The global Biotechnology Market size is expected to reach USD 3,879.51 billion by 2030, registering a CAGR of 13.9% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by factors including the advent of innovative and advanced technologies, significant investments & government initiatives favoring the biotechnology industry, and rising demand for synthetic biology applications. Biotechnology startups are acquiring robust funding support and venture capital investments, which, in 2021, amounted to USD 41 billion; an increase of over 11% as compared to the previous year’s USD 36.7 billion. Notable funding rounds included Caris Life Sciences’ $830 million in May 2021 for its precision medicine platform expansion, Abogen’s $700 million Series C funding in August 2021 for its COVID-19 vaccine candidate’s clinical development, & ElevateBio’s $525 million Series C funding in March 2021 for advancing its cell & gene therapy technologies.
In addition, 28 new biotech unicorns were created in
2021, leading to a total of 192 unicorns present in the sector. Government
support for the development of biotechnological infrastructure is also
contributing to market growth. For instance, India’s Union Budget 2021-22
consisted of a provision of USD 227.94 million for biotechnology R&D, along
with plans for the setting up of nine biosafety level-3 laboratories in the
country. Furthermore, initiatives, such as Illumina Accelerator, are providing
access to seed investment, genomics expertise, and Illumina sequencing
systems & reagents to selected emerging companies and propelling the market
growth.
Due to the COVID-19 pandemic, novel solutions are
being explored in the development of vaccines & diagnostic tools for
combating the disease. For instance, the advent of mRNA vaccines was supported
by cutting-edge technologies in the biotechnology sector, including molecular
research tools & genetic sequencing methods that accelerated the timelines
for vaccine development. Furthermore, in March 2022, the Diagnostic Analyzer
for Specific Hybridization (DASH), a highly sensitive and easy-to-perform PCR
test for COVID-19, received FDA emergency use authorization. The test is
commercialized by Minute Molecular Diagnostics and can deliver results within
15 minutes. Such advancements in molecular diagnostics are expected to fuel
market growth.
Related Press Release@ Biotechnology Market Report
Biotechnology Market Report
Highlights
- The health application segment accounted for the largest share in
2021 due to high disease prevalence, increasing focus on regenerative
medicines, innovations in technologies fueled by the COVID-19 pandemic,
and improvements in healthcare infrastructure
- The DNA sequencing technology segment accounted for the
second-largest share in 2021 as a result of declining costs of sequencing
and its increasing adoption in precision medicine development
- North America held the largest share of the global market in 2021
owing to the launch of advanced biotechnological solutions facilitated by
key players operating in the region
- Asia Pacific is expected to register the fastest CAGR from 2022 to
2030 due to promising government initiatives and favorable regulatory
changes in drug approval processes in India and China
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Email: sales@grandviewresearch.com
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