Rockville, MD, Nov. 11, 2024 (GLOBE NEWSWIRE) -- According to a new industry report by Fact.MR, a market research and competitive intelligence provider, the global biotechnology market is projected to reach a size of US$ 550.83 billion in 2024 and further touch US$ 2667.36 billion by the end of 2034.
The market for biotechnology is growing because of ongoing research and technological advancements, especially in the fields of synthetic biology, CRISPR gene editing, genomic sequencing, and others, which are improving their efficacy and accuracy. Due to advances in genome sequencing, scientists are now able to examine genetic data in great depth, driving crop attributes and detecting genetic abnormalities linked to diseases. More scientists are creating genetically modified organisms (GMOs) in agriculture and targeted medications in medicine because of CRISPR technology, which is enabling them to modify genes with unprecedented precision.
By combining ideas from engineering and biology, synthetic biology is assisting in the development of new biological systems and components. This is opening up new possibilities for the manufacturing of sustainable biofuels, biodegradable materials, and innovative pharmaceuticals.
Over the next ten years, the North American region is projected to lead in the market. North America's established agricultural biotechnology is the key reason for its leading position. Further, the region’s well-organized framework for genetically modified organism (GMO) research, development, and commercialization is what driving the expansion of the agricultural biotechnology sector.
For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=10448
Key Takeaways from Market Study
- The global market for biotechnology is projected to expand at 09% CAGR from 2024 to 2034.
- The market in East Asia is forecasted to expand at a high-value CAGR of 4% between 2024 to 2034.
- The North American region is estimated to generate revenue worth US$ 231.68 billion in 2024.
- By major market, the pharma and medical manufacturers and wholesalers segment is evaluated to rise at 18% CAGR through 2034.
- Revenue from biotechnology in India is approximated to reach US$ 327.85 billion by 2034-end.
- In the North American region, the United States is estimated to achieve a value of US$ 207.7 billion in 2024.
“To innovate and produce new biotech products, including genetically modified crops, biopesticides, bio-fertilizers, and others, prominent biotechnology firms are making significant investments in R&D operations,” says a Fact.MR analyst
Leading Players Driving Innovation in the Biotechnology Market:
Key industry participants like Johnson & Johnson; Roche; Pfizer; Novartis; Gilead Sciences; Amgen; Bristol Myers Squibb; Biogen; Regeneron Pharmaceuticals; Vertex Pharmaceuticals etc. are driving the biotechnology industry.
Human Health Technologies Segment Holds a Leading Position
The human health technologies segment accounts for a sizeable percentage of the market because of the increasing need for advanced and more effective medical solutions that improve patient outcomes and healthcare delivery. Recent developments in biotechnology are making it easier to create targeted therapies, biopharmaceuticals, and tailored medications. These treatments are considered to be more beneficial than traditional therapy for treating complex disorders. The increasing prevalence of chronic illnesses and the growing focus on preventative treatment are driving the constant increase in research and development activity in human health technologies.
Biotechnology Industry News:
- October 2024: Northway Biotech opened the first Gene Therapy Center in the Baltic States in Vilnius, Lithuania, as part of the BIO CITY project, aimed at establishing a major biotechnology hub in Europe.
- October 2024: Avenue Biosciences, a transatlantic biotech firm, secured a US$ 2.5 million seed investment for its advanced protein engineering technologies.
- October 2023: Kite and Epicrispr Biotechnologies (a Gilead subsidiary) formed a research partnership to leverage gene regulatory technology for developing advanced cancer cell therapies.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=S&rep_id=10448
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the biotechnology market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product and service (human health technologies, industrial & environmental technologies, crop production & agricultural technologies, animal health technologies) and major market (pharma and medical manufacturers and wholesalers, public sector, resource industries, agriculture & food sector), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Check out More Related Studies Published by Fact.MR Research:
Antimicrobial susceptibility test market is set to enjoy a valuation of US$ 3,285.8 Million in 2022 and further expand at a CAGR of 5.7% to reach US$ 5,712.2 Million by the end of 2032.
Soft tissue allografts market is valued at US$ 4.98 billion in 2023 and is expected to reach US$ 8.11 billion by 2033.
Radiation dermatitis treatment market is anticipated to reach a value of around $700 million by 2031, expanding at CAGR of 5% during the period of 2021-2031.
Microbiome therapeutics market size is estimated at US$ 112.20 Million in 2022 and is anticipated to grow at a CAGR of 32% from 2022 to 2032. The microbiome therapeutics market size is anticipated to reach US$ 1801.91 Million in 2032.
Muscle stimulators market is expected to reach US$ 1.85 billion by 2032, growing at a CAGR of 5.4%.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
