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” Biotechnology is increasingly being used in healthcare applications such as developing effective treatments for diseases. Some of the key applications of biotechnology in healthcare include drug discovery, genetic testing, targeted therapies, and regenerative medicine.
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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing applications of biotechnology in healthcare is one of the key trends propelling the biotechnology market growth. Biotechnology innovations are revolutionizing the healthcare industry by enabling faster and more accurate diagnosis, more effective disease treatments, and regenerative medicine approaches. For instance, biotechnology is helping in developing personalized medicines that precisely target disease conditions based on a person’s unique genetic signature. Biologics such as monoclonal antibodies, vaccines, and other targeted therapies developed using biotechnology are becoming mainstream treatment approaches for various diseases including cancer. Stem cell therapies that utilize biotechnology are also showing promise in regenerative applications for treating degenerative conditions. The growing demand for biologic drugs and other targeted therapies will continue to drive the biotechnology market during the forecast period.
SWOT Analysis
Strength: The biotechnology market demand has huge potential driven by advancements in genetic engineering and rising demand for biologics and therapeutic applications. Scientists have been able to develop new biological entities and therapies through cutting edge research and technologies.
Weakness: High costs associated with R&D, clinical trials and regulatory approvals for new biotech products increase financial risks for companies. Stringent regulations can also delay market access.
Opportunity: Growing burden of chronic diseases and aging population globally is driving demand for more effective diagnostics, personalized medicine and novel therapeutics. Areas like vaccine development, cancer treatment and regenerative medicine offer significant opportunities.
Threats: Expiry of patents could impact sales of blockbuster drugs. Changes in regulatory and healthcare policies across countries present uncertainties. Slow drug approval timelines and pricing pressures from payers pose challenges.
Key Takeaways
The global biotechnology market is expected to witness high growth over the forecast period supported by continuous advancements in areas of genetics, biologics and targeted therapies. 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 2023 to 2030.
North America currently dominates the market owing to presence of major players, strong government support for research and high healthcare spending. The US and Canada together account for over 50% of the global market revenue. Asia Pacific is emerging as the fastest growing region in the biotechnology sector driven by rising healthcare expenditures, growing middle class, generics manufacture and increasing outsourcing of clinical trials and research activities to countries like China and India. Countries in Asia are making large investments in establishing biotech clusters and upgrading research infrastructure to tap into the industry’s potential.
Key players: Key players operating in the biotechnology market are Amgen, Biogen, Bristol-Myers Squibb, AbbVie, Johnson & Johnson, Gilead Sciences, Merck & Co., Novo Nordisk, Pfizer and Roche. These companies have strong product pipelines and are investing aggressively in developing novel drugs in disease areas of oncology, immunology and neurology through strategic partnerships and M&A deals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
