Biotechnology refers to the use of living organisms and biological systems in engineering, technology, and various other scientific domains to develop or modify products, improve plants or animals, or develop microorganisms for specific uses. The biotechnology industry produces healthcare products like vaccines, blood and blood components, biopharmaceuticals, and diagnostics. Biologics provide targeted treatment options and minimize side effects for various chronic diseases like cancer, diabetes, and autoimmune disorders. The Global Biotechnology Market Size is estimated to be valued at US$ 945.11 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for biologics in disease treatment is a major trend driving the growth of the biotechnology market. Biologics have revolutionized the treatment of various chronic diseases. They are associated with fewer side effects and more targeted disease treatment compared to conventional small molecule drugs. Monoclonal antibodies, therapeutic proteins, and nucleic acid-based therapies have high selectivity for disease targets. With increasing prevalence of chronic diseases, biologics are becoming the first line of treatment globally. Advancements in recombinant DNA technology, antibody engineering, and protein therapeutics have further increased the potential of biologics. Biopharmaceutical companies are developing a robust pipeline of biologics for cancer, neurological disorders, and autoimmune diseases which will boost the biotechnology market during the forecast period.
Strength: The biotechnology market offers immense growth opportunities owing to the increasing investments in R&D. Numerous startups are entering the space with funding to develop novel therapies.
Weakness: High costs associated with clinical trials and regulatory processes make product development a lengthy and expensive process. Costly failures in late stages increase uncertainty.
Opportunity: Increasing prevalence of chronic diseases like cancer drives demand for effective biologic drugs and therapies. Rapid technological advancements enable discovery of new biomarkers and personalized medicine approaches.
Threats: Consolidation of biopharma industry results in pricing pressures on large players. Stringent regulations and manufacturing complexities pose compliance challenges.
The global biotechnology market is expected to witness high growth over the forecast period of 2024 to 2031 driven by investments in novel drug development and technological advancements.
Regional analysis: North America currently dominates the biotechnology market, accounting for over 40% market share in 2024 led by the US. Higher adoption rates of biologics and presence of major players provide a competitive advantage. Asia Pacific is expected to grow at the fastest pace over the forecast period with countries like China and India emerging as key hubs for R&D and manufacturing.
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., Aeglea BioTherapeutics, Arcturus Therapeutics Holdings Inc., Orpharma Pty Ltd., Selecta Biosciences, Inc., Abbott Laboratories, NESTLÉ S.A., DANONE S.A., and Mead Johnson & Company, LLC. Major players are focusing on strategic collaborations to develop advanced therapies and vaccine candidates.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it