The biotech industry includes bio-pharma, bio-services, bio-agri, bio-industrials and bioinformatics. Biopharma is a rapidly growing segment that accounts for a dominant share in this sector. Advancements in biotechnology have enabled researchers to evaluate and identify target biomarkers/cell receptors to develop targeted and personalized therapies. Scientific research and technological advancements have resulted in the emergence of various personalized medicines that are undergoing research. According to research conducted by the Personalized Medicine Coalition, 42% of all compounds and 73% of oncology compounds in the pipeline possess the potential to be personalized medicine. Moreover, according to this study, it is expected that companies will increase their investment in R&D of personalized medicines by 1/3rd over the following five years. The study found that over 20% of drugs approved in 2014 were personalized medicines.

The biotechnology sector has witnessed some disruptive innovations such as gene and cell therapies, immunotherapy, and antibody drug conjugates. Advancement in stem cell therapy is resulting in effective treatment therapies for chronic conditions, organ growth and repair and disease prevention.

Key Challenges

Biotech products have extensive application in oncology and autoimmune disease treatment. However, the cost of these drugs is high owing to extensive research and trials that need to be carried out for the same. Therefore, there is constant pressure to reduce price and increase accessibility, especially in emerging economies. In the U.S., companies are facing reimbursement issues with respect to biopharmaceutical products. Besides, there are regulatory and scientific challenges faced by the sector. Scientific research for new molecules and targeted therapies is capital intensive and challenging owing to growing concern for safety of the drug.

Also, there is lack of awareness about personalized medicine among most healthcare providers, which may hamper its adoption. Clinical adoption of biotechnology products is essential for its success. However, it significant scientific evidence and backing is required to ensure its safety.

“Translating genomic discoveries into personalized medicines entails overcoming substantial scientific, regulatory, and economic challenges, including identifying validated biomarkers, as well as developing personalized therapeutics and clinically relevant diagnostic tests.”

Tufts Center for the Study of Drug Development

Opportunities

The biopharmaceutical sector offers vast lucrative growth opportunities. High efficacy and safety of biopharmaceutical products has led to a growth in their demand, Furthermore, consumers are willing to pay high prices for biopharmaceutical products compared to other conventional products. Biopharmaceutical brands have set new standards for blockbuster drugs by recording an annual average sale of over US$ 2bn. Drugs such as Humira have generated sales revenue of over US$ 10bn.

Governments in emerging economies are endorsing biosimilars as cost-effective alternatives to biotech products, which is expected to create significant growth opportunities for manufacturers of generic drugs. Therefore, cost-effectiveness and high quality are prime parameters that need to be considered while developing biosimilars. Recent and upcoming biologic patent expirations include the following:

Erbitux (cetuximab) - February 2016
Rituxan (rituximab) - September 2016
Herceptin (trastuzumab) - June 2019
Avastin (bevacizumab) - July 2019
Aranesp (darbepoetin alfa) - May 2024
Enbrel (etanercept) - November 2028

Companies such as Teva Pharmaceuticals, Hospira, Sandoz, and Amgen are focusing on development of biosimilars and vaccines as preventive measures in addition to treatment. For instance, in 2015, Zarxio TM became the first biosimilar to be approved in the U.S. market. The EMA approved Mosquirix, a malaria vaccine, in the same year. Extensive research is currently underway to develop a dengue vaccine, which could be another breakthrough pharmaceutical product in the near future.

Conclusion

The increasing research in the biotechnology sector is expected to result in higher number of biopharmaceutical products seeking FDA approvals. Biopharmaceuticals are positioned to be promising treatment solutions that would improve patient outcomes and help with reduction of the cost of drug development.View less

Specialty and Fine Chemicals

Cosmetic Ingredients

Food Ingredients

Aerospace and Defense

Automotive and Transportation

Consumer Electronics

Construction Engineering

Industrial Automation and Machinery

Semiconductors

Smart Technologies

Information and Communication Technology

Biotechnology Published Insights

Stem Cell Therapy Market

Published Date : May 2024

Global stem cell therapy market is estimated to be valued at USD 15.15 Bn in 2024, and is expected to exhibit a CAGR of 22.6% during the forecast period (2024-2031). Stem cell therapy is a promising and emerging field in regenerative medicine that involves the use of ... View more

Immuno Oncology Assays Market

Published Date : May 2024

Global immuno-oncology assays market is estimated to be valued at USD 4.98 Bn in 2024 and is expected to exhibit a CAGR of 11.2% during the forecast period (2024-2031). Immuno-oncology assays help analyze the expression of biomolecules like proteins that are relevant ... View more

Closed System Transfer Device Market

Published Date : May 2024

The closed system transfer device market is estimated to be valued at USD 1.40 Bn in 2024 and is expected to reach USD 4.07 Bn by 2031, growing at a compound annual growth rate (CAGR) of 16.5% from 2024 to 2031. Closed system trans... View more

Tissue Engineering Market

Published Date : May 2024

The global tissue engineering market is estimated to be valued at USD 11.61 Bn in 2024 and is expected to exhibit a CAGR of 11.9% during the forecast period (2024-2031). Tissue engineering is an interdisciplinary field that applies principles of engineering and life s... View more

Microbiome Sequencing Service Market

Published Date : May 2024

Global microbiome sequencing service market is estimated to be valued at USD 1.97 Bn in 2024 and is expected to exhibit a CAGR of 11.1% during the forecast period (2024-2031). Microbiome sequencing involves using high-throughput sequencing technologies to study the mi... View more

Clinical Microbiology Market

Published Date : May 2024

Global clinical microbiology market is estimated to be valued at USD 4.98 Bn in 2024, and is expected to exhibit a CAGR of 5.4% during the forecast period (2024-2031). Global clinical microbiology market is witnessing strong growth due to increasing prevalence of infe... View more

Cell Therapy Manufacturing Market

Published Date : May 2024

Global cell therapy manufacturing market is estimated to be valued at USD 4.91 Bn in 2024, and is expected to exhibit a CAGR of 14.9% during the forecast period (2024-2031). Global cell therapy manufacturing market has been witnessing significant growth in the recent ... View more

Genome Engineering Market

Published Date : May 2024

Global genome engineering market is estimated to be valued at USD 6.71 Bn in 2024, and is expected to exhibit a CAGR of 14.5% during the forecast period (2024-2031). Genome engineering, also known as genetic engineering, is a set of technologies that enable genetic ma... View more

Stem Cell Banking Market

Published Date : May 2024

Global stem cell banking market is estimated to be valued at USD 5.67 Bn in 2024, and is expected to exhibit a CAGR of 14.5% during the forecast period (2024-2031). Stem cells are undifferentiated biological cells that are capable of differentiating into specialized c... View more

Platelet Rich Plasma Market

Published Date : Apr 2024

The global platelet rich plasma market is estimated to be valued at USD 550.5 Mn in 2024 and is expected to exhibit a CAGR of 12.5% during the forecast period (2024-2031). Platelet Rich Plasma (PRP) is an enriched concentration of platelets extracted from a small volu... View more

Pharmacogenomics Market

Published Date : Apr 2024

The global pharmacogenomics market is estimated to be valued at USD 17.19 Bn in 2024 and is expected to exhibit a CAGR of 11.7% during the forecast period (2024-2031). Pharmacogenomics is the branch of science that analyzes how genes affect a person's response to medi... View more

Aptamers Market

Published Date : Apr 2024

Global aptamers market is estimated to be valued at USD 7.29 Bn in 2024 and is expected to exhibit a CAGR of 17.8% during the forecast period (2024-2031). Aptamers are single stranded Deoxyribonucleic acid (DNA) or Ribonucleic acid (RNA) molecules that bind to a speci... View more

Recombinant Dna Technology Market

Published Date : Apr 2024

Global recombinant DNA technology market is estimated to be valued at USD 172.94 Bn in 2024 and is expected to exhibit a CAGR of 9.6% during the forecast period (2024-2031). Recombinant DNA technology is the joining together of DNA molecules from two different sources... View more

Flow Cytometry Market

Published Date : Apr 2024

Global flow cytometry market is estimated to be valued at USD 7.52 Bn in 2024 and is expected to exhibit a CAGR of 10.8% during the forecast period (2024-2031). The global flow cytometry market has been witnessing steady growth over the past few years due to the incre... View more

Global Canine Influenza Vaccine Market

Published Date : Apr 2024

The Global canine influenza vaccine market is estimated to be valued at USD 1,805.7 Mn in 2024, and is expected to exhibit a CAGR of 5.1% during the forecast period (2024-2031). Canine influenza, commonly known as dog flu, is a contagious respiratory disease caused by... View more

Global Sanger Sequencing Market

Published Date : Apr 2024

Global sanger sequencing market is estimated to be valued at USD 3,149.9 Mn in 2024, and is expected to exhibit a CAGR of 18.2% during the forecast period (2024-2031). Sanger sequencing, also known as chain termination or dideoxy sequencing, is a method for DNA sequen... View more

Cell Therapy Market

Published Date : Apr 2024

Global cell therapy market is estimated to be valued at USD 2,583.8 Mn in 2024 and is expected to exhibit a CAGR of 9.4% during the forecast period (2024-2031). Global cell therapy market is expected to witness growth substantially over the next decade due to rising p... View more

Dna Extraction Kits Market

Published Date : Apr 2024

The global DNA extraction kits market is estimated to be valued at USD 1,622.1 Mn in 2024 and is expected to exhibit a CAGR of 8.1% during the forecast period (2024-2031). DNA extraction kits are essential tools used to isolate DNA from biological samples. DNA, or deo... View more