Global Biotechnology Market 2022-2028

Global Biotechnology Market 2022-2028

PRE COVID-19 GLOBAL BIOTECHNOLOGY INDUSTRY SCENARIO

Biotechnology involves tools that are used to adapt and modify various biological organisms, products, processes, and systems, and develop processes that are eco-efficient and profitable, unlike conventional chemical technologies. The global biotechnology market was estimated to grow at a CAGR of around 6.1% during the forecast period. The market is mainly driven by increasing R&D projects in the biopharmaceutical domain, and rising funding in the biotechnology industry. Biopharmaceutical companies are investing heavily in R&D projects, attributed to advances and discoveries. From genomics to personalized medicines, all the recent advancement has created significant scope in developing unique treatment options for various chronic diseases including Cancer, and other infectious diseases. According to the Pharmaceutical Research and Manufacturers Association (PhRMA), the US biopharmaceutical companies invested an estimated $102 billion in R&D in 2021. There are around 8,000 medicines under clinical trials across the globe, owing to the robust investment and funding in R&D projects.

The market is segmented on the basis of technology and application. The applications of biotechnology are many and varied and found throughout the global marketplace. The report is focused on nine specific areas under five related groupings including healthcare, industrial, agricultural, natural resources and environment, and others. These nine areas include personalized medicine, pandemics, vaccines, bionanotechnology, bio shield, biodefense, agriculture, biofuels, and cloning. Among these five categories, the healthcare segment held the highest market.

The market for healthcare biotechnology is mainly driven by the increasing demand for diagnostics and therapeutics solutions to fight against the COVID-19 pandemic. Molecular diagnostics companies are continuously developing innovative diagnostics solutions. For instance, in August 2021, Thermo Fisher Scientific Inc. introduced a new highly automated, real-time polymerase chain reaction (PCR) solution designed for analyzing up to 6,000 samples in a single day to meet the increasing demand for COVID-19 testing around the globe. Further, significant development in the COVID-19 vaccine trials are also boosting the market during the forecast period. For instance, in March 2021, Johnson & Johnson announced to lead in the development of the COVID-19 vaccine trials, the company has been working since January 2021. It is a result of significant expansion of the existing partnership between the Janssen Pharmaceutical Companies of Johnson & Johnson and the Biomedical Advanced Research and Development Authority (BARDA), and the rapid scaling of the Company's manufacturing capacity to provide a global supply of more than one billion doses of a vaccine.

Regional Outlook

Geographically, the report covers the analysis of four major regions that include North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of the World (RoW). North America dominated the market.

Key Players Outlook

Some of the major companies that are significantly contributing to the global biotechnology market include Amgen Inc., Novo Nordisk A/S, CSL Ltd., Bristol-Myers Squibb Co., AstraZeneca PLC, Merck & Co., Inc., Johnson & Johnson Services Inc., and Pfizer Inc., among others. These players contributed a significant share in the overall market in 2021 and are focusing on enhancing this share in the near future given that the companies continue to cope with the internal and external factors affecting their growth in the given segment. The companies are focused on the technological advancement of the biotechnology and are adopting various strategies such as R&D, geographical expansion, merger and acquisition, or innovation in their core competency to expand individual market share.