The Biotechnology Market Forecast to 2025 –the market size is expected to reach US$ 471,336.40 million by 2028 from US$ 218,012.10 million in 2020; it is estimated to grow at a CAGR of 10.5% during 2020–2028. The report highlights trends prevailing in the market and factors driving its growth. The biotechnology market growth is attributed to the growing applications of biotechnology in healthcare and favourable government initiatives along with collaborations with industry players. However, stringent government regulations for approval of biotechnological products may hinder the growth of market.
North America is the largest market for biotechnology with the US holding the largest market share, followed by Canada. The growth in North America is characterized by increase in the demand of innovative products from biopharmaceutical and biotechnology companies, presence of key market players and extensive R&D conducted by various academic and research institutes. Moreover, increasing focus on advanced method incorporation in healthcare, government and private initiatives for promotion of precision medicine and massive funds from government and private bodies for genomic research is expected stimulate the growth and contribute to exceptional revenue generation for the biotechnology market in North America. The medical and agricultural biotechnology has undergone revolutions as a result of various development programs, business strategies that helps produce, discover, or alter various biomolecules and organisms through bioengineering approaches. The Biotech Start up Revolution has also assisted to promote the new ventures holding promising and innovative ideas in the country and supported in maximizing the revenue generation, and thus the global economic position of North America in the global biotechnology market.
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Declining Prices of Genome Sequencing Fueling Market Growth
In the recent years, genome sequencing prices have declined substantially. The increasing advancements in the genome sequencing lead to considerable reductions in the cost. The underlying costs related to different strategies and innovative methods for genome sequencing helps influence the scale and scope of genomic researches to the expansion. In turn, significant studies have given their insights related to genome-sequencing costs. In 2000, the cost of whole human genome sequencing was over US$ 3.7 billion and it took 13 years for the completion. However, it dropped down to US$ 10 million in 2006 and declined to US$ 5,000 in 2012, and the process requires less number of days. Owing to factors such as advances in the field of genomics, development in different methods and strategies for sequencing, there is a notable decline in the cost of sequencing. Major market players such as Illumina and Roche have introduced breakthrough technologies that have enabled in the cost and time reduction in the sequencing.
Biotechnology Market: Segmental Overview
The global biotechnology market, based on technology, is segmented into DNA sequencing, fermentation, cell based assay, nanobiotechnology, chromatography, PCR technology, tissue engineering & regeneration, and other technologies. The DNA sequencing segment held the largest market in 2017 and is also anticipated to continue to hold the largest size in 2025. However, the nanotechnology segment was the fastest-growing segment in 2017.
The global biotechnology market, based on application, is segmented into industrial processing/bioprocessing, food and agricultural, health, bioinformatics, natural resource and environment, and others. The industrial processing segment led the market for biotechnology in 2017. Moreover, the segment is expected to witness growth in its demand at thefastest CAGR during 2017–2025.
Biotechnology Market: Competitive Landscape and Key Developments
Thermo Fisher Scientific INC., Perkinelmer INC., Danaher, QIAGEN, Agilent Technologies, BD, Bio-Rad Laboratories, Illumina, INC., Merck KGAA, and F. Hoffmann-La Roche LTD. are among the leading companies in the biotechnology market. The biotechnology market share is anticipated to flourish with the development of new innovative products by market players.
- In January 2018, Illumina, Inc. and KingMed Diagnostics signed an agreement to jointly develop the next-generation sequencing technology for Chinese FDA Approval.
- March 2018, QIAGEN and Natera, Inc. together signed a partnership to develop cutting-edge cell-free DNA assays for use on QIAGEN’s GeneReader NGS System.
- In January 2018, Illumina, Inc. introduced Seq 100 Sequencing System that delivers exceptional data accuracy at a low capital cost.
- In January 2018, QIAGEN acquired STAT-Dx to launch a next-generation, fully integrated multiplex platform for syndromic disease testing.
- THERMO FISHER SCIENTIFIC INC.
- PERKINELMER INC.
- AGILENT TECHNOLOGIES
- BIO-RAD LABORATORIES
- ILLUMINA, INC.
- MERCK KGAA
- F. HOFFMANN-LA ROCHE LTD.
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