Biotechnology is the branch of science that makes or develops goods using biological systems, living organisms, or components derived from them. Biotechnology spans various disciplines, including biochemistry, genetics, and molecular biology. In industries such as medicine, agriculture, and industrial biotechnology, new technologies and products are created each year. It is anticipated that the biotechnology industry, with its enormous growth potential in life sciences, agriculture, and information technology, would play a crucial role as a unique manufacturing hub. The expansion of the biotechnology business is because of several factors, including the introduction of new and innovative products, partnerships, acquisitions, technological developments, and the growing use of biotechnology in various applications.
The governments of numerous nations have launched multiple initiatives to enhance the biotechnology industry and provide ample opportunities for research in this discipline. The Department of Biotechnology (DBT) and the National Biotechnology Board (NBTB) promote R&D and product development funding. It is anticipated that the increasing requirement to comprehend chronic diseases at the molecular level and create therapeutic remedies would motivate these firms to support R&D activities. In the following years, an increase in government financing for bio-sciences research is anticipated to fuel the industry.
Governments in developing economies such as India and China employ similar strategies to attract international investment. Government and market efforts to raise funds for regenerative medicine research and development are predicted to boost market growth. For instance, China's National Plan for Long-Term and Medium-Term Scientific and Technological Development ranked stem cell and regenerative medicine among the top five biotechnology disciplines. The Chinese central government has provided financial assistance to stimulate the development of specific fields.
Government (and its affiliated agencies) policies about synthetic biology are a significant growth-impacting driver of the biotechnology business. The UK and the US are closely watching and sponsoring synthetic biology R&D activities. Government entities such as SynBERC (Synthetic Biology Engineering Research Centre) and National Science Foundation (NSF) are instrumental in periodic synthetic biology evaluation. Like the United States, Europe's NEST (new and emerging science and technology) initiative funded 18 synthetic biology projects. Other funding agencies, such as the UK's BBSRC (Biotechnology and Biological Sciences Research Council), EPSRC (Engineering and Physical Sciences Research Council), and ESRC (Economic and Social Research Council), ensure that synthetic biology research initiatives operate efficiently.
The technology of synthetic biology is relatively new and underdeveloped. Industry participants in this discipline continuously try to produce exclusive and novel technologies that strengthen their market presence. BioBricks and other nonprofit groups assure the availability of synthetic biology technologies for humanitarian reasons. Synthetic biology forums like OpenWetWare serve as a venue for sharing information and aid in providing researchers with conceptual training. The establishment of organizations and forums encourages researchers to pursue the study of synthetic biology concepts and the development of breakthrough technologies, a significant growth driver for this market. Synthetic biology will be a tremendous asset to scientists when producing new and improved vaccines and treatments. In the near future, the rising need for enhanced medications and vaccines will contribute to market development.
By region, the global biotechnology market is bifurcated into North America, Europe, Asia Pacific, and LAMEA.
North America accounted for the largest market share during the forecast period. The regional market is expanding for various reasons, including significant competitors, extensive R&D efforts, and high healthcare expenditures. The high prevalence of genomics, proteomics, and cell biology-based platforms in the region is speeding the adoption of life sciences techniques. In addition, the increase in the prominence of chronic diseases and the increased adoption of customized medicine applications for the treatment of life-threatening conditions are anticipated to have a beneficial influence on regional market growth.
The Asia Pacific is the fastest-growing region. The increase in the regional market may be ascribed to increased investments and improvements in healthcare infrastructure, favorable government initiatives, and expansion tactics employed by leading market participants. In February 2022, Moderna Inc. announced plans to create four new companies in Malaysia, Singapore, Hong Kong, and Taiwan to extend its commercial network in Asia. In addition, biopharmaceutical collaborations, like Kiniksa Pharmaceuticals and Huadong Medicine's strategic partnership for the commercialization and development of Kiniksa's ARCALYST and mavrilimumab in the Asia-Pacific region, are predicted to drive market growth.
The major companies in the global biotechnology market are Lonza, AstraZeneca, Pfizer Inc., Gilead Sciences Inc., F. Hoffmann-La Roche Ltd., Biogen, CELGENE Corporation, Sanofi, Abbott, Novartis AG, Johnson & Johnson Services, Merck KGAA, and Bristol-Myers SQUIBB.