause of death globally and 9.6 million deaths were estimated in 2018. Wide range of applications along with growing demand for vaccines and effective drugs will favor the business growth. Furthermore, improving healthcare access in areas of unmet medical needs and growing R&D expenses for advancements in biotechnology will spur the revenue size.
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Innovative technologies in biotechnology plays an anchoring role in development and commercialization of accurate detection and diagnoses, that further assist in reducing the expenses of treating chronic diseases. Extensive research in molecular diagnostics and genome sequencing has facilitated better demonstration of the nature of diseases and pathways to innovate personalized treatments. Reduction in the cost of gene sequencing due to advancements have increased its use in targeting therapeutics and screening of trial participants. This has led to development of effective therapies that concentrates on genetic and molecular makeup of a patient.
Additionally, the rising incidence of chronic conditions globally has increased the demand for drug discovery and development. Thus, biotechnology has helped in improvising healthcare access and meeting the medical requirements in several regions, thereby bolstering the biotechnology market revenue.
Bioagriculture segment valued at over USD 45 billion in 2020 and is estimated to progress at 9.6% CAGR during 2021 to 2027. Growing demand for food with increasing population and rising adoption of Genetically Modified (GM) crops is likely to fuel industry outlook. The use of agricultural biotechnology production of crops offers numerous benefits. The advent of gene editing offers highly for resistant varieties of crops that increases survival chances and yield. For instance, gene editing is used to produce varieties of corn and wheat that can sustain in extreme climatic conditions or produce more yield utilizing less resources comparatively with similar nutritional content. The developments in bioagriculture industry will spur the adoption rate of bioagricultural products.
Nanobiotechnology segment accounted for more than USD 68 billion in 2020. Continuous advancements and wide range of applications are some of the major factors driving the segmental growth. Nanobiotechnology is extensively used in biomedical industry. Primary applications include fabrication of microfluidic nano-devices for high throughput during drug discovery assays, nanotechnology-based drug delivery systems, proteomics, genome sequencing, and diagnostic imaging. However, emergence of nanomedicine, wherein nanorobots are used to carry certain operations will offer numerous growth avenues. For instance, the Massachusetts Institute of Technology (MIT) and Harvard scientists connected RNA strands to nanoparticles that consist of chemotherapy drug, thereby developing a nano-machine to target and destroy cancer cells.
Brazil biotechnology market is projected to expand at 9.3% CAGR through 2027 owing to favorable government initiatives and lucrative industrial environment for biotech startups. The government organizations, institutions and universities provide support to startups and help them assess the market and offer solutions efficiently. They also offer low-cost infrastructure in the initial period as the biotech companies requires high investments to start their businesses. Furthermore, the Brazilian Government’s Science and Technology Action Plan has allotted USD 20 billion to guide innovative technology startups and provide them financial support. Hence, the aforementioned factors are significantly contributing to growth of biotechnology industry in the country.
Some of the major players operating in the biotechnology industry are Abbott Laboratories, Agilent Technologies, Amgen, Bio-Rad Laboratories, Danaher, F. Hoffmann-La Roche, Illumina, Merck, PerkinElmer, Qiagen, Thermo Fisher Scientific among others. The prominent players are focusing on strategic initiatives including new product launches and acquisitions to strengthen their market position.
Some major findings of the biotechnology market report include:
- Rising demand for agriculture-based products along with increasing use of advanced biotech processes in bioagriculture disciple will bolster the market growth.
- Growing prevalence of chronic ailments across the globe will stimulate the biotechnology market growth in the coming years.
- Competitors are emphasizing on heavy investments in R&D activities and launch of novel biotech products and solutions in order to strengthen their industrial position.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Biotechnology industry 360⁰ synopsis, 2016 - 2027
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Technology trends
2.1.4 Regional Trends
Chapter 3 Biotechnology Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.1.1 Presence of favourable government initiatives in developed countries
3.3.1.2 Technological innovation
3.3.1.3 Rising demand for agriculture based products
3.3.1.4 Growing incidence of chronic ailments worldwide
3.3.2 Industry pitfalls & challenges
3.3.2.1 Risk associated to genetic data
3.4 Growth potential analysis
3.4.1 By application
3.4.2 By technology
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.7.1 Competitive matrix analysis, 2020
3.8 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.