North America to Dominate the Global Biotechnology Market till 2026
High demand for organic products and increasing prevalence of chronic diseases is expected to drive the demand for global biotechnology market in the forecast period.
According to TechSci Research report, “Global Biotechnology Market By Technology (Nanobiotechnology, Tissue Engineering and Regeneration, DNA Sequencing, Cell-based Assays, Fermentation, PCR Technology, Chromatography, Others) By Application (Health, Food & Agriculture, Natural Resources & Environment, Industrial Processing, Others) By End User (Research Institutes & Laboratories, Academic Institutions, Biotechnology & Pharmaceutical Companies, Others, By Region, Company Forecast & Opportunities, 2026”, The global biotechnology market is expected to witness steady growth for the upcoming five years. Biotechnology is a technology and innovative field involving the use of living organisms and biological systems and derivatives to develop and modify process and results for producing therapeutics and products relating to healthcare industry. Biotechnology finds application in diverse field comprising of food and chemicals, pharmaceuticals, genomics, among others. It has significant demand to upgrade the technology relating to healthcare, food, and energy supply along with devise methods to ensure environmental protection.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected countries adversely. Leading authorities across the globe have imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. Disruption in supply chain was observed due to import-export restrictions which is negatively affecting the growth of the market. Huge investments made in biotechnology to devise ways to fight against the coronavirus created lucrative opportunities for development of effective drugs, gene therapies and vaccines.
However, strict regulations and guidelines may slowdown the commercialization of products which is expected to restrain the growth of the biotechnology market.
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Global biotechnology market is segmented into technology, application, end user, regional distribution, and company. Based on technology, market can be further divided into nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, fermentation, PCR technology, chromatography, and others. The fermentation segment is expected to hold major market share for the forecast period, 2022-2026. Fermentation technology is widely used in production of several healthcare related products comprising of antibiotics, ethanol, probiotics, among others.
It is also used for production of necessary materials which are required to develop diagnostic kits, medical devices, and drug delivery vehicles. Based on application, market can be fragmented into health, food & agriculture, natural resources & environment, industrial processing, and others. The health segment is expected to dominate the market for the next five years owing to increasing prevalence of diseases and rise of the old age population across the globe. Increase in demand for bio-services and rise in adoption of bioinformatic solutions is further expected to surge the growth of health segment.
Novo Nordisk A/S, Regeneron Pharmaceuticals Inc., Amgen, Inc., CSL Limited, Gilead Sciences, Inc., Celgene Corporation, Allergan, Inc., Biogen Inc., Vertex Pharmaceuticals, Inc., F. Hoffmann-La Roche AG, Seagen Inc., Genmab A/S, Biocon Limited, Johnson & Johnson, Pfizer Inc. are the leading players operating in global biotechnology market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several biotechnology manufacturers are coming up with their technologically advanced offerings.
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“Technological advancements in the field of life sciences and development of innovative techniques such as 3D bioprinting technology which uses live cells to develop certain part of human body such as cartilage, skin and heart valves is a promising technology which is expected to fuel the use of biotechnology in varied sectors. Incorporation of biosensors in healthcare industry to monitor blood pressure, body temperature, among others is considered to be significant driving factors. High demand for remote patient monitoring to provide ease and convenience to patients without compromising the process of providing effective treatment is expected to propel the growth of the biotechnology market until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Biotechnology Market By Technology (Nanobiotechnology, Tissue Engineering and Regeneration, DNA Sequencing, Cell-based Assays, Fermentation, PCR Technology, Chromatography, Others) By Application (Health, Food & Agriculture, Natural Resources & Environment, Industrial Processing, Others) By End User (Research Institutes & Laboratories, Academic Institutions, Biotechnology & Pharmaceutical Companies, Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of global biotechnology market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global biotechnology market.
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