According to the latest report by IMARC Group, titled “Biotechnology Market Research: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global biotechnology market size reached US$ 665.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,033.6 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.
Biotechnology involves utilizing biological processes and living organisms to modify various products and services for specific applications. It can be categorized into several types in terms of technology, including nanobiotechnology, tissue engineering and regeneration, DNA Sequencing, cell-based assays, fermentation, PCR technology, chromatography, etc. Biotechnology-based products and services prove effective in zero-waste bioprocessing, bioproduction of sustainable chemicals, producing genetically modified crops, etc. Consequently, they find widespread utilization across numerous sectors, such as healthcare, food and agriculture, natural resources and environment, industrial processing, bioinformatics, biofuels, and more.
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Market Trends and Drivers:
The elevating food scarcity across countries, owing to the growing global population, is primarily driving the biotechnology market. Besides this, the increasing usage of sustainable manufacturing methods and the expanding integration of natural and biosciences in stem cell research and cloning techniques to replace defective cells and tissues in regenerative medicine are acting as significant growth-inducing factors.
Moreover, the escalating focus towards finding molecular root causes of diseases and the inflating investments in research and development (R&D) activities to enable the production of therapeutic proteins and ensure improvements in existing pharmaceuticals and monoclonal antibodies are also positively influencing the market growth. Additionally, the rising demand for biofuel across the globe is expected to propel the biotechnology market in the coming years.
Global Biotechnology Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Amgen Inc., Biocon Limited, Biogen Inc., F. Hoffmann-La Roche AG, Genmab A/S, Lonza Group AG, Novartis AG, Novo Nordisk A/S, Pfizer Inc., Regeneron Pharmaceuticals Inc., Seagen Inc., Syngenta AG and Vertex Pharmaceuticals Incorporated.
The report has segmented the market on the basis of product type, technology, application and region.
Breakup by Product Type:
- Software and Services
Breakup by Technology:
- Tissue Engineering and Regeneration
- DNA Sequencing
- Cell-Based Assays
- PCR Technology
Breakup by Application:
- Food and Agriculture
- Natural Resources and Environment
- Industrial Processing
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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