Global Biotechnology Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Biotechnology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biotechnology market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global biotechnology market size reached US$ 665.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,033.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.
Biotechnology relies on living organisms and biological systems to develop innovative solutions and products across various industries. It involves the application of biological science and engineering principles to create, modify, and enhance biological processes for practical purposes. It plays a crucial role in developing genetically modified crops that are resistant to pests and diseases and provide higher crop yields and improved food security. It enables the creation of personalized medicine, gene therapies, and biopharmaceuticals to improve patient outcomes and quality of life. It also helps in the production of biofuels, biodegradable plastics, and wastewater treatment methods that reduce the environmental impact of various industries. As it assists in enhancing the quality of food products by ensuring safety, freshness, and longer shelf life, the demand for biotechnology is increasing across the globe.
Global Biotechnology Market Trends and Drivers:
At present, the rising adoption of biotechnology-based diagnostic tools, as they enable the rapid and accurate detection of diseases, represents one of the key factors strengthening the market growth. Additionally, the increasing development of biopharmaceuticals, including monoclonal antibodies and vaccines, along with the growing popularity of precision medicines, is positively influencing the market. Apart from this, the escalating demand for improved agricultural productivity and sustainable farming practices are offering a favorable market outlook. In addition, the rising development of biotechnology solutions for pollution control, waste management, and sustainable resource utilization is contributing to the market growth. Besides this, the increasing preference for innovative healthcare solutions among individuals around the world is supporting the growth of the market. Furthermore, the rising demand for new therapies and vaccines on account of the increasing prevalence of chronic and infectious diseases among the masses is providing lucrative growth opportunities to industry investors. In line with this, technological advancements in biotechnology tools and techniques enable faster research and development (R&D) and commercialization of biotech products, which is propelling the market growth.
Global Biotechnology Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Amgen Inc., Biocon Limited, Biogen Inc., F. Hoffmann-La Roche AG, Genmab A/S, Lonza Group AG, Novartis AG, Novo Nordisk A/S, Pfizer Inc., Regeneron Pharmaceuticals Inc., Seagen Inc., Syngenta AG and Vertex Pharmaceuticals Incorporated
The report segmented the market on the basis of region, product type, technology, and application.
Breakup by Product Type:
- Instruments
- Reagents
- Software and Services
Based on product type, the market has been segregated into instruments, reagents, and software and services.
Breakup by Technology:
- Nanobiotechnology
- Tissue Engineering and Regeneration
- DNA Sequencing
- Cell-Based Assays
- Fermentation
- PCR Technology
- Chromatography
- Others
Based on technology, the market has been segmented into nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, fermentation, PCR technology, chromatography, and others
Breakup by Application:
- Healthcare
- Food and Agriculture
- Natural Resources and Environment
- Industrial Processing
- Bioinformatics
- Others
Biotechnology is used in the healthcare industry due to the rising prevalence of various chronic ailments and the rising need for diagnostic tests, therapies, and medications.
Breakup By Regions:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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