Ottawa, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The global biotechnology market was valued at US$ 793.87 billion in 2021. Biotechnology is an interdisciplinary field that uses living creatures, biological systems, or derivatives to improve or develop procedures and outcomes for the production of healthcare products and therapies. It has a significant impact on a variety of industries, including medical and pharmaceuticals, genomics, and food and chemical manufacturing. It can be used to address a wide range of issues, including health and well-being, food and energy security, and environmental protection.
Get the Report Sample Copy for more understanding@ https://www.precedenceresearch.com/sample/1450
The continuous advancements in molecular biology have resulted in the emergence of new scientific disciplines such as genomics and proteomics. The development of therapeutics and other medications has been aided by the need for medication discovery and development has grown as the prevalence of chronic diseases has increased. Due to broad nature of application, it is being employed more frequently in various industrial areas. The increasing use of organic products in agriculture is also contributing to the market expansion.
Report Scope of the Biotechnology Market
Report Highlights | Details | |
Market Size in 2021 | US$ 793.87 Billion | |
CAGR from 2021 to 2030 | 8.7 | % |
Revenue Projection in 2028 | US$ 1415.45 Billion | |
Largest Share Holder | North America | |
Base Year | 2021 | |
Companies Covered | Lonza, Pfizer Inc., AstraZeneca, Gilead Sciences Inc., Sanofi, F. Hoffmann-La Roche Ltd., Novartis AG, Biogen, CELGENE Corporation, Abbott |
Regional Snapshot
North America is the largest segment for biotechnology market in terms of region. The biotechnology market in North America is being driven by the rising burden of chronic disease and increased expenditure on research and development activities in the U.S. The U.S. is known as the world’s life sciences innovation capital center.
View more information@ https://www.precedenceresearch.com/biotechnology-market
Asia-Pacific region is the fastest growing region in the biotechnology market. Due to increased R&D investment, increased use and availability of biopharmaceuticals for illness and disease treatment, and increased disease diagnosis awareness, the Asia-Pacific region is expected to grow significantly in the future. Furthermore, because the developed markets are somewhat saturated, the Asia-Pacific region represents exceptional potential for venture capitalists and investors.
Drivers
Growing incidence of chronic diseases
The rate of chronic diseases has increased over a period of time. The bio-pharmacy segment is contributing towards the prevention of chronic diseases. The bio-pharmacy companies are focusing on improving individualized treatments. This will aid in the treatment of certain inherited genetic illnesses and open the way for the development of personalized procedural healthcare requirements. In addition, the new concepts are being introduced into the market, such as cell therapy for certain cancer treatments, which has the potential to deliver treatment of diseases effectively. Thus, the growing incidences of chronic diseases are driving the growth of biotechnology market during the forecast period.
Restraints
High equipment costs
With the advancements of biotechnologies, there is a growing demand for easy-to-use bioinformatics tools. Bioinformaticians do not make up the majority of experimental researchers. As a result, user-friendly tools are essential for bioinformatics platform utilization. Because they lack a proper user-friendly interface, many bioinformatics applications necessitate significant computer knowledge. The utilization and implementation of biotechnology equipment require huge amount of capital. Thus, the high equipment costs are hindering the growth of biotechnology market during the forecast period.
Opportunities
Technological advancements
By utilizing innovative technologies, growing developments in life sciences are providing several benefits related with healthcare treatments and productivity. The development of innovative techniques and their deployment by businesses has a beneficial impact on the biotechnology market and is expected to promote significant market growth. In medical, cutting-edge technology are used to generate certain components of the human body. By offering exact models for study and analysis, the ability to produce human cells and tissues would broaden the spectrum of applications in medical research. Thus, the technological advancements is creating lucrative opportunities for the growth of the biotechnology market.
Ask here for more customization study@ https://www.precedenceresearch.com/customization/1450
Challenges
Patient data confidentiality concerns
The increase in number of chronic diseases has led to increase in number of patients. The bio-informatics helps to store data of patients on a large scale. All this information is stored in next-generation sequencing technology. As a lot of information is still untapped, data analysis is required. As a result, the data left behind from bioinformatics analysis is extremely valuable and can be reused. The problems of data management in bioinformatics are not effectively addressed by current technologies. Thus, the patient data confidentiality is a biggest challenge for the growth of biotechnology market during the forecast period.
Report Highlights
- Based on the application, the bio-pharmacy segment dominated the global biotechnology market in 2020 with highest market share. The desire to avoid negative effects of some small-molecule medicines and invasive surgical treatments is driving up demand for bio-pharmacy.
- Based on the technology, the nanobiotechnologysegment is estimated to be the most opportunistic segment during the forecast period. Due to increase in the number of new and innovative products currently ongoing clinical trials, the nanobiotechnology segment is expected to grow at a rapid pace.
Related Reports
- Pharmacovigilance Market Research Report 2021 – 2030
- Biopharmaceutical Market Research Report 2021 – 2030
Segments Covered in the Report
By Application
- Bio-pharmacy
- Bio-industries
- Bio-services
- Bio-agriculture
- Bio-informatics
By Technology
- Fermentation
- Tissue Engineering and Regeneration
- Polymerase Chain Reaction (PCR) Technology
- Nanobiotechnology
- Chromatography
- Deoxyribonucleic Acid (DNA) Sequencing
- Cell Based Assay
By Geography
- North America
- Europe
- Asia-Pacific
- MEA
- Rest of the World
Click Here to View Full Report Table of Contents
Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1450
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R