New York, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Environmental monitoring is essential due to increasing pharmaceutical & biopharmaceutical research and development activities, backed by high spending in the industry globally. Need for meeting the safety and quality assurance mandates in drug formulation is bolstering reliance on pharmaceutical & biotechnology environmental monitoring. As of 2020, the global R&D spending in the pharmaceutical industry was approximately USD 210 billion.
Research Nester examined the statistical and analytical approach that is required for the growth of ‘Global Pharmaceutical & Biotechnology Environmental Monitoring Market’ between the years 2022 and 2031. The key industrial insights provided in the report gives a better idea about the market overview to the readers regarding the existing scenario in the market. The report further includes in-depth market analysis in five major regions, i.e., North America, Latin America, Europe, Asia Pacific and Middle East & Africa, including the current and future industry trends, innovations, and challenges, along with strategies that will help industry players to attain their business targets.
Biotechnology has become more prevalent within the pharmaceutical industry, helping the industry with research and development of new products, new processes, methods and services and to improve existing ones. In the pharmaceutical industry, biotechnology accounted for over USD 250 billion in drug revenue in 2019. Government initiatives to support biotechnology across several nations is a significant growth factor. For instance, in the Union Budget 2022-23, as per India Brand Equity Foundation (IBEF) the Indian government sanctioned USD 343.56 million to improve infrastructural support for several areas including biotechnology and bioinformatics besides agriculture and genetic engineering among others.
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Adoption of biotechnology for medical research and development activities is leading to a surge in the demand for environment monitors. Driven by these primary factors, the global pharmaceutical & biotechnology environmental monitoring market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Additionally, increasing government investment in the biotechnology industry, along with favorable reimbursement policies for the biotech research projects are further anticipated to boost the market growth. For instance, in 2020, approximately USD 100 billion was invested in biotech companies in the United States. Moreover, the development of technology in healthcare sector, backed by increasing R&D activities, is also estimated to boost the growth of the market. According to the World Health Organization (WHO) statistics, as of 2021, gross domestic R&D expenditure on health (health GERD) was 14.8% in East Mediterranean, 12.8% in the Americas, and 12.4% in South-East Asia, of the total GERD.
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Geographically, North America region is anticipated to hold the largest share of the pharmaceutical & biotechnology environmental monitoring market throughout the forecast period on the back of presence of advanced healthcare infrastructure, and high focus on medical R&D activities. For instance, health or medical R&D funding in the United States in 2018 was about USD 114.5 billion in total, according to National Center for Science and Engineering Statistics (NCSES).
Furthermore, the market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period. Increasing development and adoption of advanced biotechnology in developing countries, such as India, China, and Japan is driving the market growth in the region. Moreover, increasing investment in biotech companies is also expected to boost the growth of the market. For instance, as per the data by the India Brand Equity Foundation (IBEF), there were over 2,700 biotech start-ups and 2,500 biotech companies in the country, as of November 2021. The Indian biotechnology industry was valued at USD 63 billion in 2019, and is projected to reach USD 150 billion by 2025. Further, under the Indian Union Budget 2021-22, the government outlay for biotechnology research and development was over USD 200 million.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global pharmaceutical & biotechnology environmental monitoring market is segmented on the basis of end-user into pharmaceutical industry, biotechnology industry, academic & research institutes, and others. The biotechnology industry segment is estimated to hold a substantial share in the global market on the back of increasing funding for research activities in the industry. For instance, global funding for biotech startups was collectively around USD 50 billion by the end of 2021. Growing number of biotech researchers, especially in developed countries are advancing the industry further.
The global pharmaceutical & biotechnology environmental monitoring market is also segmented on the basis of type.
Global Pharmaceutical & Biotechnology Environmental Monitoring Market; Segmentation by Type
- Monitoring Equipment
- Media
- Software
- Microbiology Services
- Others
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Some of the prominent players and their company profiling included in the global pharmaceutical & biotechnology environmental monitoring market research report are Thermo Fisher Scientific Company, Springer Nature Limited, Applied Microarrays Inc., CD Genomics, RELX Group, MilliporeSigma (Merck KGaA), QIAGEN, Agilent Technologies, Inc., Danaher Corporation, Eppendorf SE, and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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