According to our new research study on “Biotechnology Market Forecast to 2025 – COVID-19 Impact and Global Analysis – by Technology, and Application,” the market is expected to reach US$ 471,336.4 million in 2025 from US$ 218,012.1 in 2017;
According to our new research study on “Biotechnology Market Forecast to 2025 – COVID-19 Impact and Global Analysis – by Technology, and Application,” the market is expected to reach US$ 471,336.4 million in 2025 from US$ 218,012.1 in 2017; it is estimated to grow at a CAGR of 10.5% from 2018 to 2025. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the biotechnology in healthcare market is attributed to the declining prices of genome sequencing, increasing innovative technologies, increasing number of initiatives by private and government bodies are key drivers for the growth of the market. However, factors such as risks associated with genetic data and systemic risks of genetically modified crops are likely to restrain the market growth to a certain extent.
Biotechnology in healthcare Biotechnology is a technology which based on the biology, it connects cellular and biomolecular processes for the development of technologies and products that helps to improve lives and the health of living organisms. In addition, the modern biotechnology enables to provide outstanding innovations for products and technologies against the unbearable and rare diseases it also reduces environmental footprint, feed the hungry. Furthermore, it utilizes less and cleaner energy for safer, cleaner and more efficient industrial manufacturing processes. The growth of the biotechnology in healthcare market is attributed to the declining prices of genome sequencing, increasing innovative technologies, increasing number of initiatives by private and government bodies are key drivers for the growth of the market. However, factors such as risks associated with genetic data and systemic risks of genetically modified crops are likely to restrain the market growth to a certain extent
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Biotechnology Market Competitive Landscape and Key Development
Thermo Fisher Scientific Inc., Merck KGaA, F. Hoffmann-La Roche Ltd, PerkinElmer Inc., Danaher, QIAGEN, Agilent Technologies, BD, Bio-Rad Laboratories, Inc. and Illumina, Inc. are among the leading companies operating in the biotechnology in healthcare market.
The biotechnology in healthcare market is expected to witness substantial growth post-pandemic. The global healthcare infrastructure has observed that, in order to develop and maintain sustainable healthcare setup, utilization of biotechnology becomes crucial. Moreover, majority of the market players have focused on biotechnology to fight against coronavirus pandemic. In addition, several number of research centers and governments have actively participated which are assisting the healthcare professionals to work efficiently even under shortage of resources. These factors will eventually drive the market growth.
Growing Applications of Biotechnology in Healthcare to Drive Biotechnology in Healthcare Market Growth
In the recent years, genome sequencing prices have declined substantially. The increasing advancements in the genome sequencing, leads to considerable reductions in the cost. The underlying costs related to different strategies and innovative methods for genome sequencing helps to influence the scale and scope of genomic researches to the expansion. In turn, significant studies have been given their insights related to genome-sequencing costs. For instance, National Human Genome Research Institute (NHGRI) has tracked costs at its funded ‘Genome Sequencing Centers’ for many years. Moreover, the whole human genome sequencing cost over US$3.7 billion in 2000 and took 13 years for the completion. However, the costs for the same in recent years has reduces to US$1,000 and the process requires less number of days. In 2000, cost for sequencing was US$ 3.7 billion, which dropped down to US$ 10 million in 2006 and declined to US$ 5,000 in 2012. Major market players such as Illumina and Roche have introduced breakthrough technologies that have enabled in the cost and time reduction in the sequencing.
The informatics experts and biologists using newer sequencing technologies by aiming at making better genomes. The improving software technologies for piecing DNA together and increasing novel techniques for locating sequences on chromosomes have risen in the recent years. To support the adoption of newer technologies with improved tools and techniques, several programs established. For instance, in 1989, the Genome Sequencing Program of the National Human Genome Research Institute (NHGRI) was established to address current scientific opportunities for Genomics.
The Genome Technology program is also supports to develop novel technologies with improved method and instruments that allow low-cost rapid determination of DNA sequence, functional genomics experiments and SNP genotyping. The Genome Technology program also supports the technology transfer from developers to the users and helps in promoting collaborative multidisciplinary programs that closely incorporate at industrial and academic laboratories. Moreover, many industry players have come up with innovative NGS technology in last few years. For instance, Pacific Biosciences with Sequel, and Oxford Nanopore with PromethION. Additionally, three advances NSG systems that dominate the market includes Roche GS FLX (454), Illumina HiSeq 2000 (Solexa) and AB SOLiD (Agencourt).
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Moreover, in September 2017, the U.S.-Ukraine Foundation launched a new biotechnology initiative to support the advancements in biotechnology. As a result, the exertion to build new networking opportunities, the U.S.-Ukraine Foundation has become a member of the Biotechnology Innovation Organization (BIO), which is the global leader of trade association that represent biotechnology companies, state biotechnology centers, academic institutions and related organizations across the United States and more than 30 other nations. In UK, the government launch many patterns and schemes for promoting new business startups and other entrepreneur initiatives in the country. The National DTI Grant for Research and Development scheme allowing the entrepreneurs to promoting innovative products and engaging in research and development. The organizations that are into research and development collaborative with other companies across Europe to become eligible for Framework 6, which is an EU backed Pan-European grant.
Biotechnology Market: Segmental Overview
The technology segment of the biotechnology market is segmented into DNA sequencing, fermentation, cell based assay, nanotechnology, chromatography, PCR technology, tissue engineering & regeneration and other technologies. The DNA sequencing is the largest segment among the technology segment in the biotechnology market in 2017 and is also anticipated to hold the largest market in the year 2025. The nanotechnology segment is fastest growing segment and is accounted to grow at the CAGR of 13.2%.
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