Biotechnology Market Revenue to Worth Over US$ 1,303.1 Billion by 2027 | Coherent Market Insights
Biotechnology can be segregated into four basic systems. The first system deals with use of biotechnology in pharmaceuticals. The next system involves the use of biotechnology to produce new chemicals and industrial processes. The next important segment comprises the use of biotechnology in the manufacturing of seeds and genetically modified crops. The last segment is the least developed one and involves the use of biotechnology in marine applications. These applications of biotechnology are categorized as biopharmacy, bioagriculture, bioindustrial, and bioservices.
The global biotechnology market is estimated to account for US$ 1,303.1 Bn in terms of value by the end of 2027.
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Global Biotechnology Market: Drivers
Increasing investment in the pharmaceutical sector is expected to propel growth of the global biotechnology market over the forecast period. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe invested US$ 19, 509 million in 2000, which increased to US$ 39,895 million (est.) in 2018.
Moreover, increasing prevalence of chronic disorders is also expected to aid in growth of the market. For instance, according to a study, ‘Projections of cancer prevalence in the United Kingdom, 2010-2040’, published in British Journal of Cancer, the number of people suffering from cancer in the U.K. is expected to increase from 2.5 million in 2015 to 4 million by 2030.
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North America held dominant position in the global biotechnology market in 2019, accounting for 41.3% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Biotechnology Market Share (%) Value, By Region, 2019
Global Biotechnology Market: Restraints
Ethical issues associated with clinical trials are expected to hinder growth of the market. Clinical trials of drugs include sets of tests that are conducted to generate data regarding the effects, safety and side-effects of the drugs. These trials are conducted only after sufficient information is gathered about the drug which has been developed. However, lack of regulations in some regions have led to a large number of deaths over the past few years. In addition, faulty practices during clinical trials such as lack of observation, non-disclosure of the risks involved in the drug trial, and trials conducted without permission from the authorized bodies have added to the ethical concerns of these trials.
Moreover, high investments are required in drug research and development, which is also expected to limit the market growth. For instance, the cost of drug development was US$ 2.6 billion, which included average out-of-pocket costs of US$ 1.4 billion and time costs of US$ 1.2 billion, according to a study by the Tufts Center for the Study of Drug Development published in the Journal of Health Economics in May 2019.
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Global Biotechnology Market: Opportunities
Increasing adoption of biosimilars is expected to offer lucrative growth opportunities for players in the global biotechnology market. For instance, according to the Association for Accessible Medicines, the launch of new biosimilars is expected to save US$ 250 billion in healthcare cost during 2016-2025.
Moreover, R&D in personalized medicine is also expected to aid in growth of the market. For instance, in January 2020, researchers at Biomedical Research Institute, MEDIPOST Co., Ltd., South Korea, reported analysis of the effects of spheroid umbilical cord blood-derived mesenchymal stem cells (MSCs) and suggested a new therapeutic approach, 3D spheroid formation of MSCs, in order to enhance the regeneration process in the course of osteoarthritis.
The global biotechnology market was valued at US$ 518.3 Bn in 2019 and is forecast to reach a value of US$ 1,303.1 Bn by 2027 at a CAGR of 12.3% between 2020 and 2027.
Figure 2: Global Biotechnology Market Value (US$ Bn), 2016 – 2027
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Market Trends/Key Takeaways
The market is witnessing increasing investment for R&D of vaccines. For instance, in May 2020, Thermo Fisher Scientific Inc. announced US$ 180 million project to more than double the company’s commercial viral vector capacity to support increasing demand for the development and manufacture of gene therapies and vaccines.
Emergence of Covid-19 is boosting growth of the market. For instance, in March 2020, IQVIA and Quest Diagnostics, through its joint venture Q2 Solutions, collaborated with the University of Texas Medical Branch to develop a novel assay for COVID-19 tests for rapid development of a Coronavirus vaccine.
Global Biotechnology Market: Competitive Landscape
Major players operating in the global Biotechnology market include, Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche, and Sanofi – Aventis.
Global Biotechnology Market: Key Developments
Major players in the market are focused on adopting collaboration strategies to expand their product portfolio. For instance, in January 2020, QIAGEN N.V. collaborated Amgen to develop tissue-based companion diagnostics for Amgen’s investigational cancer treatment AMG 510 to identify patients with cancers that have the KRAS G12C mutation.
Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in June 2019, Abbott Laboratories launched Afinion HbA1c Dx test, a 3-minute, in-office A1c blood test for diagnosing diabetes.About Us:
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