Biotechnology Market to See Major Growth by 2030 | Reports and Data

The global Biotechnology Market is forecasted to reach USD 3,164.89 Billion by 2030, 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.

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The increasing prevalence of chronic diseases and development of novel techniques is driving the demand for the market.

The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.

Research Methodology:

Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Biotechnology Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter's Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.

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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.

The growing popularity of over-the-counter medications driving market growth

Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.

Restriction on product launches and R&D activities to hamper the market growth

The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.

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Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.

Key participants include Gilead, AstraZeneca, Biogen, Celgene Corporation, Abbott, Novo Nordisk A/S, Amgen, Inc., Johnson & Johnson Services, Inc., Merck & Co, and Novartis AG, among others.
Biotechnology Market Segmentation:

Product Type Outlook (Revenue, USD Billion; 2019-2030)
Instruments
Reagents
Software & Services

Technology Outlook (Revenue, USD Billion; 2019-2030)
Tissue engineering and regeneration
Cell-based Assays
Nanobiotechnology
Fermentation
Chromatography
DNA Sequencing
PCR Technology
Others

Application Outlook (Revenue, USD Billion; 2019-2030)
Food & Agriculture
Industrial Processing
Health
Natural Resources & Environment
Bioinformatics
Others

Regional Outlook:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)

Frequently asked questions addressed in the report:

What is the revenue growth rate of the global Biotechnology market over the forecast period?
What are the major factors driving the growth of the Global Biotechnology Market?
What are the key challenges impacting the global Biotechnology market growth?
What are the outcomes of the SWOT Analysis and Porter's Five Forces Analysis conducted in the report?

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Thank you for reading our report. For more details please connect with us and our team will ensure the report is customized to meet all the needs of clients. The report also offers a comprehensive regional analysis and specific countries can be included in the report according to the requirements.

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