The global biotechnology market size is expected to reach USD 727.1 billion by 2025, at a CAGR of 7.4% according to a new report by Grand View Research, Inc. The emergence of certain key themes in the market is expected to drive growth in this industry to a lucrative extent.
These key themes include regenerative medicine and genetics in diagnostics. Presence of a plethora of companies focusing on the development of regenerative therapies is anticipated to drive sector growth through to 2025. Technological advancements pertaining to the penetration of artificial intelligence in this industry is expected to fuel progress with potential avenues. The companies are engaged in unleashing machine learning in order to understand individual cancer cases while recommending clinical trials.
Supportive government (and its allied agencies) policies related to synthetic biology is a major growth impacting driver in this sector. Developed economies such as the U.K. and the U.S. are critically monitoring and funding synthetic biology R&D initiatives. For example, in 2010, a six months’ review of synthetic biology headed by a panel of expert scientists was enforced by the U.S. President and subsequently conducted a hearing of the Energy and Commerce Committee exclusively concerning synthetic biology.
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Further key findings from the report suggest:
Owing to technological advancements and widespread application of this field in various aspects of healthcare, the health segment is expected to exhibit strong progress in the forecast period
Continuous introduction of new biotechnological products to cater to healthcare entities that are involved in diagnosis, prognosis and biopharmaceutical development is estimated to propel the biotechnology market
Decreasing costs and rise in the number of services in this segment are expected to drive the segment with lucrative revenue
North American pharmaceutical and biotech companies have experienced great success in the recent years resulting in a larger share
Introduction of technologically advanced products and presence of various biotechnology-based programs such as the UC Davis Biotechnology Program, the University of California Biotechnology Research and Education Program are some of the factors that are attributive to the growth of the sector
Asia Pacific market is anticipated to grow at the most lucrative pace due to changing health care infrastructure in this region which drives the demand for these products
Strong governmental support and recruitment of highly trained Chinese scientists with the support of their administration has made it possible for China to speedily build up capacity in the area of regenerative medicine
Key players operating include Gilead, Celgene, Abbott, Novo Nordisk A/S, Novartis AG, Sanofi Aventis, and Lonza
Grand View Research has segmented the biotechnology market on the basis of technology, application, and region:
Biotechnology Technology Outlook (Revenue, USD Million; 2014 - 2025)
Tissue engineering and Regeneration
Biotechnology Application Outlook (Revenue, USD Million; 2014 - 2025)
Food & Agriculture
Natural Resources & Environment
Biotechnology Regional Outlook (Revenue, USD Million; 2014 - 2025)
The Middle East and Africa (MEA)
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