Biotechnology Market size will experience high growth during the forecast period owing to presence of favourable government initiatives in developed countries
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The biotechnology market is undergoing an expansion phase with the growing prevalence of chronic diseases such as diabetes, cardiovascular disorders, cancer across the globe. COVID-19 has also emerged as a fatal virus if not treated in time. As per the WHO, the number of COVID-19 cases globally was around 170 million as of May 2021. The unprecedented surge in coronavirus cases is creating tremendous demand for various biotechnological methods to develop novel medications and vaccines for effective treatment.
Modern biotechnological methods play a crucial role in the development and commercialization of accurate diagnoses, that further help in reducing the treatment cost of chronic diseases. The world is observing a rise in R&D expenditure for advancements in biotechnology and the demand for innovative gene therapies such as DNA sequencing and others for better treatment outcome.
According to Global Market Insights Inc., forecast, global market size is slated to cross over US$950 billion by 2027. Given below are some factors driving the applications of biological engineering across various industries.
Emerging bioagriculture applications
The biotechnology market share based on the applications is categorized into bioinformatics, bioagriculture, bioservices, bioindustries, and biopharmacy. The bioagriculture application segment held a market share of US$45 billion in 2020 and is anticipated to grow at 9.6% CAGR in the forthcoming years. The high adoption of Genetically Modified (GM) crops and a substantial rise in population along with growing demand for food are the major factors propelling developments in the segment.
Agriculture biotechnology or agritech offers numerous benefits in the production of crops. The utilization of gene editing helps in producing a highly resilient variety of crops with increased life and yield. For example, gene editing in corn and wheat increases their longevity in erratic climatic conditions and yields even in fewer resources. Such significant benefits of agritech in agriculture are likely to foster the demand for bioagriculture products.
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Requirement of nanobiotechnology in drug discovery
The nanobiotechnology segment held a market share of more than US$68 billion in the biotechnology market in 2020. Its applications in the biomedical industry include diagnostic imaging, genome sequencing, proteomics, nanotechnology-based drug delivery systems, and fabrication of microfluidic nano-devices for higher throughput during drug discovery assays.
For example, the Massachusetts Institute of Technology (MIT) and Harvard scientists have jointly developed a nano-machine to target and eliminate cancer cells by connecting RNA strands to nanoparticles that comprising chemotherapy drugs. Increasing applications of nanobiotechnology in novel drug discoveries should provide ample opportunities to industry players.
Flourishing biotech startups in Brazil
Brazil industry is slated to grow at 9.3% CAGR up to 2027. Increasing government initiatives to provide favorable business grounds for biotech startups is likely to drive industry expansion in the region. For instance, the Brazilian government under the Science and Technology Action Policy has allotted financial support of US$20 billion to uplift innovative technology startups. This initiative is expected to encourage industry players to expand their business to Brazil and strengthen their presence in Latin America.
Thermo Fisher Scientific, Bio-Rad Laboratories, Amgen, F. Hoffmann-La Roche, Danaher, Merck, Illumina, Qiagen, PerkinElmer, Agilent Technologies, and Abbott Laboratories, among others are the leading companies in the global biotechnology market. These notable firms are emphasizing on strategies including acquisitions and new product development to consolidate their market position. For example, Agilent Technologies in March 2021, announced its acquisition of Resolution Bioscience. This initiative will help Agilent to enter into the precision medicine business and enhance its capabilities in oncology diagnostics which are based on next-generation sequencing (NGS).
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: MarketersMedia
Release ID: 89040207
COMTEX_390979316/2773/2021-08-05T04:01:05
