global biotechnology market size was USD 993.87 billion in 2022 and is predicted to reach USD 1983.52 billion in 2031, exhibiting at a CAGR of 9.7% during the forecast period.
The market is driven by strong government support through initiatives aimed at modernization of the regulatory framework, improvements in approval processes and reimbursement policies, as well as standardization of clinical studies. The growing foothold of personalised medicine and an increasing number of orphan drug formulations are opening new avenues for biotechnology applications and are driving the influx of emerging and innovative biotechnology companies, further boosting market revenue.
Global Biotechnology Market: Growth
The biotechnology market makes use of living organisms, specifically organisms and microbes, to develop a variety of solutions that benefit humans. It is a synthesis of numerous techniques used on live cells, encompassing not just biology but also arithmetic, biochemistry, and engineering. The outbreak of the COVID-19 pandemic is expected to have a long effect on the industry. Increasing investment in research for the development of vaccines and drugs by several biotech businesses has increased the industry's growth.
Increasing awareness regarding the broad applications of these technologies, such as human and animal nutrition, environmental protection, drug development, and agricultural improvements, is expected to drive the biotechnology market's growth over the forecast period. Furthermore, the COVID-19 outbreak has prompted several organisations to invest in the research and development of novel drugs for the future crisis, which in turn is expected to drive the biotechnology market's growth over the forecast period. Additionally, increasing demand for organic agricultural goods, increased use of biotechnology in clinical trials, and the creation of more effective, nutritious, and long-lasting hybrid plants and animals are expected to fuel the biotechnology market's expansion.
English
Arabic
Français
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian