The global biotechnology market is estimated to reach USD 2,267.77 billion by 2028 growing at a CAGR of 15.5% during the forecast period, according to a new study published by Polaris Market Research. The report ‘Biotechnology Market Share, Size, Trends & Industry Analysis Report By Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell Based Assays); By Application; and By Region; Segment Forecast, 2021 – 2028’ provides an extensive analysis of present market dynamics and predicted future trends.
Growing hepatitis B disease, increasing interest in horticultural items such as sugarcane, rice, beans, and wheat due to the increasing populations in economies such as the U.S., China, and India are expected to push the overall biotechnology market.
The growth of this market is further propelled by elements such as deficiency of water, low yield of items, insect attacks, and constrained availability of agrarian land, which is promoting the companies to invest and conduct R&D activities at a broader scale. Another factor that is helping the market growth includes regenerative medicines.
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Encouraging government policies associated with biological advancements is also propelling the demand growth. Established economies such as the U.S. and UK and growing economies such as China and India are investing in biotechnology R&D initiatives. Governments are associating with private companies for expanding their research into this domain.
Owing to technological improvements and prevalent applications of biotechnology in healthcare is helping the market to gain strong growth during the forecast period. Companies are constantly introducing brand-new biotechnological medicines and vaccines to deal with diagnosis and biopharmaceutical development within the healthcare sector, which is approximated to push the market further towards its growth.
The Asia Pacific industry on the other hand is anticipated to grow at the most significant rate due to improving and growing healthcare infrastructure coupled with local companies in this region focusing on developing advanced medicines to cure chronic diseases such as cancer with the help of biotechnology. Strong government and federal assistance and recruitment of extremely trained researchers have made it possible for countries such as China and India to swiftly develop capacity for regenerative medication.
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Some of the major players operating in this market include Abbott Laboratories, Agilent Technologies, Amgen, BioGen Medical Instruments, Bio-Rad Laboratories, Danaher, F. Hoffmann-La Roche, Illumina, Merck, PerkinElmer, Qiagen, Thermo Fisher Scientific, Gilead, Celgene, Novo Nordisk A/S, Novartis AG, Sanofi Aventis, and Lonza.
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