by Biotechnology involves the use of living systems and organisms to develop or make products, or “any technological application that uses biological systems, living organisms, or derivatives thereof, to make or modify products or processes for specific use.” Advancements in biotechnology have transformed various industries including pharmaceutical, medical device, bio-services and bio-agriculture. Biotechnology has improved diagnostics for chronic diseases like cancer, diabetes, autoimmune disorders with development of various diagnostic tests.
The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The biotechnology Market is witnessing high growth owing to rising incidences of chronic diseases globally. According to WHO, chronic diseases are the leading cause of death and disability worldwide, representing 60% of all deaths annually. Biotechnology has significantly impacted disease diagnostics and treatment with development of targeted therapies and novel diagnostic tools. Further, advancement in biotechnology has enabled developments in industrial biotechnology as well with applications in fuel, chemicals, materials and environmental protection. Rising investment in R&D by biotechnology companies coupled with government funding for new drug development will augment the market growth over the forecast period.
SWOT Analysis
Strength: The biotechnology market has numerous promising therapies and treatment options for complex diseases. Companies in this market are investing heavily in R&D to develop novel drugs and technologies. They continue to innovate and improve existing biologic drugs to enhance efficacy and safety.
Weakness: Developing biologics is a complex, costly and time-consuming process. It involves lengthy clinical trials to prove safety and efficacy. The regulatory requirements are also very stringent. Bringing a new biologic drug to the market costs over $1 billion on average.
Opportunity: The aging global population and rise in chronic diseases prevalence offer substantial growth opportunities. Areas such as oncology, immunology, and gene therapy have been witnessing strong demands. Developing economies like Asia Pacific and Latin America are expanding market frontiers.
Threats: Biosimilars pose pricing and market share risks to originator biologic drugs once they lose exclusivity. Manufacturing and supply chain issues can negatively impact biologics production. Stringent regulations around data privacy and biosafety also represent ongoing challenges.
Key Takeaways
The Global Biotechnology Market Size is expected to witness high growth driven by accelerated R&D in disease areas of high unmet needs. The market size is projected to reach $820.4 billion by 2024, registering a CAGR of 3.5% during the forecast period of 2023 to 2030.
Regional analysis: North America currently dominates the biotechnology market owing to presence of major players, higher healthcare spending, and rapid adoption of advanced therapies. However, Asia Pacific is emerging as the fastest growing regional market with improving healthcare infrastructure and increasing affluence in countries like China and India.
Key players: Key players operating in the biotechnology market are Bausch Health Companies, Inc., Recordati Rare Diseases Inc., Lucane Pharma SA, Acer Therapeutics, Ultragenyx Pharmaceutical Inc., Arcturus Therapeutics Holdings Inc., Orpharma Pty Ltd., Selecta Biosciences, Inc., Abbott Laboratories, NESTLÉ S.A., DANONE S.A., and Mead Johnson & Company, LLC. These companies are investing heavily in R&D of novel biologic drugs and therapies.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
