Biotechnology Market, By Application (Biopharmaceutical, Bio services, Bio-Agriculture, Research), By Technology (Fermentation, Tissue engineering, PCR technology, Nanobiotechnology, Chromatography, DNA Sequencing Technology, Cell Based Assay, Other Technologies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) -

Published In : Jul 2023

Code : CMI4025

Pages :160

Formats :

Excel and PDF

Industry : Biotechnology

Biotechnology MarketSize and Trends

Global biotechnology market is estimated to be valued at US$ 820.4 billion in 2023 and is expected to exhibit a CAGR of 12.3 % during the forecast period (2023-2030).

Figure 1. Global Biotechnology Market Share (%), By Application, 2023

Market- TrendsIntroduction of newer research and development activities

Introduction of newer and more efficient research and development activities to boost the biotechnological field can drive the growth of the market. On August 12, 2022, Mount Sinai Health System, U.S. based hospital network, and Icahn School of Medicine at Mount Sinai, U.S. based research-based medical school, launched a new human genome sequencing research project called the Mount Sinai Million Health Discoveries Program with the Regeneron Genetics Center (RGC), part of U.S. based biotechnology company Regeneron. The Program aims to enroll one million Mount Sinai patients over five years. Its goal is to provide researchers with a unique data set that will help them assess the true potential of genetics-based, precision medicine approaches to guide everyday patient care, as well as to generate new insights to guide the discovery and development of potential new therapies. With this collaboration, researchers plan to combine RGC’S gene sequencing capabilities and scientific research expertise with Mount Sinai’s diverse patient population and advanced electronic health records systems.

Acquisition strategy by key market players

Acquisition strategy by key market players is expected to drive growth of global biotechnology market in forecast period. For instance, on December 8, 2021, Thermo Fisher Scientific Inc. U.S. based supplier of scientific instrumentation, reagents and consumables, and software services, announced it has completed the acquisition of PPD, Inc., U.S. based global provider of clinical research services to the biopharma and biotech industry for US$ 17.4 billion. With the addition of PPD, Thermo Fisher can offer services across the clinical development spectrum − from scientific discovery to assessing safety, efficacy, and health care outcomes, to managing clinical trial logistics, to the development and manufacturing of the drug product.