Kenneth Research published a report titled “Biotechnology Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the biotechnology in terms of market segmentation by application, technology, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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Increasing cases of chronic diseases, such as cancer, diabetes, and cardiovascular diseases are driving the demand for development on new drugs. This is increasing R&D activities in the biotechnology sector. For instance, according to a report in 2021 by the World Health Organization (WHO), chronic diseases were the leading cause of death worldwide. The report further states, cardiovascular diseases cause nearly 17.9 million deaths annually worldwide. Further, the number of diabetics worldwide was over 530 million in 2021. The prevalence rate of diabetes is also expected to increase over 11% by 2045.
These key factors are driving the growth of the global biotechnology market, which is estimated to garner approximately USD 1.7 trillion in revenue by the end of 2031 by growing at a CAGR of nearly ~8% throughout the forecast period, i.e., 2022 – 2031.
The global market is segmented by application into biopharmacy, bioindustries, bioservices, bioagriculture, and bioinformatics. Among these segments, the biopharmacy segment is anticipated to hold the major share over the forecast period. The growth of the segment can be attributed by its feature of avoiding negative effects of invasive surgical treatments, and few of the small-molecule medicines.
Geographically, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in North America is estimated to witness significant growth over the forecast period. The factors driving the market growth in the region are high healthcare expenditure, and increasing drug approvals by new startup biotech companies. Additionally, the market in Asia Pacific region is expected to witness the highest CAGR during the forecast period.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
High R&D Expenditure on Biotechnology Companies, and Technological Advancements Related with Healthcare Treatments and Productivity to Boost the Market Growth
The increasing R&D expenditure on biotechnological companies, and technological advancements related with healthcare treatments and productivity are the key factors that are anticipated to drive the growth of the market during the forecast period. For instance, R&D expenditure of biotech companies in the United States in 2018 was nearly USD 62 billion. Additionally, increasing collaborations of local biotechnology and pharmaceutical companies with the foreign companies is further expected to boost the market growth in upcoming years.
However, the high equipment costs, and lack of proper user-friendly equipment are expected to operate as key restraints to the growth of the global biotechnology market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global biotechnology market which includes company profiling of Biogen, F. Hoffmann-La Roche Ltd., AstraZeneca, Gilead Sciences, Inc., Abbott, Amgen Inc., Novo Nordisk A/S, Merck KGaA, Novartis AG, Sanofi, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biotechnology market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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