Biotechnology Market size was valued at USD 1.21 Trillion in 2022 and is poised to grow from USD 1.38 Trillion in 2023 to USD 3.90 Trillion by 2031, growing at a CAGR of 13.9% during the forecast period (2024-2031).
Biotechnology is a field of science that produces or manufactures products by utilizing biological systems, living organisms, or materials derived from them. Today it encompasses various areas like biochemistry, genetics, and molecular biology. Each year, new technologies and products emerge in areas like medical, agricultural, and industrial biotechnology.
The biotechnology market is primarily influenced by strong support from government agencies, with activities targeted at modernizing the regulatory framework. Such support from the government also enhances approval processes and reimbursement policies, and standardizes clinical studies. The expanding presence of personalized medicine and the rising number of orphan drug formulations are presenting new possibilities for biotechnology applications. It is also driving the entry of new and innovative biotechnology firms, hence increasing market revenue.
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Government Support Influencing the Growth of Biotechnology Market
Positive government actions are driving the market as the biotechnology sector grows in developing countries such as China, Japan, and India. The government’s efforts are targeted at streamlining the drug regulatory pathway, standardizing clinical research, improving reimbursement rules, and speeding up the product approval procedure, offering the market with attractive development opportunities.
Strong government actions are driving the industry as the biotechnology sector expands in developing countries like China, Japan, and India. The government is implementing measures to enhance reimbursement regulations, accelerate the approval of new medicines, establish uniform standards for clinical research, and simplify the drug regulatory procedure. These initiatives will create attractive opportunities for expansion in the business. In addition, agricultural input firms are focusing on enhancing existing technology by utilizing DNA sequencing and breeding advancements. This is done to develop new stacking characteristics in crops and germplasm. Prominent industry leaders intend to prioritize their endeavors in introducing agricultural innovations to the market for enhancing output through sustainable solutions.
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The Rising Number of Target Diseases and Genetic Disorders is Boosting the Biotechnology Market
Increasing incidences of target diseases and genetic disorders, along with ongoing technological advancements in Polymerase Chain Reaction (PCR) technologies, the advancement of miniaturized portable instruments, and the integration of robotics are also influencing the market growth of biotechnology. Genomic analytic approaches such as microbial identification and identification of genetic changes have been widely used in the recognition of severe infectious diseases like HIV, malaria, and tuberculosis, along with genetic abnormalities.
The rising global incidence of target diseases, combined with the proven effectiveness of Polymerase Chain Reaction (PCR) analysis in the diagnosis and prediction of disease-causing bacteria, will increase the usage of clinical diagnostic tests, boosting the expansion of the biotechnology market.
- Gilead Sciences and Assembly Biosciences, a biotechnology firm that is building advanced antiviral therapeutics targeting serious viral diseases, disclosed a 12-year partnership on October 17, 2023. The partnership will mainly concentrate on the R&D of unique antiviral therapies, initially on Assembly Bio’s established fields: herpesviruses, hepatitis B virus (HBV), and hepatitis D virus (HDV).
- Merck KGaA stated the multi-year agreements require both AI businesses to create small-molecule medications in oncology, neurology, and immunology. The Darmstadt, Germany-based drugmaker indicated that it has identified three possible first-in-class and best-in-class targets for every alliance, but it has not disclosed those targets. Merck KGaA may choose molecules for future preclinical and clinical development.
- On Dec 8, 2021, Thermo Fisher Scientific Inc. the world pioneer in serving science completed the $17.4 billion acquisition of PPD, Inc., a prominent global provider of clinical research services to the biopharma and biotech industries.
- Cyrus Biotechnology, a software-enabled biotechnology business, recently announced the spin-out of Levitate Bio to expand its biopharma AI solutions. The new company will concentrate on offering automated, tailored AI solutions for drug discovery in the biopharma industry. In addition to medication development, Levitate Bio plans to use the Cyrus platform’s abilities to service a wider market, such as synthetic biology, manufacturing, and research.
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The biotechnology market is expected to grow significantly in the next years, driven by emerging technologies, favorable government assistance, and increased demand for innovative cures and treatments. The future of biotechnology seems optimistic, with many prospects for growth and breakthroughs in healthcare. It is also a highly competitive, driven by factors such as new research and development, and a diverse range of participants.
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