Westford, USA, June 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that biotechnology market will attain a value of USD 3.90 trillion by 2031, with a CAGR of 13.9% during the forecast period (2024-2031). The expansion of problems such as hepatitis B disease as well as other issues is expected to drive the expansion in this field as well as the demand for subsistence and agricultural products such as wheat, rice, sugarcane and beans are expected to increase which will boost the importance of these industry. Also, the prevalence of type 2 diabetes among many individuals is growing around the world, and thus, the market is likely to experience higher margins. The wide range of uses as well as the currently existing demand for highly effective drugs and treatment options, companies that devote themselves to this branch would presumably benefit more.
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Browse in-depth TOC on "Biotechnology Market"
- Pages - 260
- Tables - 128
- Figures – 77
Biotechnology Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 1.38 Trillion |
| Estimated Value by 2031 | $ 3.90 Trillion |
| Growth Rate | Poised to grow at a CAGR of 13.9 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Trillion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, Technology, and Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rise of DNA Sequencing |
| Key Market Drivers | Growing Research and Development of Tissue Culture and Cell Engineering |
Relatively Lower Prices and Sophisticated Methods Enable to Control the DNA Sequencing Segment
DNA sequencing takes the leading role in the biotechnology market and will still occupy the major portion of the market share in 2023. This success stems from two main factors: lower cost in sequencing and the influx of sophisticated technology in the process. Government funding equally has a great role to play in these issues. Owing to the efficiency and speed that DNA sequencing offers in the dissection of genetic frameworks, the technology fuels advancements in fields such as molecular medicine, disease diagnosis, and genetic modification. The highly active use of Next Generation Sequencing reinforces its importance to transform our view on genetics and its use across various industries.
Nanobiotechnology to be the Fastest Growing Segment due to the approval and innovations in the nanomedicine front.
The analysis of the market of nanobiotechnology has shown that starting from the year 2024 the growth rate of the market would be higher up to 2031. This growth is fueled by two key factors, growth of the number of approved and more progressive development in Nanomedicine. Some of the drivers that will help tissue engineering and regenerative medicine are government and private funding, high health care expenditure and the number of companies already in the field or may in the future be in the field. These will define the nanobiotechnology market in future years.
Asia Pacific Takes Lead with the Increasing Emphasis on Cleaning the Gas
Since the beginning of 2022, the Asia Pacific region was most engaged region, due to the increase in the intensity of smog, mainly originating from agriculture and industry. There is an increased demand especially in manufacturing industries in the far eastern region such as China and India due to their rapid industrialization causing pollution and hence, the need to clean the gaseous pollutants. Government initiatives aimed at decreasing emissions of air pollutants are also propping up the market. This raises awareness and knowledge of determination of gas cleaning in the firm with special emphasis on the regions concentration on coal induced power generation.
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Biotechnology Market Insights:
Drivers
- Growing Research and Development of Tissue Culture and Cell Engineering
- Continuously Introducing New Products to Biotech
Restraints
- Termination of Clinical Trials
- High Cost of Biotechnology Therapies
Prominent Players in Biotechnology Market
The following are the Top Biotechnology Companies
- Astrazenka
- Gilead Sciences, Inc.
- Biogen Inc.
- Kuka AG
- Merck
- Illumina, Inc.
- Novo Nordisk A/S
- Thermo Fischer Scientific Inc.
- Agilent Technologies, Inc.
- Lonza Group AG
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Key Questions Answered in Biotechnology Market Report
- What drives the global biotechnology market growth?
- Who are the leading biotechnology providers in the world?
- Where will biotechnology demand soar high?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of biotechnology systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of Biotechnology market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Biotechnology market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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