by The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn 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.
Market Overview:
The biotechnology market deals in biological processes that involve living cells and organisms to carry out industrial and technical procedures. Biotechnology products are used in healthcare, agriculture, industrial processing, and environmental sectors. These products include vaccines, genetically modified crops, monoclonal antibodies, recombinant therapeutic proteins, and genetic tests. The biotechnology-derived medical products have revolutionized disease treatment by providing advanced diagnostics, more effective drugs with fewer side effects, and novel treatment procedures like gene and cellular therapies.
Market key trends:
One of the major trends in the biotechnology market is the rising demand for gene and cellular therapies. Gene therapy involves using genes to treat or prevent disease, while cellular therapy uses unmodified or gene-modified live whole cells as medication. Both therapies are being extensively researched to treat cancer, genetic disorders, infectious diseases, and neuromuscular diseases. For example, gene therapies have gained regulatory approvals for treating spinal muscular atrophy, hemophilia, and retinal diseases. Cellular therapies like CAR-T cells are achieving high remission rates in blood cancers. with their potential to cure previously untreatable conditions, gene and cellular therapies are expected to experience substantial market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the biotechnology market due to the requirement of large R&D investments and regulatory compliances. However, new technological advancements lower the entry barriers over time.
Bargaining power of buyers: The bargaining power of buyers is moderate as the biotechnology industry produces differentiated products. However, large pharmaceutical companies have significant influence.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the availability of substitution and partnerships between suppliers and buyers.
Threat of new substitutes: The threat of new substitutes is moderate as new areas like cell and gene therapy continuously emerge as alternatives.
Competitive rivalry: The competitive rivalry is high among the top players to gain market share through intensive R&D and new product launches.
Key Takeaways
The global biotechnology market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases. North America dominates the global biotechnology market currently owing to presence of major industry players and availability of advanced healthcare facilities in the region. The Asia Pacific region is expected to witness fastest growth rate during the forecast period due rise in healthcare expenditure and increasing demand for biosimilars in countries like China and India.
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 key players are engaging in new product launches and strategic collaborations to gain competitive advantage in the market. For instance, in 2022, Novo Nordisk partnered with Dicerna Pharmaceuticals to develop ribonucleic acid interference therapies for cardiovascular, renal, and metabolic diseases.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
