Over the course of the period covered by this forecast, expansion of the worldwide biotechnology market is anticipated to be driven by rising investments in the pharmaceutical industry. For example, according to the Key Data 2019 published by the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical industry in Europe invested US$ 19, 509 million in the year 2000, and this number is estimated to have climbed to US$ 39,895 million in 2018.In addition to this, the growing prevalence of chronic illnesses is also anticipated to contribute to the expansion of the market. For instance, based on the findings of a study titled "Projections of cancer prevalence in the United Kingdom, 2010-2040," which was published in the British Journal of Cancer, it is anticipated that the number of persons afflicted with cancer in the United Kingdom will rise from 2.5 million in 2015 to 4 million by the year 2030. This is a significant increase from the current rate of incidence, which stands at 2.5 million.
The global Biotechnology Market was valued at US$ 518.3 Bn in 2019 and is forecast to reach a value of US$ 1,303.1 Bn by 2027 at a CAGR of 12.3% between 2020 and 2027.
Major Players in the Biotechnology Industry:
1. Abbott Laboratories.
Abbott Laboratories was founded in 1888 and its headquarter Chicago, Illinois, United States. The company operates in 55 countries. In2020 Abbott Laboratories has partnered biotechnology company Biocon Ltd to develop nutrition products for India
2. Amgen Inc
Amgen Inc founded in 1980, and it’s located in Thousand Oaks, California, United States. The company operates in 8 Countries. In2020 Akzo Nobel N.V. has completed the acquisition of Colombia-based paints and coatings company
3. GlaxoSmithKline,.
GlaxoSmithKline. was launch in 2000 and it’s headquarter located Brentford, United Kingdom.it operate over 92 country . GSK reaches agreement to acquire late-stage biopharmaceutical company BELLUS Health. Acquisition further strengthens specialty medicines and respiratory ..
4. Johnson and Johnson
Johnson and Johnson was launch in 1886 and it’s headquarter located New Brunswick, New Jersey, United States..it operate over 91 country. In 2022 Johnson & Johnson Announces Definitive Agreement to Acquire Cougar Biotechnology, I
5. Merck, Novartis.
Merck, Novartis was founded 1996, with its headquarters in Basel, Switzerland.. With businesses in over 140 countries.
6. Novo Nordisk,
Novo Nordisk, Was launch in 1923. and its headquarter Bagsværd, Denmark. it operate over 170 country. In2022 Novo Nordisk is paying out $1.1 billion to acquire Forma Therapeutics, a biotech aiming to treat rare blood disorders.
7. Pfizer, Inc.
Pfizer, Inc. founded in 1849 and it’s headquarter located New York, New York, United States .it operate over 181 country. In 2023 Pfizer to acquire Seagen for $229 per Seagen share in cash, for a total .which Pfizer will acquire Seagen, a global biotechnology company .
*Definition- Biotechnology is the practice of making use of organisms, processes, or systems in order to facilitate the industrial-scale production of goods such as medications.
