The global biotechnology market is expected to grow at a CAGR of around 15.5% from 2020 to 2027 and expected to reach the market value of around US$ 850.5 Bn by 2027.
Biotechnology is a broad category of technologies that use living organisms or parts of living organisms to create a variety of products. Biotechnology can be used to create drugs and therapeutics, nutritional compounds, environmentally friendly chemicals and materials, biofuels, and novel functional materials. More broadly, medical biotechnology, agricultural biotechnology and industrial biotechnology will all play increasingly important roles in our everyday life. To solve environmental problems, biotechnology can also be used to degrade toxic or harmful chemicals and agents. Biotechnology, like all technologies, has the potential to provide enormous benefits while also posing significant risks. Many global issues, such as climate change, an ageing society, food security, energy security, and infectious diseases, to name a few, could be addressed with biotechnology.
Currently, what are the big trends in biotechnology?
According to a World Economic Forum (WEF) report, biotechnology is advancing at a rapid pace. There are numerous potential applications for genome editing in living organisms, including microorganisms, plants, and animals. With such advancements, humans could improve bio-based chemical production, increase food production while maintaining nutritional value, or manufacture organs for transplant. Metabolic engineering and synthetic biology are also advancing rapidly. As a result, instead of relying on fossil fuels, many chemicals, fuels, and materials are now made from renewable biomass. Furthermore, remarkable advancements are being made in healthcare and the medical sector. New, highly complex natural compounds derived from bio-sources are being developed for pharmaceutical applications. Stem-cell therapy, ICT-integrated biotechnology, and other innovations will aid in addressing the health challenges posed by an ageing population.
But apart from that, biotechnology will advance significantly by 2030. Biotechnology could also aid in the resolution of large-scale national issues such as healthcare. Global healthcare spending is currently estimated to be around US$8 trillion. As a result, it is reasonable to expect biotechnology to become a part of people's daily lives by 2030, ranging from drugs, medicine, and therapeutics to environmentally friendly chemicals, fuels, and materials.
Big calls for "Biotechnology" in agriculture
The United States Department of Agriculture (USDA) supports the responsible and appropriate application of science and technology, including biotechnology, to address agricultural challenges and consumer needs. The USDA is critical in ensuring that biotechnology plants and products derived from these plants are safe to grow and use in the United States. USDA supports the introduction of these plants and products into commerce, as well as the introduction of these and other products into the global marketplace. Three federal agencies are involved in ensuring that biotechnology plants and the numerous products derived from them are safe for farmers to use, safe to consume as food or feed, and safe for the environment. These are the USDA's Animal and Plant Health Inspection Service, the Food and Drug Administration of the Department of Health and Human Services, and the United States Environmental Protection Agency. But apart from that, many of these new GE varieties have been quickly adopted by US farmers, so that in 2012, 88% of corn, 94% of cotton, and 93% of soybeans planted in the US were genetically engineered varieties. Biotech also contributes significantly to the production of other crops such as alfalfa, papaya, and sugar beet. Furthermore, the United States is the world's largest exporter of agricultural products, which helps feed the world's population, and our export markets are critical to the health of farm communities across the country. Because the majority of the corn and soybeans we export are biotechnology-derived, it is critical that we collaborate with our trading partners to help them understand the technical aspects of new products and how we determined that they meet our high safety standards, to open up new markets, and to ensure that our products are treated fairly in the global marketplace.
Cell free technologies accelerate industrial biotechnology
Microbes, such as bacteria, are being used as miniature factories in industrial biotechnology. These factories would turn molecules, the smallest chemical packages, into desirable products. Scientists have created a cell-free framework that allows them to rapidly select from hundreds of enzyme pathways. To facilitate the design of microbial factories, the framework eliminates the need to use intact cells. Accelerating biotechnology research and development could have significant benefits for a variety of industries. Biotechnology has the potential to advance fields ranging from clean energy to consumer products. This new cell-free approach, for example, has already sped up the design of enzyme pathways to produce industrial chemicals in the microbe "Clostridium autoethanogenum”. This microbe is difficult to manipulate but extremely effective at consuming waste carbon in the environment. This framework is simple to implement and will reduce the number of microbes that must be engineered and tested. It also shortens the time required to achieve specific goals.
The global biotechnology market is segmented as technology and application. By technology, the market is segmented as nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, fermentation, PCR technology, chromatography, and others. By application, the market is segmented as health, food & agriculture, natural resources & environment, industrial processing, bioinformatics, and others
In the coming years, the Asia Pacific biotechnology market is expected to grow at the fastest rate. A large patient pool in densely populated countries such as India and China, which are prone to various diseases, will be a primary market driver for regional business growth. Furthermore, widespread biotechnology adoption in agriculture and industrial applications will eventually favor market progression. China is one of the prominent countries in Asia Pacific that is expected to have a reasonable share in the coming years. The rising prevalence of chronic diseases in the country is one of the major drivers of the global biotechnology market. Furthermore, China's focus on creating an innovation-friendly regulatory environment to address the shortage of essential drugs will be beneficial to market development. Various healthcare reforms in China, as well as investments in biotechnology, will accelerate the industry's growth.
The prominent players involved in global biotechnology market involve AstraZeneca plc, Gilead Sciences, Inc., Celgene Corporation, Biogen Inc., Abbott Laboratories, Amgen Inc., Novo Nordisk A/S, Merck & Co., Inc., Johnson & Johnson Services, Inc., Novartis AG, and among others
Market By Technology
Tissue Engineering and Regeneration
Market By Application
Food & Agriculture
Natural Resources & Environment
Biotechnology market is expected to reach a market value of around US$ 850.5 Bn by 2027.
The biotechnology market is expected to grow at a CAGR of around 15.5% from 2020 to 2027.
Based on application, health segment is the leading segment in the overall market.
Technological advancements is one of the prominent factors that drive the demand for biotechnology market.
AstraZeneca plc, Gilead Sciences, Inc., Celgene Corporation, Biogen Inc., Abbott Laboratories, Amgen Inc., Novo Nordisk A/S, Merck & Co., Inc., Johnson & Johnson Services, Inc., Novartis AG, and among others
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years