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) 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), as highlighted in a new report published by Coherent Market Insights.
The strategies by key market players like acquisitions are expected to drive the global biotechnology market growth over the forecast period. For instance, on April 16, 2023, Merck & Co., Inc., a U.S.-based multinational pharmaceutical company, announced the acquisition of Prometheus Biosciences, Inc., U.S. based clinical-stage biotechnology company, for US$ 200.00 per share in cash for a total equity value of approximately US$ 10.8 billion. The agreement with Prometheus will accelerate the presence of Pfizer in immunology and adds diversity to its overall portfolio. Merck, through a subsidiary, will acquire all of the outstanding shares of Prometheus. The acquisition is subject to Prometheus Biosciences' shareholder approval. This agreement with Merck allows Prometheus to maximize the potential for PRA023, a drug for the treatment of immune-mediated disease by using Pfizer’s technology and expertise to fuel further discoveries to address the needs of patients with immune disorders.
Global Biotechnology Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global biotechnology market due to the increasing need for cell and tissue engineering techniques for the preparation of vaccines. For instance, on January 3, 2021, Bharat Biotech, India based biotechnology company successfully developed COVAXIN, India’s 1st vaccine candidate for COVID-19, in collaboration with the Indian Council of Medical Research (ICMR) - National Institute of Virology (NIV). This vaccine received ’ Emergency Use Authorization approval by the Drugs Controller General of India (DCGI) -- Central Standards Control Organization (CDSCO). COVAXIN is a highly purified and inactivated 2-dose SARS-CoV2 vaccine, manufactured in a Vero cell manufacturing platform.
Global Biotechnology Market: Key Developments
Increasing launches of new range of products that can improve the efficacy of cell and tissue engineering methods is expected to drive market growth.
For instance, on 3D BioFibR Inc., a Canada based tissue engineering innovator, announced the release of two new CollaFibR tissue engineering products, CollaFibR and CollaFibR 3D scaffold. These off-the-shelf products, created using 3D BioFibR’s proprietary and new dry-spinning technology to create collagen fibers at commercial scales, offer significant advantages for tissue engineering and tissue culture applications. 3D BioFibR manufactures high-value collagen fibers on a commercial scale for use in tissue engineering and medicine. CollaFibR is a bioink additive for use in laboratory 3D bioprinting of tissue and organ models. CollaFibR acts as a biological rebar in bioinks used to print living tissues, mimicking the body’s natural cellular scaffold. When combined with bioinks, CollaFibR increases the mechanical durability of printed tissues, allowing multiple cell types to be assembled layer by layer to create highly functional tissue and organ models.
Browse 34 Market Data Tables and 32 Figures spread through 160 Pages and in-depth TOC on Global 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)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/biotechnology-market-4025
Key Takeaways of the Global Biotechnology Market:
- Global biotechnology market is expected to exhibit a CAGR of 12.3% during the forecast period. Funding raised by key market players is expected to accelerate its research and development activities. For instance, on September 28, 2022, Bill & Melinda Gates Foundation, a U.S. based private foundation founded by Bill Gates and Melinda French Gates, announced grants totaling nearly US$ 128 million to support the development and accessibility of maternal vaccines for Group B Streptococcus (GBS) and Respiratory Syncytial Virus (RSV), two of the leading causes of death for newborns and young infants in lower-income countries. These vaccines are being developed by Pfizer Inc., U.S. based pharmaceutical company and, if successful and approved, would represent a significant advancement in the maternal immunization space. The GBS vaccine candidate could also be the first vaccine developed with a primary purpose for use during pregnancy to prevent infections in newborns and young infants. The foundation grants will fund work to help ensure the vaccines are accessible to pregnant women living in lower-income countries.
- Among Technology, DNA Sequencing Technology segment is expected to dominate the global biotechnology market over the forecast period, owing to the launch of new products. For instance, on October 26, 2022, PacBio., a U.S.-based gene-sequencing company, announced the launch of a new, more affordable, higher-throughput "long-read" sequencer as well as customer testing of its first "short-read" sequencer aimed at emerging markets such as multi-cancer early detection. PacBio said its trademark HiFi technology commonly used for large studies in human genetics, cancer research, agricultural genomics, and more looks at 20,000 base pairs of DNA at a time. Its new Revio long-read sequencing system, offers a 15-fold increase in throughput, enabling customers to sequence up to 1,300 human whole genomes per year for less than US$ 1,000 per genome.
- Among region, North America is expected to be the dominant region in the global biotechnology market, owing to the increasing approvals of newer biotechnological products in the region. For instance, on February 26, 2020, Puma Biotechnology, Inc., U.S. based biotechnology company announced that the U.S. Food and Drug Administration (FDA) approved a supplemental New Drug Application (sNDA) for neratinib in combination with capecitabine for the treatment of adult patients with advanced or metastatic HER2-positive breast cancer who have received two or more prior anti-HER2-based regimens in the metastatic setting. The sNDA approval was based on the results of the Phase III NALA trial, a randomized controlled trial of neratinib plus capecitabine in patients with HER2-positive metastatic breast cancer who have received two or more prior anti-HER2-based regimens.
- Major players operating in the global biotechnology market include Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche, and Sanofi – Aventis.
