Bioengineering Technology Market Key Drivers, Analysis, Trends, Overview And Forecast To 2033

The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Bioengineering Technology Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The bioengineering technology market size has grown rapidly in recent years. It will grow from $282.19 billion in 2023 to $320.38 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increasing aging population, increasing prevalence of chronic diseases, bioengineering technology market growth, favorable government initiatives, growing genetic engineering strategies.

The bioengineering technology market size is expected to see rapid growth in the next few years. It will grow to $521.98 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to increased focus on cell therapies, rapid growth of synthetic biology, precision medicine advancements, increasing application in agriculture, expanded use in environmental solutions. Major trends in the forecast period include advanced gene editing techniques, convergence of technologies, advancements in precision medicine, global collaboration and partnership, synthetic biology applications.

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Key Market Players:

Major companies operating in the bioengineering technology market report are Pfizer Inc., Johnson & Johnson, Roche Holding AG, Novartis AG, Bristol-Myers Squibb Company, Thermo Fisher Scientific, Abbott Laboratories, AstraZeneca plc, Medtronic plc, Gilead Sciences Inc., Amgen Inc., Novo Nordisk A/S, Moderna Inc., Becton Dickinson (BD), Regeneron Pharmaceuticals, Inc., Biogen Inc., Vertex Pharmaceuticals Inc., Agilent Technologies, Lonza Group Ltd., Intuitive Surgical, Illumina, Inc, Bio-Rad Laboratories, Ginkgo Bioworks, Verve Therapeutics, Inc., CRISPR Therapeutics

Market Drivers:

The increasing prevalence of chronic diseases is expected to propel the growth of the bioengineering technology market going forward. Chronic diseases are referred to as long-term health conditions characterized by their prolonged and persistent nature. Bioengineering technology is used in the management and treatment of chronic diseases due to its potential to provide innovative solutions, improve outcomes, and enhance the quality of life for patients. For instance, in January 2023, according to the National Centre for Biotechnology Information, a US-based division of the National Library of Medicine, chronic conditions are anticipated to increase by 99.5% from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the increasing prevalence of chronic diseases is driving the growth of the bioengineering technology market.

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The bioengineering technology market covered in this report is segmented -

1) By Product: Biomedical Engineering, Genetic Engineering, Biotechnology, Tissue Engineering, Biomechanics Engineering, Biomaterial, Biomechanical Engineering, Nano-biotechnology, Bioinformatics, Other Products
2) By Technology: Nanobiotechnology, Tissue Engineering and Regeneration, DNA Sequencing, Cell-based Assays, Fermentation
3) By Application: Health, Food And Agriculture, Natural Resources And Environment

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