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The increasing prevalence of chronic diseases and development of novel techniques is driving the demand for the market.
NEW YORK, NY, UNITED STATES, March 31, 2022 /EINPresswire.com/ — The global Biotechnology Market is forecasted to reach USD 1,029.09 Billion by 2027, according to a new report by Reports and Data. The market is growing due to the rise in demand for horticulture products, such as beans, and wheat, among others. The growth in artificial intelligence in biotechnology products is making significant breakthroughs in the field of technology, which is propelling market demand. An increase in conditions like cancer and diabetes will also impact the growth of the biotechnology market.
An increase in demand for agro-based products such as sugarcane, wheat corn, and sorghum and the need for biotech innovation in technical research will fuel market growth. The rise in chronic disorders and the need for drug discovery has propelled the demand for the product. Biotechnology drugs are mainly required for diseases such as cancer, heart stroke, hypertension, asthma. Apart from the usage in the healthcare sector, biotechnology is increasingly used in growing organic food products, which is contributing to market development. Innovation in artificial intelligence and several pipeline projects by biopharmaceutical companies will impact the growth of the market.
The COVID-19 impact:
The distribution of Covid-19’s has influenced industrial activities worldwide. Pharma company manufacturers are at the forefront of human response to the COVID-19 pandemic. An increase in the number of biotech firms to explore and develop a vaccine for the virus has developed a strict competition. Biotechnology is playing a crucial role in the development of the vaccine at an unprecedented rate, and a substantial amount of funds are being put into the research and development of the market product. The market will witness an increased demand in the coming years.
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Leading companies operating in the market and profiled in the report include:
Gilead, AstraZeneca, Biogen, Celgene Corporation, Abbott, Novo Nordisk A/S, Amgen, Inc., Johnson & Johnson Services, Inc., Merck & Co, and Novartis AG, among others.
The pharmaceutical and healthcare sector is rapidly expanding in terms of revenue in the recent years and is expected to register robust CAGR over the forecast period of 2028. Factors such as rapid advancements in the pharma and healthcare sector, adoption of latest technologies, tools and equipment, emergence of various new diseases and improvements in healthcare facilities and infrastructure. In addition, rising healthcare expenditure, increasing per capita income in the developing countries and favorable reimbursement policies are fueling market growth. Increasing funds by various public and private sectors and increasing investments to develop enhanced products and devices are also boosting market growth. Moreover, increasing preference for ambulatory services and point of care services, and increasing funds for research centers and hospitals for drug discovery is expected to fuel market growth going ahead.
The report provides details about competitive landscape of global Biotechnology market focusing on every market player, its global position, revenue generation product portfolio, company overview, financial planning and business expansion plans. The global Biotechnology market is quite competitive and comprises various key players at global and regional levels. Key players are investing in research and development activities, and strategizing various plans such as mergers and acquisitions, partnerships, joint ventures, new product launches, to enhance their product base and strengthen their market position.
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Biotechnology Market Segmentation:
Technology Outlook (Revenue, USD Billion; 2017-2027)
Tissue engineering and regeneration
Application Outlook (Revenue, USD Billion; 2017-2027)
Food and Agriculture
Natural resources & environment
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North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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originally published at Health - Trend Magazine