Biotechnology Market Growth Accelerated by Increasing Adoption of Gene Therapy Products
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Biotechnology Market |
Biotechnology refers to the
application of scientific and engineering principles to materials, organisms,
and systems by processing to produce products, improve plants or animals, or
develop microorganisms for specific uses. Technologies associated with
biotechnology includes vaccines, therapeutics, molecular diagnostics,
transgenic crops etc. Biotechnology has applications in healthcare,
agriculture, environment and industrial processes. The global biotechnology
market is estimated to be valued at US$
820.4 Bn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market Dynamics:
Rising demand for vaccines and
therapeutics remains the key driver propelling growth of the global
biotechnology market. Vaccines play a pivotal role in immunization and
treatment of various infectious, chronic and life-threatening diseases such as
influenza, pneumonia, polio etc. While the ongoing Covid-19 pandemic has
increased global demand for Covid-19 and other vaccines across the healthcare
sector. Growth in healthcare spending levels across developed and emerging
nations has translated into increased R&D for development of novel therapeutics
used in treatment of cancers, infectious diseases and genetic disorders.
Another driver augmenting market growth is increasing adoption of biotechnology
in agricultural applications for development of genetically modified seeds,
crops tolerant to herbicides. This has led to improvement in farm yield and
productivity over the years.
SWOT Analysis
Strength: The biotechnology
market has several major strengths. Biotechnology helps develop new medicines
and treatments which improve human health. It allows for more precise and
targeted therapies. Biotechnology also drives innovation and discovery of new
products.
Weakness: High investment
requirements are one of the major weaknesses of the biotechnology market. It
takes many years and millions of dollars to develop new drugs and therapies
using biotechnology. There is also regulatory risk as approval processes can be
long and uncertain.
Opportunity: The aging global
population and rising incidence of diseases offer significant opportunities.
Personalized and precision medicines allow for better treatment of rare
diseases and different genetic profiles. Emerging areas like gene and cell therapy
hold promise to treat previously incurable conditions.
Threats: Strict regulations
around safety and ethics pose threats. Over-reliance on public funding is also
a risk. Patent expiries of major biologic drugs also threaten future revenues.
Emerging biosimilars may capture part of the market for some biologic drugs.
Key Takeaways
The Global
Biotechnology Market Size is expected to witness high growth over the
forecast period of 2023 to 2030. The market size is projected to reach US$ 820.4 Bn by 2024, growing at a CAGR of 3.5%.
Regional analysis: North America currently dominates the
biotechnology market, owing to high healthcare spending and presence of major
players in the region. However, Asia Pacific is expected to grow at the fastest
pace during the forecast period. Countries like China, India and South Korea
are increasingly investing in R&D and clinical trials to develop innovative
biologics and biosimilars. This is driving the growth of the biotechnology
market in Asia Pacific.
Key players: Key players operating in the biotechnology market are
Bausch Health Companies Inc., Amgen Inc., Biogen Inc., Gilead Sciences Inc.,
Vertex Pharmaceuticals Inc., Novo Nordisk A/S, Bristol-Myers Squibb Company,
Merck & Co. Inc., Pfizer Inc., and Johnson & Johnson. These companies
are focused on developing novel biologic drugs and therapies for cancer,
diabetes, cardiovascular diseases and other therapeutic areas through extensive
R&D efforts and clinical trials. They are also adopting strategies like
acquisitions and partnerships to strengthen their product pipelines and market
shares.
Get More Insights Here
https://www.newswirestats.com/biotechnology-market-size-share-growth-outlook-2023/
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