The biotechnology market consists of products manufactured by biological processes or through techniques of modern molecular biology. Biologics are used for the prevention, diagnosis, treatment of various diseases such as cancer, diabetes, cardiovascular diseases, infectious diseases amongst others. They offer targeted therapeutic approach with minimal side effects as compared to conventional small molecule drugs. Growing demand for therapeutic biologics to manage chronic diseases and rising adoption of personalized medicine has been driving the growth of the biotechnology market.

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 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising adoption of biologics in the healthcare sector has been a major trend shaping the biotechnology market. Biologics have revolutionized the treatment of various chronic diseases over the past decade. They offer highly targeted treatment approach with less side effects as compared to traditional small molecule drugs. With increasing understanding of disease pathology at molecular level, biologics development has gained significant momentum. Traditionally biologics were predominantly used for treating cancers and rare genetic disorders. However, their usage has now expanded for management of autoimmune disorders, cardiovascular diseases, diabetes and others. This has significantly boosted the demand for biologics and thereby driven the growth of the overall biotechnology market. Continued pipeline of novel biologics coupled with increasing usage across a wider range of therapeutic areas is expected to further propel the biotechnology market during the forecast period.


SWOT Analysis
Strength: The biotechnology market involves innovative therapies and technologies that could treat and cure life-threatening diseases. It has the potential to significantly improve human health and quality of life.
Weakness: Developing novel biologics and biosimilars requires huge investments and a lengthy approval process. The market also faces pricing pressures and regulatory hurdles.
Opportunity: The rise in chronic diseases, aging population, and increasing healthcare expenditure present major growth opportunities. Emerging markets also offer scope for expansion.
Threats: Healthcare reforms and stringent regulations continue to pose threats. Expiry of drug patents adds to competitive pressure.

Key Takeaways
The Global Biotechnology Market Size is expected to witness high growth over the forecast period owing to factors such as rising R&D investments, technological advancements, and increasing demand for preventive care. The global biotechnology market is estimated to be valued at US$ 820.4 Bn in 2023 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 market due to the presence of major biotech companies and strong government support for research in the region. The Asia Pacific region is expected to be the fastest growing market owing to rising healthcare expenditure, increasing incidence of chronic disorders, and growing regulatory reforms in countries like China and India.

Key players: Key players operating in the biotechnology market are Bausch Health Companies, Inc., Recordati Rare Diseases Inc., Lucane Pharma SA, Acer Therapeutics, Ultragenyx Pharmaceutical Inc., Aeglea BioTherapeutics, Arcturus Therapeutics Holdings Inc., Orpharma Pty Ltd., Selecta Biosciences, Inc., Abbott Laboratories, NESTLÉ S.A., DANONE S.A., and Mead Johnson & Company, LLC. These players are focusing on new product launches, M&A activities, and collaborative agreements to strengthen their market position.

For more Insights, Read –

https://www.rapidwebwire.com/biotechnology-market-trends-size-and-share-analysis/

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