Biotechnology Market is projected to reach nearly US$ 762.4 billion in 2027

United States, New York, 2023-Feb-01 — /EPR Network/ —The global biotechnology market size is estimated to grow from USD 505.2 billion in 2020 to USD 762.4 billion in 2027, registering a CAGR of 7.1% during the forecast period (2021-2027). The increase of artificial intelligence in the biotechnology industry is making a significant breakthrough in the technological field. The biotechnology industry also deals with modifying 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:

• Increasing demand for biotech solutions for diabetic and cancer patients is expected to boost the growth of biotechnologies in the market
• Treatment of new kinds of disorders and diseases has driven the biotechnology industry to increase the accuracy of the 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 heisted to follow strict rules and regulations related to the registration of products that 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 biotech market was relatively low. The outbreak of COVID-19 resulted in the rapid increase in the demand for biotechnology across several areas, mainly in the healthcare and industrial sectors. Therefore, with the outbreak of the COVID-19, there is a significant increase in demand for biotech that has been seen across the globe, which has positively impacted the biotechnology market value in 2020 and subsequent years. The biotechnology industry is a strategic asset for a nation and the world.

Scope of the Report

The report outlines the global biotechnology market study based on technology and application.

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Based on the technology, the biotechnology market has been segmented into –

• DNA Sequencing
• Nanobiotechnology
• Tissue engineering and Regeneration
• Fermentation
• Cell-Based Assay

Based on the application, the biotechnology market has been segmented into Closed Platforms

• Bio pharmacy
• Bio services
• Bio agriculture
• Bioindustries
• Bioinformatics

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Biotechnology Market: Regional Outlook

Based on the region, the global biotechnology market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America held the largest share in the biotechnology market, followed by Europe and Asia-Pacific. The Asia Pacific is estimated to hold a significant share in the global biotechnology market during the forecast period due to increasing expenditure in the healthcare sector. Moreover, Europe is expected to project the highest CAGR over the forecast period.

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Key Global Biotechnology Market Competitors Includes –

The global biotechnology market is highly fragmented, with the presence of a large number of small players across the globe. The vital Biotech manufacturers operating in the global market are–

• Agilent Technologies,
• BioGen Medical Instruments
• Danaher
• F. Hoffmann-La Roche
• Abbott Laboratories Illumina,
• Merck
• PerkinElmer
• Qiagen and Thermo Fisher Scientific
• Amgen
• Bio-Rad Laboratories.

The biotechnology market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.