LOS ANGELES, April 27, 2021 (GLOBE NEWSWIRE) -- The Global Biotechnology Market is expected to grow at a CAGR of around 15.5% from 2020 to 2027 and reach the market value of over US$ 850.5 Bn by 2027.
North America is expected to account for the dominating share of the global biotechnology market. The presence of key players, extensive R&D activities, and high healthcare expenditure can all be attributed to the regional market's growth. Furthermore, an increasing number of companies operating in the region are receiving drug approvals, which is contributing to market growth. For example, Biogen Inc. received FDA approval in February 2021 for PLEGRIDY (peginterferon beta-1a), which is used to treat relapsing forms of multiple sclerosis. The approval broadens the company's leading portfolio for the treatment of multiple sclerosis.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. The regional market's expansion can be attributed primarily to improved healthcare infrastructure, supportive government policies, clinical trial services, and epidemiological factors. Furthermore, foreign companies are heavily collaborating with local companies to accelerate the growth of the biotechnology industry. Such factors contribute to the expansion of the global biotechnology market.
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Segmental Outlook
The global biotechnology market is segmented as technology and application. By technology, the market is segmented as nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, fermentation, PCR technology, chromatography, and others. By application, the market is segmented as health, food & agriculture, natural resources & environment, industrial processing, bioinformatics, and others.
In terms of technology, the others segment is expected to have the largest market share in the coming years. DNA sequencing, on the other hand, had the second-largest market share in 2020. The rising adoption of advanced DNA sequencing can be attributed to the segment's growth. For example, the Baylor College of Medicine Human Genome Sequencing Center (BCM-HGSC) received a National Institutes of Health grant in April 2020 for a Pacific Biosciences Sequel II DNA sequencing instrument. It will aid in the improvement of sequencing efficiency and capacity. The new sequencer can sequence through difficult regions of the human genome, allowing for comprehensive genome sequencing.
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In terms of application, the health segment is expected to dominate the market during the forecast period. The increasing prevalence of diseases is primarily responsible for the segment's growth. Furthermore, the growing emphasis on agri-biotech and bio-services, rising adoption of bioinformatics solutions, and a thriving bio-industrial sector are all contributing to segment growth.
Competitive Landscape
Some of the leading competitors are AstraZeneca plc, Gilead Sciences, Inc., Celgene Corporation, Biogen Inc., Abbott Laboratories, Amgen Inc., Novo Nordisk A/S, Merck & Co., Inc., Johnson & Johnson Services, Inc., Novartis AG, and among others
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Some of the key observations regarding the biotechnology industry include:
- In February 2019, AstraZeneca plc announced a collaboration with Active Biotech. The collaboration support Phase 1b/2 studies investigating ANYARA in combination with AstraZeneca's IMFINZI®. IMFINZI® (durvalumab) is a human monoclonal antibody that blocks the immune checkpoint protein programmed death-ligand (PD-L1). Under terms of the agreement, NeoTX and AstraZeneca will collaborate on a non-exclusive basis to evaluate the combination of the two drugs in solid tumors. NeoTX will sponsor the study, while AstraZeneca will supply durvalumab. Up to 195 patients are planned to be enrolled in this multicenter, open-label study, which is planned to start in 2019.
- In January 2021, Gilead Sciences, Inc., announced a collaboration with Vir Biotechnology, Inc. The collaboration is to evaluate novel therapeutic combination strategies aimed at developing a functional cure for chronic hepatitis B virus (HBV). The companies plan to initiate a Phase 2 trial evaluating combination therapy for both treatment-experienced and treatment-naïve people living with HBV.
- In October 2019, Novo Nordisk A/S announced entering into collaboration with bluebird bio, Inc. The collaboration jointly develops next-generation in vivo genome editing treatments for genetic diseases, including hemophilia. During the three-year research collaboration, bluebird and Novo Nordisk will focus on identifying a development gene therapy candidate with the ambition of offering people with hemophilia A lifetime free of factor replacement therapy.
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