Biotechnology involves the use of living organisms or their components to develop or modify products in healthcare, agriculture, and other fields. The main applications of biotechnology include healthcare, food and agriculture, industrial processing and environmental applications. In healthcare, biotechnology plays a crucial role in drug discovery, development and manufacturing. Monoclonal antibodies are one type of biotherapeutic which are extensively being used for treatment of various diseases including cancer, infectious diseases, cardiovascular diseases, and autoimmune disorders. The growing prevalence of chronic diseases and increasing demand for targeted therapies are driving the growth of monoclonal antibodies market.
The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Demand for Monoclonal Antibodies: The demand for monoclonal antibodies has been growing rapidly owing to their high specificity and reduced side effects as compared to conventional drugs. Monoclonal antibodies have revolutionized treatment landscapes of various therapeutic areas. Their ability to stimulate or suppress immune system make them ideal targeted therapies. The introduction of biosimilar monoclonal antibodies has further propelled market growth by increasing accessibility and reducing treatment costs.
Rising R&D Investments in Healthcare Biotechnology: Biotechnology companies are making significant investments in research and development to develop advanced biotherapeutics and diagnostic tools. Government funding and initiatives are also boosting R&D activities in the biotechnology sector. The increasing R&D focus on areas such as precision medicine, gene therapy and regenerative medicine is expected to bring numerous innovative treatment options and drive the overall biotechnology market growth over the forecast period.
Segment Analysis
The biotechnology market is segmented into medical biotechnology, bioagriculture, bioservices, bioindustrial and bioinformatics. The medical biotechnology segment accounts for the largest share, currently dominating over 60% of the global biotechnology market. This is because of its wide application for disease diagnostics and treatment. The medical biotechnology segment is focused on developing new treatments for diseases such as cancer, diabetes and cardiovascular diseases.
PEST Analysis
Political: Governments across the world are supporting biotechnology research through funding and favorable regulations. For example, the U.S. government invests billions annually to promote biotechnology innovation.
Economic: The global biotechnology market share is expected to grow at a CAGR of 3.5% during the forecast period. Rising healthcare spending is driving the market growth. The COVID-19 pandemic has also boosted the development and sales of vaccines and therapies.
Social: Increased awareness about diseases and available treatment options has enhanced the acceptance of biotechnology products like genetically modified crops and stem cell therapies. However, some engineered crops face social opposition over food safety concerns.
Technological: Biotechnology companies are using advancements like genomic sequencing, artificial intelligence and nanotechnology to develop innovative products. CRISPR technology is enhancing gene therapy research and enabling the development of disease-resistant GMO crops.
Key Takeaways
The global biotechnology market is expected to witness high growth over the forecast period driven by factors such as rising R&D investments, growing demand for healthcare products, and technological advancements. The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2.
North America currently dominates the biotechnology market owing to large presence of biotechnology companies and strong government funding for research activities. This is attributed to increasing healthcare costs, presence of major biotech companies and favorable government policies supporting biotech innovation.
Key players: Key players operating in the biotechnology market are Amgen, Novartis, F. Hoffmann-La Roche Ltd, Johnson & Johnson, Pfizer and Sanofi. These companies invest heavily in R&D and focus on developing novel biologic drugs and vaccines
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
