Biotechnology Market
Biotechnology uses living cells to develop or manipulate products for specific purposes. Early applications of biotech led to the development of products such as bread and vaccines. However, this discipline has evolved significantly over a period of time to manipulate the genetic structures and biomolecular processes of living organisms. The modern practice of biotechnology draws from various disciplines of science and technology, including molecular biology, chemistry, bionics, genetic engineering, genomics, nanotechnology, and informatics to prevent and treat disease, medical diagnostics, for sustainable options as well as genetically modified organisms. Modern applications of biotechnology work most often through genetic engineering, which is also known as recombinant DNA technology. Genetic engineering works by modifying or interacting with the genetic cell structures. These modified and new organisms may be beneficial to humans, such as crops with higher yields or increased resistance to drought. Genetic engineering also enables the genetic modification and cloning of animals. Biotechnology has applications, in medicine and agriculture. Examples include the use of biotechnology in merging biological information with computer technology (bioinformatics), exploring the use of microscopic equipment that can enter the human body (nanotechnology), and possibly applying techniques of stem cell research and cloning to replace dead or defective cells and tissues (regenerative medicine), discovery and production of biological enzymes that spark chemical reactions (catalysts); for environmental cleanup, with enzymes that digest contaminants into harmless chemicals and genetic engineering
Market Dynamics
Increasing launches of new products, and mergers and acquisitions by key market players are expected to drive the global biotechnology market growth. For instance, on January 6, 2023, Pfizer Inc., U.S. based multinational pharmaceutical and biotechnology corporation announced that it has entered into a research collaboration with Gero.ai, Singapore based AI-driven drug discovery company, to apply the machine learning technology of Gero to discover potential targets for fibrotic diseases using human-based data. As part of this research collaboration, the companies will leverage Pfizer's expertise and Gero’s technology platform to identify genes and pathways linked to fibrotic diseases. Pfizer may advance the potential therapeutic targets and would be responsible for further preclinical and clinical development. Gero will receive an upfront payment and receive discovery milestone payments if the project progresses.
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*Browse 34 market data tables and 32 figures on “Biotechnology Market” - Global Forecast to 2030
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