WESTFORD, Mass., July 18,
2024 /PRNewswire/ -- According to SkyQuest, the
global Biotechnology Market size was valued at USD 1.21 Trillion in 2022 and is poised to grow
from USD 1.38 Trillion in 2023 to
USD 3.90 Trillion by 2031, growing at
a CAGR of 13.9% during the forecast period (2024-2031).
Biotechnology is a diversified, innovative industry that uses
organisms, biological systems, or their products to modify or
develop processes and by-products to produce health-related
products and treatments.
Biotechnology and related products are required to meet
established regulatory guidelines and standards. The major federal
agencies in the US responsible for administering the required
standards are the Animal and Plant Health Inspection Service
(APHIS), US. The Coordinated Framework for the Regulation of
Biotechnology outlines a government framework for evaluating
products developed using modern biotechnology. This provision is
based on existing laws developed to protect public health and the
environment.
Download a detailed overview:
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Biotechnology Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 1.38
Trillion
|
Estimated Value by
2031
|
USD 3.90
Trillion
|
Growth Rate
|
Poised to grow at a
CAGR of 13.9%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Trillion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Type, Product,
Technology, Application and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Growth in
Nanobiotechnology
|
Key Market
Drivers
|
Growing Research and
Development of Tissue Culture and Cell Engineering
|
Segments covered in Biotechnology Market are as
follows:
- Type
- Blue Biotechnology, Green Biotechnology, Red Biotechnology,
White Biotechnology, Others
- Product
- Instrument & Reagent (Clinical Diagnostics, Proteomics and
genomics, Drug Discovery & Development, Cell Analysis, Others),
Software & Service
- Technology
- Nanobiotechnology, PCR Technology, Bioinformatics, Tissue
Engineering, DNA sequencing, Fermentation Technology, Others
- Application
- Health, Agriculture, Food and Beverages, Industrial Processing,
Others
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DNA Sequencing Holds a Dominant Position in the Biotechnology
Market Owing to the Rising Adoption of Advanced Techniques
DNA sequencing occupies a dominant position in the biotechnology
market, accounting for about 17.43% by 2023. This growth is due to
two main factors: cheaper sequencing costs and the adoption of
advanced techniques and government funding also plays an important
role. A grant like the one awarded by the NIH (National
Institutes of Health) that may be $10.7
million by May 2021, directed
toward understanding the genetics of Alzheimer's disease, is an
example of this kind of funding. Such funding fuels research and it
opens new applications for DNA sequencing, ideal for various
diseases.
The nanobiotechnology segment is poised to surge from 2024 to
2031. Two main factors fuel this growth: more nanomedicine
approvals and remarkable growth in the sector. In addition,
nanoparticles for diagnosis are revolutionizing disease diagnosis,
allowing for comparative diagnosis and personalized medicine
simultaneously. Tissue technology and regenerative medicine is
growing due to government and private investments, high healthcare
spending, and the rise of established and new players.
View report summary and Table of Contents (TOC):
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Healthcare Industry Led the Market Owing to the Enhance
Revenue Generation
The healthcare industry led the market and is expected to
register a compound annual growth rate (CAGR) of 13.9% throughout
the forecast period. Healthcare biotechnology has proven its
importance, emerging as the biggest revenue generator by 2020.
Biotechnology innovation has given birth to new sectors of the
economy, driven largely by small start-ups and interagency
collaboration as they are also being used for further treatments to
improve the sector. For example, in April
2020, Amgen and Adaptive Biotechnologies collaborated to
identify and develop anti-SARS-CoV-2 vaccines using Adaptive's
proprietary immunotherapy platform to find antibodies that
neutralize viruses This agreement is expected this will
significantly increase revenue in this sector.
The food and agriculture sector ranks second in the market. The
tools used in agriculture have evolved rapidly, including
micropropagation, tissue culture, molecular breeding,
marker-assisted selection, genetic engineering, genetically
modified (GM) crops, molecular diagnostic technologies, and new
genetics providing a comprehensive understanding of plant biology.
Moreover, the global adoption of GM crops is expected to boost the
segments. GM crops, especially herbicide-resistant and
pest-resistant seeds, have become increasingly popular, boosting
the agricultural industry.
Biotechnology Market: Shaping the Future of
Innovation
The market is at the forefront of scientific and technological
innovation, poised to deliver transformative solutions to some of
the world's most pressing challenges. Focusing on areas such as
healthcare, agriculture and environmental sustainability,
biotechnology is driving progress through cutting-edge research and
development.
Advances in genetic engineering, bioinformatics and
bioprocessing technologies are fueling the growth of this market.
Specialty areas such as personalized medicine, gene therapy and
sustainable agricultural practices can benefit from these
innovations, delivering results and efficiency.
Strategic dialogue, investment in R&D and a favorable
regulatory environment are going to drive the biotechnology market.
Companies are constantly exploring new frontiers, from CRISPR-based
gene editing to biotechnology, to unlock and address new
possibilities.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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SOURCE SkyQuest Technology