The global biotechnology market size is estimated to grow from USD 505.2 billion in 2020 to USD 762.4 billion in 2027, registering a CAGR of 7.1% during the forecast period (2021-2027). The increase of artificial intelligence in the biotechnology industry is making a significant breakthrough in the technological field. The biotechnology industry also deals with modifying food-related items and pharmacies. These factors will increase the global biotechnology market over the forecast period.
During the first quarter of 2020, the impact of the pandemic on the biotech market was relatively low. The outbreak of COVID-19 resulted in the rapid increase in the demand for biotechnology across several areas, mainly in the healthcare and industrial sectors. Therefore, with the outbreak of the COVID-19, there is a significant increase in demand for biotech that has been seen across the globe, which has positively impacted the biotechnology market value in 2020 and subsequent years. The biotechnology industry is a strategic asset for a nation and the world.
The report outlines the global biotechnology market study based on technology and application.
Based on the region, the global biotechnology market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America held the largest share in the biotechnology market, followed by Europe and Asia-Pacific. The Asia Pacific is estimated to hold a significant share in the global biotechnology market during the forecast period due to increasing expenditure in the healthcare sector. Moreover, Europe is expected to project the highest CAGR over the forecast period.
The global biotechnology market is highly fragmented, with the presence of a large number of small players across the globe. The vital Biotech manufacturers operating in the global market are–
The biotechnology market report provides a thorough analysis of macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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