Biotechnology Services Market: Global Trends and Forecast - Insights 2024

The biotechnology services market size has grown strongly in recent years. It will grow from $126.58 billion in 2023 to $133.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased collaborations with other research institutes and companies, and increased demand for food.

The biotechnology services market size is expected to see strong growth in the next few years. It will grow to $163.12 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to the rapid advancements in technology, rising non-communicable diseases, emphasis on innovation, rising demand for agriculture-based biotechnology services, growing demand for synthetic biology, developments and improvements in drug research, growth in personalized treatment, and collaboration and partnership. Major trends in the forecast period include strategic collaborations to boost innovations and discoveries, integrating data management systems through cloud technology, development of next-generation sequencing technology to utilize machine learning and artificial intelligence, adapting digitalizing techniques in conducting clinical trials, implementing automated solutions to enhance productivity and consistency in the diagnostic process effectively, techniques, processes and products that help to produce higher agricultural yields in a shorter duration, deploy artificial intelligence technologies to offer enhanced products and solutions, and investment in synthetic biology to develop products and solutions to address issues of human medicine, robust food supplies, fine chemicals, and renewable energy.

Market Overview -
Biotechnology services refer to the services that modify living microorganisms to provide biotechnology products on a contract or custom basis to medical, pharmaceutical, and scientific laboratories. They provide breakthrough products and technologies to combat debilitating and rare diseases, reduce our environmental footprint, feed the hungry, use less and cleaner energy, and have safer, cleaner and more efficient industrial manufacturing processes.

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Effect Of Disease Prevalence And R&D On Biotechnology Services Market
The increasing pervasiveness of conditions like hepatitis B, diabetes, and cancer is driving research in biotechnology. Biotechnology uses research tools from biology and chemistry to study the genetic material of bacteria and viruses to check the disease-producing agents. Oncology research is most prominent among biopharma companies. Stem cell treatment using a monoclonal antibody for therapy and genome sequencing is progressing in medical applications. According to the Indian Economic Survey 2021, the Indian biotechnology business is predicted to grow to US$ 150 billion by 2025. Therefore, the rising pervasiveness of diseases and huge expenses on R&D are predicted to contribute to the growth of the biotechnology services market.

Competitive Landscape -
Major companies operating in the biotechnology services market report are Parexel International Corporation, Thermo Fisher Scientific, Laboratory Corporation of America Holdings, IQVIA, ICON plc, Charles River Laboratories, Syneos Health, Sartorius AG, Precision for Medicine Inc., Novartis, Eppendorf Asia Pacific Sdn. Bhd., Emmessar Biotech & Nutrition Ltd, Vcanbio Cell & Gene Engineering Corp., Ltd, Ke Rui Gene, Absea Biotechnology Ltd, CStone Pharm-B, Daiichi Sankyo, bitBiome, Taisho Pharmaceutical, AGC Biologics, Hamamatsu Pharma Research, Artios Pharma, AstraZeneca, Bio Products Laboratory (BPL), Cambridge Bioscience, Shire Pharmaceuticals Ltd, BTG Ltd, eXmoor Pharma, 4D Pharma PLC, Touchlight Genetics, Ophidia Medical Technologies, ATAI Life Sciences, Phaseform, Evotec, Sanity Group, Primmbiotech, , Vaccitech, Biolat, Pharmidea, Asla-Biotech, Genera, Anima Lab, Silvanols, OU TBD-Biodiscovery, Qvalitas Arstikeskus AS, Concise Systems OU, GPE Globalpharma OU, Belarusian National Biotechnology Corporation , Innothera , Olainfarm, Pharmaidea, Amgen Inc., Gilead Sciences, Celgene Corporation, Biogen Inc., Vertex Pharmaceuticals, Illumina, Inc., Regeneron Pharmaceuticals Inc., Alexion Pharmaceuticals , Hemostemix Inc., Resverlogix Corporation, Zenith Epigenetics Corp., Bayer, AMEGA Biotech, Pierre Fabre, Pfizer, Quantificare, Apsen Farmaceutica, BioMarin Pharmaceutical, DK Diagnostics, Biosonda Biotechnology, Laboratorios Legrand, Biomerics, Julphar Pharmaceuticals, Medpharma, Pharmax, Neopharma , City Breeze Technical Services, CinnaGen, BioSun Pharmed, AryoGen Pharmed, 4Clinics, 54gene, Amoun, Aspen Pharmacare, BBI Solutions, BioTech Africa, ClinArt MENA, Crux Pharmaceuticals, Genesis Pharmaceuticals, Massive Genomics, Mayne Pharma, Sanofi Genzyme, Teleflex Medical, The Micron Group

Collaborations And Partnerships In Biotechnology Services Market
Collaborations and partnerships between industry players are a growing trend in the field of biotech services. In January 2021, Novartis, a Switzerland-based pharmaceutical company collaborated with Alnylam, a US-based biopharmaceutical company for exploration in the application of the latter's siRNA technology and the development of targeted therapy for the restoration of liver function. As part of the exclusive three-year research collaboration, Alnylam will develop and test potential siRNAs using Novartis' target-specific assays. Novartis will conduct further development and clinical research once a lead candidate has been identified.

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Key Segments -
The biotechnology services market covered in this report is segmented -
1) By Service: Prevention And Disease Control, Public Engagement Activities, Health Education And Research, Food Biotechnology Services, Donor Recruitment, Tissue Collection, Cell Processing And Isolation, Research And Development
2) By Industry: Clinical Research Organizations (CROS), Contract Manufacturers Organizations (CMOS), And Contract Research And Manufacturing Services (CRAMS)
3) By Area Of Application: Pharmaceutical, Biotechnology, Academic, Clinical Trial, Healthcare Sectors, Others

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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