Biotechnology industry has provided solutions to several human health issues by enabling development of innovative drugs and gene therapy techniques. Advancements in gene therapy involve modification of genes or genetic materials to treat or prevent the occurrence of diseases. This technique holds potential to cure genetic conditions by replacing missing or mutated genes. The rapid progress in gene editing tools like CRISPR has enabled more precise genome targeting capabilities.
The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing acceptance of gene therapy as a treatment option for various medical conditions is one of the key drivers of the biotechnology market. Gene therapy holds potential to cure genetic diseases like cystic fibrosis, cancer, diabetes, and cardiovascular diseases by replacing faulty genes or adding new genes. For instance, Luxturna was the first gene therapy approved by the US FDA for treating an inherited retinal dystrophy. Advances in CRISPR gene editing tools have enabled fast, affordable and more precise genome editing capabilities compared to earlier generation tools. CRISPR is being explored for developing therapies for various genetic disorders. Rapid advancements in gene therapy techniques are expected to accelerate the clinical translation and commercialization of novel treatment options, thereby fueling the growth of the global biotechnology market over the forecast period.
Segment Analysis
The global biotechnology market is dominated by the healthcare biotechnology segment. Healthcare biotechnology leverages biotechnology techniques and tools to develop healthcare products like drugs, therapeutics, diagnostics etc. It is dominating as healthcare needs are continuously rising across regions due to the increasing population and prevalence of diseases. Within healthcare biotechnology, major sub-segments include pharmaceutical biotechnology, bioservices, bioinformatics, gene therapy among others. Pharmaceutical biotechnology dominates owing to continuous drug development activities and increasing dependence on biologics and biosimilars.
Key Takeaways
The global biotechnology market analysis is expected to witness high growth over the forecast period of 2023 to 2030. The global Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030.
Regional analysis:
North America currently dominates the global biotechnology market led by developed biotechnology infrastructure and presence of major players in the US and Canada. However, Asia Pacific is expected to be the fastest growing region owing to increasing R&D investments, growing targeted population and expanding biologics manufacturing capabilities in major countries like China and India.
Key players:
Key players operating in the biotechnology market are Amgen, Biogen Inc., Pfizer Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc, Novartis AG, Merck KGaA, Gilead Sciences, Inc., AbbVie Inc. Pfizer Inc. currently leads the global biotechnology drug sales, followed by Novartis AG while Roche dominated the sales of biotechnology drugs in Europe.
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