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The global biotechnology market size reached US$ 617.98 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 964.96 Billion by 2027, exhibiting a CAGR of 7.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Biotechnology is the deliberate genetic manipulation technology that uses biological processes and living organisms to develop products for specific applications, such as genetically modified food products. It involves the manufacturing of therapeutic proteins and various medications through genetic engineering. It helps improve the nutritional content of different food and prevent health problems. It allows medical researchers to research more about cancer and genetic disorders and offers medical advancement opportunities. Besides this, biotechnology is used in the agriculture industry to enhance pest resistance, grow genetically modified plants, enhance crop herbicide tolerance, and facilitate sustainable farming. At present, it finds extensive applications in chemical manufacturing, wastewater treatment, and minimizing the harmful emissions of industrial processes.
The growing global population is leading to increasing food scarcity, which, in turn, is catalyzing the demand for biotechnology to improve crop production. In addition, the rising prevalence of chronic medical ailments and the growing need for personalized medications are positively influencing the market. Biotechnology is employed in the healthcare sector in stem cell research and cloning techniques to replace damaged cells and tissues in regenerative medicine. Additionally, the increasing number of orphan drug formulations are expanding biotechnology applications and offering lucrative growth opportunities to emerging biotechnology companies. Furthermore, various initiatives are being undertaken by governments of several countries to improvise the medication regulatory policies, standardize clinical studies, and improve reimbursement policies. This, in turn, is encouraging industry investors and offers a favorable market outlook. Moreover, increasing investments in research and development (R&D) activities in the field of biotechnology to understand molecular root causes of diseases and provide adequate medication and treatment are expected to propel market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global biotechnology market, along with forecasts at the global, regional, and country-level from 2022-2027. Our report has categorized the market based on product type, technology, and application.
Breakup by Product Type:
Based on product type, the market has been segregated into instruments, reagents, and software and services.
Breakup by Technology:
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:
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 Region:
North America exhibits a clear dominance in the market on account of the existence of various key players and rising expenditure on research and development (R&D) activities in the region.
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
|Base Year of the Analysis||2021|
|Segment Coverage||Product Type, Technology, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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