Biotechnology Market, By Application (Bio Pharmacy, Bio Services, Bio Agriculture, Bio Industries, and Bio Informatics), By Technology (Fermentation, Tissue Engineering, And Regeneration, PCR Technology, Nano Biotechnology, Chromatography, DNA Sequencing, Cell Based Assay), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Biotechnology Market accounted 486.4 billion USD in 2020 and is expected to reach 1050.0 billion USD by 2030 with a CAGR of 8% approximately during the forecast period.Biotechnology is an art of science that uses the latest technology applications by culturing biological systems, living organisms to make and prepare biological products for a specific use. Biotechnology is growing by using recombinant gene technology, applied immunology, and different diagnostic tests. Owing to the increase in the cases of cancer, chronic diseases like respiratory problems and hypertension have influenced the biotechnology market. Different departments are coming up with new innovations with the help of biotechnology to deal with chronic disease, neural diseases, stress, and other sedentary diseases. The biotechnology has evolved on cellular processes to develop new products and medicines to combat different health issues created due to diabetes, chronic attack and genetically related problems. This technology is now a day being used in DNA sequencing, PCR technology, chromatography, and fermentation and tissue engineering. Also, due to an increase in demand for fermented products for preserving the food products for a longer period of time provides an advantage for the growth of the biotechnology.

Market Segmentation:

The global biotechnology market is segmented by application into bio pharmacy, bio services, bio-agriculture, bio industries, and bio informatics.  By technology, the biotechnology market can be divided into fermentation, tissue engineering and regeneration, PCR technology, nano-biotechnology, chromatography, DNA sequencing, and cell-based assay. By geography, the market is segmented into North America, Asia Pacific, Europe, and RoW. 

Market Dynamics and Factors:

Considering the growing demand for genetic engineering, processed food products, genetic modification, and DNA sequencing has driven the biotechnology market. However, lack of resources and advanced technology by other developing nations is hindering the biotechnology market growth. Moreover, awareness of the benefits of biotechnology and its advantages over curing the genetically related diseases will prevail in the market growth. However, a lack of experts in this field and lack of funds for research and development programs will be a major challenge in the future.

Geographic Analysis:

North America is dominating the biotechnology market and has generated remarkable revenue in the year 2018. North America holds the major market due to advanced technology, research and development programs, new drugs discoveries and government laws. Also, North America is doing the highest expenditures on healthcare owing to its aging population. European countries will also prevail in the market growth due to the adoption of advanced technology and hunger towards fulfilling the needs of its growing population in terms of food preservation, genetic engineering, alterations of the gene in the animals and plants. Asia Pacific region is also expected to grow owing to the growing population, the requirement for advancement in the healthcare sector, understanding and developing the field of genetic engineering and towards proving better health to its citizens.

Competitive Scenario:

The major key players in the biotechnology market are Merck, Agilent Technologies, F. Hoffmann-La Roche, Abbott Laboratories, Amgen, PerkinElmer, Bio-Rad Laboratories, Biogen Medical Instruments, Danaher, Illumina, Thermo Fisher Scientific, and Qiagen.

Biotechnology Market Report Scope