Biotechnology Services Market: Segmentation, Major Trends, and Competitive Overview

The biotechnology services sector is rapidly evolving, driven by technological advancements and increasing demands for personalized healthcare solutions. As precision medicine and gene therapies gain prominence, this market is set to experience significant growth in the coming years. Let's explore the expected market size, key players, emerging trends, and segmentation within this dynamic industry.

Projected Growth Trajectory of the Biotechnology Services Market by 2030
The biotechnology services market is anticipated to expand swiftly, reaching a valuation of $314.12 billion by 2030. This growth reflects a compound annual growth rate (CAGR) of 12.4%. Key factors propelling this expansion include the rising adoption of precision medicine, growing investments in genomics research, the broadening pipeline of cell and gene therapies, increasing demand for scalable biotech services, and greater integration of artificial intelligence in life science research. Some of the major trends shaping the market during this period involve outsourcing drug discovery services, growing needs for cell processing and isolation, wider acceptance of contract research models, expansion of personalized medicine support services, and a stronger emphasis on translational research capabilities.

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Prominent Players Driving the Biotechnology Services Market
Several leading companies hold significant positions in the biotechnology services industry. These include 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, and Eppendorf Asia Pacific Sdn. Bhd. Additionally, firms such as 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, 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, and The Micron Group also feature prominently in this space.

Significant Strategic Moves Strengthening Market Positions
In a notable development, Eli Lilly and Company, a US-based pharmaceutical giant, acquired POINT Biopharma Global Inc. in December 2023 for an undisclosed amount. This acquisition aims to bolster Lilly's oncology capabilities, particularly in advanced radioligand therapies that target various cancer types. POINT Biopharma Global Inc. is recognized for its innovative approaches in cancer treatment within the biotechnology field.

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Emerging Trends Boosting Growth in the Biotechnology Services Sector
Companies in this market are increasingly focusing on developing cutting-edge therapies, including biomarker algorithms designed for initial treatments in patients with non-small cell lung cancer (NSCLC). Biomarker algorithms use computational models that integrate data from multiple biological indicators to offer more precise assessments of medical conditions.
For example, in April 2023, Strata Oncology Inc., a precision oncology firm based in the US, introduced Strata Select-a pioneering molecular profiling test for patients with advanced cancer. This test stands as the first immunotherapy biomarker algorithm to receive Medicare coverage across solid tumors that meet specific criteria, empowering oncologists to make better treatment decisions and improve patient outcomes.

How the Biotechnology Services Market is Organized by Segments
The biotechnology services market is divided into several key segments:
1) By Service Type: Research & Development Services, Cell & Gene Processing Services, Preclinical & Clinical Research Services, Analytical & Testing Services
2) By Service Delivery Model: Contract Research Organization (CRO) Services, Contract Development and Manufacturing Organization (CDMO) Services, Contract Research and Manufacturing Services (CRAMS)
3) By Area of Application: Pharmaceutical, Biotechnology, Clinical Trials, Research & Development Services

Detailed Subcategories Include:
- Research & Development Services covering Drug Discovery & Target Identification, Assay Development & Screening, and Biomarker Discovery & Validation
- Cell & Gene Processing Services consisting of Stem Cell Processing & Expansion, Immune Cell Isolation & Engineering, and Gene Editing & Vector Development
- Preclinical & Clinical Research Services that include In-Vitro & In-Vivo Preclinical Studies, Clinical Trial Design & Management, and Bioanalytical & Pharmacokinetic Studies
- Analytical & Testing Services encompassing Genomic & Proteomic Testing, Bioanalytical Testing, and Quality Control & Validation Testing

This comprehensive segmentation helps clarify the diverse range of services and applications fueling the growth and innovation within the biotechnology services market.

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This release was published on openPR.