The global biotechnology market size was estimated at USD 1.37 trillion in 2022 and is expected to reach USD 1.55 trillion in 2023..
Biotechnology Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030.
The Global Biotechnology Market Size accounted for USD 372.
8) Billion in 2021 and is estimated to achieve a market size of USD 1,345.
0) Billion by 2030 growing at a CAGR of 15.5% from 2022 to 2030..
It includes the practice of using microorganisms or components of micro-organisms like enzymes to generate industrially useful products in a more efficient way (e.g. less energy use, or less by-products), or generate substances and chemical building blocks with specific capabilities that conventional petrochemical .
India's Biotechnology sector is categorised into Biopharmaceuticals, Bio agriculture, Bio IT and Bio Services.
Biopharmaceuticals: India is one of the biggest suppliers of low cost drugs and vaccines in the world.
India also leads in biosimilars, with the most number of biosimilars approved in the domestic market..
Biotechnology is a science-driven industry sector that uses living organisms and molecular biology to produce healthcare-related products.
Biotechnology companies also develop therapeutics or processes (such as DNA fingerprinting)..
The market size, measured by revenue, of the Biotechnology industry was $190.0bn in 2022.
What was the growth rate of the Biotechnology industry in the US in 2022? The market size of the Biotechnology industry increased 2.5% in 2022..
Report Overview.
The global biotechnology market size was estimated at USD 1.37 trillion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 13.96% from 2023 to 2030..
The health application segment accounted for the largest share of 50.69% in 2022.
Growing disease burden, increasing availability of agri-biotech & bio-services, and technological developments in bio-industrial sector are expected to drive the segment growth.
In addition, the segment growth is also fueled by significant advancements in the fields o.
Growing foothold of personalized medicine and an increasing number of orphan drug formulations are opening new avenues for biotechnology applications and are driving the influx of emerging and innovative biotechnology companies, further boosting the market revenue.
Biotechnology products have become the vanguard strategy to combat challenges posed by the COVID-19 pandemic.
Robust pipeline of companies operating in this industry has helped them sustain the dynamic market competition in 2022.Geographical expansion, strategic partnerships & collaborations, as well as mergers & acquisitions undertaken by these pl.
In January 2023, Gero and Pfizerentered a strategic research collaboration to harness Pfizer's domain expertise and Gero's advanced technology platform.
The partnership aims to identify genes and p.
North America accounted for the largest share of 41.63% in 2022.
The regional market is witnessing growth due to several factors, such as the presence of key players, extensive R&D activities, and high healthcare expenditure.
The region has a high penetration of genomics, proteomics, and cell biology-based platforms that is accelerating the adoptio.
The global biotechnology market size was estimated at USD 1.37 trillion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 13.96% from 2023 to 2030.
The market is driven by a strong government support through initiatives aimed at modernization of regulatory framework, improvements in approval processes & reimbursement polici.
DNA sequencingheld a significant market share of 16.51% in 2022 which can be attributed to declining sequencing costs and rising penetration of advanced DNA sequencing techniques.
Government funding in genetic research has enabled a rise in applications of sequencing for better understanding of diseases.
For instance, in May 2021, a USD 10.7 millio.
The biotechnology market in North America is being driven by the rising burden of chronic disease and increased expenditure on research and development activities in the U.S.
The U.S. is known as the world’s life sciences innovation capital center.
Asia-Pacific region is the fastest growing region in the biotechnology market.
The various developmental strategies such as:
According to Precedence Research, the biotechnology market size is expected to surpass around US$ 1,683.52 billion by 2030 and expanding growth at a CAGR of 8.7% from 2021 to 2030.
Ottawa, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The global biotechnology market was valued at US$ 793.87 billion in 2021.
