the global biotechnology market it is estimated that the size goes from 505.2 billion USD in 2020 for 762.4 billion USD in 2027, registering a CAGR of 7.1% during the forecast period (2021-2027). The rise of artificial intelligence in the biotechnology industry is making a significant breakthrough in the technological field. The biotechnology industry also deals with the modification of food-related items and pharmacies. These factors will increase the global biotechnology market over the forecast period.
Factors affecting the biotechnology industry over the forecast period:
- Rising demand for biotech solutions for diabetes and cancer patients is expected to drive the growth of biotechnology in the market
- The treatment of new types of disorders and diseases has driven the biotechnology industry to increase the precision of solutions.
- The collection of genetic data is one of the major challenges faced by companies in the biotechnology market.
- People usually deny the use of the product and are forced to follow strict rules and regulations related to product registration which limit the growth and entry of new players in the biotechnology market.
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Impact of COVID-19 on the biotechnology market:
During the first quarter of 2020, the impact of the pandemic on the biotechnology market was relatively weak. The COVID-19 outbreak has led to a rapid increase in the demand for biotechnology in several areas, primarily in the healthcare and industrial sectors. Hence, with the outbreak of COVID-19, there is a significant increase in the demand for Biotechnology that has been witnessed across the globe, which has positively impacted the Biotechnology market value in 2020 and the following years. The biotechnology industry is a strategic asset for a nation and for the world.
The report describes the study of the global biotechnology market based on technology and application.
On the basis of technology, the biotechnology market has been segmented into –
- DNA sequencing
- Tissue engineering and regeneration
- Cell analysis
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On the basis of application, the biotechnology market has been segmented into closed platforms
- Organic pharmacy
- Organic services
- Organic Agriculture
Biotechnology Market: Regional Outlook
On the basis of region, the global biotechnology market has been segmented into five geographical regions, namely North America, Asia-Pacific, Europe, South America, Middle East and Africa. In 2020, North America held the largest biotechnology market share, followed by Europe and Asia-Pacific. Asia-Pacific is estimated to hold a major share of the global biotech market over the forecast period due to increased spending in the healthcare sector. Additionally, Europe is expected to project the highest CAGR over the forecast period.
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Leading Competitors in the Global Biotechnology Market include-
The global biotechnology market is highly fragmented, with the presence of a large number of smaller players across the globe. Vital Biotech manufacturers operating in the global market are–
- Agilent Technologies,
- BioGen Medical Devices
- F. Hoffmann-La Roche
- Abbott Illumina Laboratories,
- Perkin Elmer
- Qiagen and Thermo Fisher Scientific
- Bio-Rad Laboratories.
The Biotechnology Market report provides an in-depth analysis of macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes the entries.
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