According to the latest report by IMARC Group, titled “Biotechnology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global biotechnology market size reached US$ 665.6 Billion in 2022. Biotechnology is a field of science and technology that utilizes biological systems, organisms, or their components to develop or create products and processes for various applications. It combines principles from biology, chemistry, genetics, and other related disciplines to manipulate living organisms or their biological processes for improving and innovating in areas, such as medicine, agriculture, environmental science, and industrial production. It encompasses techniques like genetic modification and molecular breeding to enhance plant traits, such as yield, resistance to pests and diseases, and nutritional value. It also uses enzymes, microorganisms, or other biological agents to manufacture chemicals, fuels, materials, and bio-based products in a more sustainable and environment friendly manner.
Global Biotechnology Market Trends:
At present, the increasing advancement in genomics and personalized medications represents one of the crucial factors impelling the growth of the market. Besides this, rising initiatives by governing agencies of various countries to improve existing agricultural practices through breeding and gene sequencing are contributing to the growth of the market. In addition, increasing incidences of target diseases and genetic disorders are offering a favorable market outlook. Apart from this, technological advancements in polymerase chain reaction (PCR) techniques, along with the development of miniaturized portable instruments, are supporting the growth of the market. Additionally, the rising occurrence of various infectious and chronic disorders around the world is bolstering the growth of the market. Looking forward, the market value is projected to reach US$ 1,033.6 Billion by 2028, expanding at a CAGR of 7.4% during 2023-2028.
- Based on the product type, the market has been segmented into instruments, reagents, and software and services.
- On the basis of the technology, the market has been classified into nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, fermentation, PCR technology, chromatography, and others.
- Based on the application, the market has been segregated into healthcare, food and agriculture, natural resources and environment, industrial processing, bioinformatics, and others. Healthcare currently exhibits a clear dominance in the market.
- Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some 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, Vertex Pharmaceuticals Incorporated, etc.
|Base Year of the Analysis
||Product Type, Technology, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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
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