The Biotechnology Market is Estimated To Witness High Growth Owing To Artificial Intelligence Trends

Biotechnology Market


 The Biotechnology Market is estimated to be valued at US$ 820.4 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
The biotechnology market comprises companies that use biological organisms such as microbes, plant or animal cells, and their by-products to develop pharmaceuticals and healthcare products. They develop medicines and treatments such as monoclonal antibodies, vaccines, stem cell therapies, recombinant therapeutic proteins, and advanced drug delivery systems for cancers and chronic diseases. With technological advancements in genomic sequencing, gene-editing tools, synthesized biology, and artificial intelligence, the biotechnology industry is developing innovative solutions for faster, safer, and more targeted health treatments.

Market key trends:
The increasing integration of artificial intelligence in biotechnology is expected to drive the market growth over the forecast period. AI has the potential to accelerate drug discovery process with help of computational algorithms by analyzing huge datasets and extracting meaningful insights from it. It helps in target identification and validation, lead discovery and optimization studies. In addition, AI is also being used for genome analysis, protein structure prediction, and drug repurposing studies which further reduces cost and time of developing new therapies. Gene sequencing and synthetic biology are also witnessing significant advancements which is expanding capabilities for precision medicine and new therapeutic applications like stem cell therapy, tissue engineering and regenerative medicines.

Porter’s Analysis
Threat of new entrants: The biotechnology market poses a moderate threat of new entrants as high R&D investment and regulatory approvals add significant entry barriers. However, venture capital funding supports startups.
Bargaining power of buyers: Individual consumers have low bargaining power due to inelastic demand for biologics and specialized drugs. However, large pharmaceutical companies and healthcare providers have stronger negotiating power.
Bargaining power of suppliers: Due to specialized knowledge, few raw material sources and outsourcing opportunities, suppliers of biologics and genetic material have moderate bargaining power over large pharma companies.
Threat of new substitutes: New technologies present potential substitutes but regulatory hurdles limit their entry in the short-run.
Competitive rivalry: Well established players compete on innovation, marketing, and patent litigation.

SWOT Analysis
Strengths: Growing demand for biologic drugs and therapies, venture funding for R&D, technological advancements in genomics.
Weaknesses: High R&D costs, regulatory compliance requirements, dependency on specialized workforce.
Opportunities: Untapped potential in emerging markets, opportunities in gene therapy, regenerative medicine, vaccines.
Threats: Price control measures, dependency on intellectual property protection, competition from generics.

Key Takeaways
The global biotechnology market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing prevalence of chronic diseases.
North America dominated the global market in 2023 owing to advanced healthcare infrastructure and high healthcare spending. However, Asia Pacific is expected to witness the fastest growth over the forecast period supported by growing penetration of biologics and presence of major contract manufacturing hubs in China and India.

Key players operating in the biotechnology market are Abbott Laboratories, Amgen Inc., GlaxoSmithKline, Johnson and Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Inc., Roche, and Sanofi Aventis. Major players are focusing on R&D to develop innovative biologics for various therapeutic applications including oncology andautoimmune disorders.

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