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Bioengineering Technology Market Trends, Key Drivers, Opportunities, Leading Players And Forecast To 2033
Bioengineering Technology Market Trends
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the bioengineering technology market are developing innovative technological products, such as Mito Plus, to advance the field of regenerative medicine. Mito Plus is an indigenous, state-of-the-art 3D bioprinter. It is the process of producing tissue or organs like natural body parts, containing living cells, using 3D printing technology. For instance, in November 2022, Avay Biosciences Pvt. Ltd., an India-based manufacturer and service provider of 3D printers, introduced Mito Plus, an innovative bioprinter designed for human tissues. It is described as one of the most advanced bioprinters in its price range, capable of printing a wide range of biomaterials and having inbuilt UV curing options. It also features HEPA filters and temperature control, allowing the printhead and the print bed to be cooled up to 4 degrees Celsius as well as heated.
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Major Key Players of the Market:
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
Bioengineering Technology Market 2024 Key Insights:
• The bioengineering technology market is expected to grow to $521.98 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Rising Prevalence Of Chronic Diseases Propels Bioengineering Technology Market Growth
• Bioprinting Innovations Propel Bioengineering Technology Market
• North America was the largest region in the bioengineering technology market in 2023
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