The global Biotechnology Market is forecasted to reach USD 1,029.09 Billion by 2027, according to a new report by Reports and Data. The market is growing due to the rise in demand for horticulture products, such as beans, and wheat, among others. The growth in artificial intelligence in biotechnology products is making significant breakthroughs in the field of technology, which is propelling market demand. An increase in conditions like cancer and diabetes will also impact the growth of the biotechnology market.
An increase in demand for agro-based products such as sugarcane, wheat corn, and sorghum and the need for biotech innovation in technical research will fuel market growth. The rise in chronic disorders and the need for drug discovery has propelled the demand for the product. Biotechnology drugs are mainly required for diseases such as cancer, heart stroke, hypertension, asthma. Apart from the usage in the healthcare sector, biotechnology is increasingly used in growing organic food products, which is contributing to market development. Innovation in artificial intelligence and several pipeline projects by biopharmaceutical companies will impact the growth of the market.
The COVID-19 impact:
The distribution of Covid-19’s has influenced industrial activities worldwide. Pharma company manufacturers are at the forefront of human response to the COVID-19 pandemic. An increase in the number of biotech firms to explore and develop a vaccine for the virus has developed a strict competition. Biotechnology is playing a crucial role in the development of the vaccine at an unprecedented rate, and a substantial amount of funds are being put into the research and development of the market product. The market will witness an increased demand in the coming years.
Top Companies Profiled in the Report Include:
Gilead, AstraZeneca, Biogen, Celgene Corporation, Abbott, Novo Nordisk A/S, Amgen, Inc., Johnson & Johnson Services, Inc., Merck & Co, and Novartis AG, among others.
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The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
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The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
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Additionally, the report consists a detailed analysis of the segmentation of the Biotechnology market based on product types and end-use/application offered in the Biotechnology market.
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Tissue engineering and regeneration
- Cell-based Assays
- DNA Sequencing
- PCR technology
Application Outlook (Revenue, USD Billion; 2017-2027)
- Food and Agriculture
- Industrial Processing
- Natural resources & environment
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Biotechnology market in these key regions.
Country-wise regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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