The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn or Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The biotechnology market deals with diagnostic, therapeutic and research applications involving biological systems, living organisms or derivatives of living organisms to develop or make products or “modify living or non-living materials”. Biotechnology leverages cellular and biomolecular processes to develop technologies and products for health care, food production, and environmental applications.
Market key trends:
One of the major market trend in the biotechnology market is increasing adoption of personalized medicine. Personalized medicine tailors medical treatment to the individual characteristics of each patient. It does this by classifying individuals into distinct subgroups based on genetics, biomarkers, phenotypic traits or psychosocial characteristics. Implementation of personalized medicine could help better target patient subpopulations that will most likely benefit from a particular drug, prevent adverse reactions, and improve health outcomes while lowering costs for both patients and the healthcare system.
Strength: Biotechnology offers several therapeutic and diagnostic advancements that improve patient care and lives. It enables development of effective medicines for diseases with high unmet needs.
Weakness: High costs associated with R&D, clinical trials and manufacturing of biotech products make them expensive for many patients. Stringent regulations also increase compliance burdens.
Opportunity: Increasing prevalence of chronic diseases worldwide presents a massive patient pool. Rapid progress in areas like gene therapy, regenerative medicines and personalized healthcare opens new opportunities.
Threats: High dependency on public/private insurance reimbursements. Entry of biosimilars increase competition and price pressures in some therapy areas. Emergence of new technologies like artificial intelligence could disrupt existing business models.
The global biotechnology market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases. Biologics and targeted therapies have revolutionized treatment of cancer, diabetes, autoimmune disorders and other conditions.
North America dominates the biotechnology market currently due to presence of major players and high adoption rates courtesy strong GDP and healthcare spending in the US and Canada. However, Asia Pacific is emerging as the fastest growing market led by China, India and Japan. These countries offer biotech innovators a big patient pool and are boosting investments in R&D as well as streamlining regulations.
Key players operating in the biotechnology market are Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche, and Sanofi Aventis. These companies invest heavily in developing novel biologics and biosimilars across therapeutic categories like oncology, immunology, and endocrinology. Strategic collaborations are also common in the industry to share expertise and costs.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it