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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Biotechnology can be segregated into four basic systems. The first system deals with use of biotechnology in pharmaceuticals. The next system involves the use of biotechnology to produce new chemicals and industrial processes. The next important segment comprises the use of biotechnology in the manufacturing of seeds and genetically modified crops. The last segment is the least developed one and involves the use of biotechnology in marine applications. These applications of biotechnology are categorized as biopharmacy, bioagriculture, bioindustrial and bioservices.

Statistics:

The global biotechnology market is estimated to account for US$ 1,303.1 Bn in terms of value by the end of 2027.

Global Biotechnology Market: Drivers

Increasing investment in the pharmaceutical sector is expected to propel growth of the global biotechnology market over the forecast period. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe invested US$ 19, 509 million in 2000, which increased to US$ 39,895 million (est.) in 2018.

Moreover, increasing prevalence of chronic disorders is also expected to aid in growth of the market. For instance, according to a study, ‘Projections of cancer prevalence in the United Kingdom, 2010-2040’, published in British Journal of Cancer, the number of people suffering from cancer in the U.K. is expected to increase from 2.5 million in 2015 to 4 million by 2030. 

Statistics:

North America held dominant position in the global biotechnology market in 2019, accounting for 41.3% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 1: Global Biotechnology Market Share (%) Value, By Region, 2019

Biotechnology  | Coherent Market Insights

Global Biotechnology Market: Restraints

Ethical issues associated with clinical trials are expected to hinder growth of the market. Clinical trials of drugs include sets of tests that are conducted to generate data regarding the effects, safety and side-effects of the drugs. These trials are conducted only after sufficient information is gathered about the drug which has been developed. However, lack of regulations in some regions have led to a large number of deaths over the past few years. In addition, faulty practices during clinical trials such as lack of observation, non-disclosure of the risks involved in the drug trial and trials conducted without permission from the authorized bodies have added to the ethical concerns of these trials.

Moreover, high investments are required in drug research and development, which is also expected to limit the market growth. For instance, , the cost of drug development was US$ 2.6 billion, which included average out-of-pocket costs of US$ 1.4 billion and time costs of US$ 1.2 billion, according to a study by the Tufts Center for the Study of Drug Development published in the Journal of Health Economics in May 2019.

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Biotechnology Market Report Coverage

Report Coverage Details
Base Year: 2019 Market Size in 2019: US$ 518.3 Bn
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 12.3% 2027 Value Projection: US$ 1,303.1 Bn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe
  • Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: North Africa, Central Africa, South Africa
Segments covered:
  • By Application: Biopharmaceutical, Bio services, Bio-Agriculture, Research.
  • By Technology: Fermentation, Tissue engineering, PCR technology, Nanobiotechnology, Chromatography, DNA Sequencing Technology, Cell Based Assay, Other Technologies.
Companies covered:

Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche, and Sanofi – Aventis.

Growth Drivers:
  • Increasing prevalence of chronic disorders
  • Approval and launch of new products
Restraints & Challenges:
  • High Cost of investment

Global Biotechnology Market: Opportunities

Increasing adoption of biosimilars is expected to offer lucrative growth opportunities for players in the global biotechnology market. For instance, according to the Association for Accessible Medicines, the launch of new biosimilars is expected to save US$ 250 billion in healthcare cost during 2016-2025.   

Moreover, R&D in personalized medicine is also expected to aid in growth of the market. For instance, in January 2020, researchers at Biomedical Research Institute, MEDIPOST Co., Ltd., South Korea, reported analysis of the effects of spheroid umbilical cord blood-derived mesenchymal stem cells (MSCs) and suggested a new therapeutic approach, 3D spheroid formation of MSCs, in order to enhance the regeneration process in the course of osteoarthritis.

Statistics:

The global biotechnology market was valued at US$ 518.3 Bn in 2019 and is forecast to reach a value of US$ 1,303.1 Bn by 2027 at a CAGR of 12.3% between 2020 and 2027.

Figure 2: Global Biotechnology Market Value (US$ Bn), 2016 – 2027

Biotechnology  | Coherent Market Insights

Market Trends/Key Takeaways

The market is witnessing increasing investment for R&D of vaccines. For instance, in May 2020, Thermo Fisher Scientific Inc. announced US$ 180 million project to more than double the company’s commercial viral vector capacity to support increasing demand for the development and manufacture of gene therapies and vaccines.

Emergence of Covid-19 is boosting growth of the market. For instance, in March 2020, IQVIA and Quest Diagnostics, through its joint venture Q2 Solutions, collaborated with the University of Texas Medical Branch to develop a novel assay for COVID-19 tests for rapid development of a Coronavirus vaccine.

Figure 3: Value Chain Analysis-

Source: Coherent Market Insights


Global Biotechnology Market: Competitive Landscape

Major players operating in the global Biotechnology market include, Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche, and Sanofi – Aventis.

Global Biotechnology Market: Key Developments

Major players in the market are focused on adopting collaboration strategies to expand their product portfolio. For instance, in January 2020, QIAGEN N.V. collaborated Amgen to develop tissue-based companion diagnostics for Amgen’s investigational cancer treatment AMG 510 to identify patients with cancers that have the KRAS G12C mutation.

Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in June 2019, Abbott Laboratories launched Afinion HbA1c Dx test, a 3-minute, in-office A1c blood test for diagnosing diabetes.

Biotechnology involves the use of organisms, processes or systems to produce products such as pharmaceuticals on a large scale. Rise in demand for these therapeutics and diagnostic solutions is expected to assist the growth of market during the forecast period. Furthermore, increasing research and development for production of vaccines is also expected to propel the market growth.

Key features of the study:

  • This report provides in-depth analysis of the Global Biotechnology market  and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020–2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategy adopted by key players
  • It profiles key players in the Global Biotechnology market  based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study include, Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche, and Sanofi – Aventis
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, technology up-gradation, market expansion, and marketing tactics
  • The Global Biotechnology market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Global Biotechnology market

Detailed Segmentation:

  • Global Biotechnology Market, By Application:
    • Biopharmaceutical
    • Bio services
    • Bio-Agriculture
    • Research
  • Global Biotechnology Market, By Technology:
    • Fermentation
    • Tissue engineering
    • PCR technology
    • Nanobiotechnology
    • Chromatography
    • DNA Sequencing Technology
    • Cell Based Assay
    • Other Technologies
  • Global Biotechnology Market, By Region:
    • North America
      • By Application:
        • Biopharmaceutical
        • Bio services
        • Bio-Agriculture
        • Research
      • By Technology
        • Fermentation
        • Tissue engineering
        • PCR technology
        • Nanobiotechnology
        • Chromatography
        • DNA Sequencing Technology
        • Cell Based Assay
        • Other Technologies
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Application:
        • Biopharmaceutical
        • Bio services
        • Bio-Agriculture
        • Research
      • By Technology
        • Fermentation
        • Tissue engineering
        • PCR technology
        • Nanobiotechnology
        • Chromatography
        • DNA Sequencing Technology
        • Cell Based Assay
        • Other Technologies
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Application:
        • Biopharmaceutical
        • Bio services
        • Bio-Agriculture
        • Research
      • By Technology
        • Fermentation
        • Tissue engineering
        • PCR technology
        • Nanobiotechnology
        • Chromatography
        • DNA Sequencing Technology
        • Cell Based Assay
        • Other Technologies
      • By Country
        • U.K.
        • Germany
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Application:
        • Biopharmaceutical
        • Bio services
        • Bio-Agriculture
        • Research
      • By Technology
        • Fermentation
        • Tissue engineering
        • PCR technology
        • Nanobiotechnology
        • Chromatography
        • DNA Sequencing Technology
        • Cell Based Assay
        • Other Technologies
      • By Country
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Application:
        • Biopharmaceutical
        • Bio services
        • Bio-Agriculture
        • Research
      • By Technology
        • Fermentation
        • Tissue engineering
        • PCR technology
        • Nanobiotechnology
        • Chromatography
        • DNA Sequencing Technology
        • Cell Based Assay
        • Other Technologies
      • By Country
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Application:
        • Biopharmaceutical
        • Bio services
        • Bio-Agriculture
        • Research
      • By Technology
        • Fermentation
        • Tissue engineering
        • PCR technology
        • Nanobiotechnology
        • Chromatography
        • DNA Sequencing Technology
        • Cell Based Assay
        • Other Technologies
      • By Country
        • North Africa
        • Central Africa
        • South Africa
  • Company Profiles
    • Abbott Laboratories *
      • Company Overview
      • Product Portfolio
      • Key Highlights
      • Financial Overview
      • Strategies
    • Amgen Inc.
    • GlaxoSmithKline
    • Johnson and Johnson
    • Merck
    • Novartis
    • Novo Nordisk
    • Roche
    • Sanofi – Aventis
  • “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Application
      • Market Snippet, By Technology
      • Market Snippet, By Country
      • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Highlights
    • Product launch
    • PEST Analysis
    • Technological Advancements
    • Regulatory Scenario
    • Mergers and Acquisitions
    • Impact of COVID19 on market
  4. Global Biotechnology Market, By Application, 2019 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Biopharmaceutical
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Bio services
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Bio-Agriculture
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Research
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
  5. Global Biotechnology Market, By Technology, 2019 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Fermentation
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Tissue engineering
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • PCR technology
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Nanobiotechnology
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Chromatography
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • DNA Sequencing Technology
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Cell Based Assay
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
    • Other Technologies
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Bn)
  6. Global Biotechnology Market, By Region, 2019 – 2027, (US$ Bn)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2026
    • North America
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • Germany
        • U.K.
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Technology, 2016 – 2027, (US$ Bn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Bn)
        • North Africa
        • Central Africa
        • South Africa
  7. Competitive Landscape
    • Company Profiles
      • Abbott Laboratories
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Amgen Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • GlaxoSmithKline
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Johnson and Johnson
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Merck
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Novartis
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Novo Nordisk
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Pfizer, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Roche
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Sanofi – Aventis
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 22 market data tables and 14 figures on “Biotechnology Market - Global forecast to 2027”.

Frequently Asked Questions

The Global Biotechnology market size was valued at US$ 518.3 billion in 2019 and is estimated to exhibit a CAGR of 12.3% between 2020 and 2027.
Biopharmaceutical segment held the major market share in 2019 owing increasing prevalence of chronic diseases is expected to propel growth of the global Biotechnology market over the forecast period.
Major factor driving the growth of Global Biotechnology market during the forecast period increasing prevalence of chronic diseases, technological advancements, new product launch , and adoption of expansion strategies from major companies.
Major factors hampering the growth of the Global Biotechnology market during the forecast period constitutes of high cost of investment.
North America market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche, and Sanofi – Aventis.
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