BIOTECHNOLOGY MARKET ANALYSIS (2020-2027)

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BIOTECHNOLOGY MARKET ANALYSIS (2020-2027)

• Biotechnology Market, By Application
  (Biopharmaceutical, Bio services,
  Bio-Agriculture, Research), By Technology
  (Fermentation, Tissue engineering, PCR
  technology, Nanobiotechnology, Chromatography,
  DNA Sequencing Technology, Cell Based Assay,
  Other Technologies), and By Region (North
  America, Latin America, Europe, Asia Pacific,
  Middle East Africa) - Size, Share, Outlook, and
  Opportunity Analysis, 2020 - 2027

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• Biotechnology can be segregated into four basic
  systems. The first system deals with use of
  biotechnology in pharmaceuticals. The next system
  involves the use of biotechnology to produce new
  chemicals and industrial processes. The next
  important segment comprises the use of
  biotechnology in the manufacturing of seeds
  and genetically modified crops. The last segment
  is the least developed one and involves the use
  of biotechnology in marine applications. These
  applications of biotechnology are categorized as
  biopharmacy, bioagriculture, bioindustrial and
  bioservices.

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Statistics

• The global biotechnology market is estimated to
  account for US 1,303.1 Bn in terms of value by
  the end of 2027.

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Global Biotechnology Market Drivers

• Increasing investment in the pharmaceutical
  sector is expected to propel growth of the global
  biotechnology market over the forecast period.
  For instance, according to The European
  Federation of Pharmaceutical Industries and
  Associations Key Data 2019, the pharmaceutical
  sector in Europe invested US 19, 509 million in
  2000, which increased to US 39,895 million
  (est.) in 2018.
• Moreover, increasing prevalence of chronic
  disorders is also expected to aid in growth of
  the market. For instance, according to a study,
  Projections of cancer prevalence in the United
  Kingdom, 2010-2040, published in British Journal
  of Cancer, the number of people suffering from
  cancer in the U.K. is expected to increase from
  2.5 million in 2015 to 4 million by 2030. 

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Statistics

• North America held dominant position in the
  global biotechnology market in 2019, accounting
  for 41.3 share in terms of value, followed by
  Europe and Asia Pacific, respectively.

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• Figure 1 Global Biotechnology Market Share ()
  Value, By Region, 2019

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Global Biotechnology Market Restraints

• Ethical issues associated with clinical trials
  are expected to hinder growth of the market.
  Clinical trials of drugs include sets of tests
  that are conducted to generate data regarding the
  effects, safety and side-effects of the drugs.
  These trials are conducted only after sufficient
  information is gathered about the drug which has
  been developed. However, lack of regulations in
  some regions have led to a large number of deaths
  over the past few years. In addition, faulty
  practices during clinical trials such as lack of
  observation, non-disclosure of the risks involved
  in the drug trial and trials conducted without
  permission from the authorized bodies have added
  to the ethical concerns of these trials.

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• Moreover, high investments are required in drug
  research and development, which is also expected
  to limit the market growth. For instance, , the
  cost of drug development was US 2.6 billion,
  which included average out-of-pocket costs of US
  1.4 billion and time costs of US 1.2 billion,
  according to a study by the Tufts Center for the
  Study of Drug Development published in the
  Journal of Health Economics in May 2019.

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Global Biotechnology Market Opportunities

• Increasing adoption of biosimilars is expected to
  offer lucrative growth opportunities for players
  in the global biotechnology market. For instance,
  according to the Association for Accessible
  Medicines, the launch of new biosimilars is
  expected to save US 250 billion in healthcare
  cost during 2016-2025.   
• Moreover, RD in personalized medicine is also
  expected to aid in growth of the market. For
  instance, in January 2020, researchers at
  Biomedical Research Institute, MEDIPOST Co.,
  Ltd., South Korea, reported analysis of the
  effects of spheroid umbilical cord blood-derived
  mesenchymal stem cells (MSCs) and suggested a new
  therapeutic approach, 3D spheroid formation of
  MSCs, in order to enhance the regeneration
  process in the course of osteoarthritis.

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Statistics

• The global biotechnology market was valued at US
  518.3 Bn in 2019 and is forecast to reach a value
  of US 1,303.1 Bn by 2027 at a CAGR of 12.3
  between 2020 and 2027.

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• Figure 2 Global Biotechnology Market Value (US
  Bn), 2016 2027

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Market Trends/Key Takeaways

• The market is witnessing increasing investment
  for RD of vaccines. For instance, in May 2020,
  Thermo Fisher Scientific Inc. announced US 180
  million project to more than double the companys
  commercial viral vector capacity to support
  increasing demand for the development and
  manufacture of gene therapies and vaccines.
• Emergence of Covid-19 is boosting growth of the
  market. For instance, in March 2020, IQVIA and
  Quest Diagnostics, through its joint venture Q2
  Solutions, collaborated with the University of
  Texas Medical Branch to develop a novel assay for
  COVID-19 tests for rapid development of a
  Coronavirus vaccine.

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• Figure 3 Value Chain Analysis

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Global Biotechnology Market Competitive
Landscape

• Major players operating in the global
  Biotechnology market include, Abbott
  Laboratories, Amgen Inc., GlaxoSmithKline,
  Johnson and Johnson, Merck, Novartis, Novo
  Nordisk, Pfizer, Inc., Roche, and Sanofi
  Aventis.

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Global Biotechnology Market Key Developments

• Major players in the market are focused on
  adopting collaboration strategies to expand their
  product portfolio. For instance, in January 2020,
  QIAGEN N.V. collaborated Amgen to develop
  tissue-based companion diagnostics for Amgens
  investigational cancer treatment AMG 510 to
  identify patients with cancers that have the KRAS
  G12C mutation.
• Major players in the market are also focused on
  launching new products to expand their product
  portfolio. For instance, in June 2019, Abbott
  Laboratories launched Afinion HbA1c Dx test, a
  3-minute, in-office A1c blood test for diagnosing
  diabetes.

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