Biotechnology Market Is Driven By Strong Government Support Through Initiatives Aimed At Modernization Of Regulatory Framework

 Biotechnology Industry Overview

 

The global biotechnology market size was valued at USD 752.88 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.83% from 2021 to 2028.

The market is driven by favorable government initiatives owing to the growth of the biotechnology sector in developing countries, such as India and China. Government initiatives are oriented towards modernizing the drug regulatory pathway, standardizing clinical studies, improving reimbursement policies, and speeding up the product approval process, thereby offering lucrative growth opportunities to the market. In addition, in 2019, small molecules dominated the pharmaceutical compounds pipeline with around 22 U.S. FDA approvals as compared to eight large molecules (biotech). Around 4 out of every 10 drugs are biotech derived, which can be attributed to the growing demand for orphan drugs and personalized medicine. This is driving the influx of emerging and innovative biotechnologies companies, further boosting the market revenue.

 

Gather more insights about the market drivers, restrains and growth of the Global Biotechnology Market

 

Moreover, agricultural-input companies are focusing on improving the existing technologies that include the development of new stacked traits in crops and new germplasm by breeding innovations and gene sequencing. Companies are focusing on bringing agricultural innovations to the market for improving productivity with sustainable solutions. For instance, in February 2020, BASF announced that by 2029, the company will launch more than 30 projects for developing novel seeds, traits, biological and chemical crop protection solutions, new formulations, and digital products. Hence, extensive use of biotechnology techniques essential to enhance agricultural products contributes to the market growth.

 

Furthermore, the COVID-19 pandemic acts as a positive catalyst to market growth. Biotech companies are the frontrunners in the development of drugs targeting COVID-19. For instance, just after 8 months of the first case of COVID-19, Gilead Sciences, Inc. received the U.S. FDA approval for antiviral Remdesivir for the treatment of COVID-19 patients.

 

In addition, expanding the involvement of the biotechnology industry with diagnostic companies, drug manufacturers, research laboratories, and multinational pharmaceutical companies for developing therapeutic molecules to target COVID-19 is contributing to the market growth. For instance, in March 2020, Pfizer Inc. entered into a collaboration with BioNTech SE for the development of BNT162, COVID-19 vaccine candidate. BioNTech SE developed the vaccine using mRNA technology for the rapid development of the COVID-19 vaccine.

 

Browse through Grand View Research's Biotechnology Industry Research Reports.

  • Bioinformatics Market - The global bioinformatics market size was valued at USD 3.51 billion in 2013. Growing demand in the process of novel drug R&D and private and public funding initiatives to support R&D exercises are expected to be the key factors driving the market during the forecast period.
  • Personalized Medicine Market - The global personalized medicine market size was valued at USD 493.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.

 

Biotechnology Market Segmentation

Grand View Research has segmented the global biotechnology market on the basis of technology, application, and region:

Biotechnology Technology Outlook (Revenue, USD Billion, 2017 - 2028)

  • Nanobiotechnology
  • Tissue Engineering And Regeneration
  • DNA Sequencing
  • Cell-based Assays
  • Fermentation
  • PCR Technology
  • Chromatography
  • Others

Biotechnology Application Outlook (Revenue, USD Billion, 2017 - 2028)

  • Health
  • Food & Agriculture
  • Natural Resources & Environment
  • Industrial Processing
  • Bioinformatics
  • Others

Biotechnology Regional Outlook (Revenue, USD Billion, 2017 - 2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies profiled:

Some prominent players in the global biotechnology market include

  • AstraZeneca
  • Gilead Sciences, Inc.  
  • CELGENE CORPORATION
  • Biogen
  • Abbott
  • Amgen Inc.
  • Novo Nordisk A/S
  • Merck & Co.
  • Johnson & Johnson Services, Inc.
  • Novartis AG
  • Sanofi
  • Hoffmann-La Roche Ltd.
  • Pfizer, Inc.
  • Lonza

 

Order a free sample PDF of the Biotechnology Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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