WESTFORD, Mass., July 18, 2024 /PRNewswire/ -- According to SkyQuest, the global Biotechnology Market size was valued at USD 1.21 Trillion in 2022 and is poised to grow from USD 1.38 Trillion in 2023 to USD 3.90 Trillion by 2031, growing at a CAGR of 13.9% during the forecast period (2024-2031).

Biotechnology is a diversified, innovative industry that uses organisms, biological systems, or their products to modify or develop processes and by-products to produce health-related products and treatments.

Biotechnology and related products are required to meet established regulatory guidelines and standards. The major federal agencies in the US responsible for administering the required standards are the Animal and Plant Health Inspection Service (APHIS), US. The Coordinated Framework for the Regulation of Biotechnology outlines a government framework for evaluating products developed using modern biotechnology. This provision is based on existing laws developed to protect public health and the environment.

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Biotechnology Market Overview:

Segments covered in Biotechnology Market are as follows:

• Type
  • Blue Biotechnology, Green Biotechnology, Red Biotechnology, White Biotechnology, Others
• Product
  • Instrument & Reagent (Clinical Diagnostics, Proteomics and genomics, Drug Discovery & Development, Cell Analysis, Others), Software & Service
• Technology
  • Nanobiotechnology, PCR Technology, Bioinformatics, Tissue Engineering, DNA sequencing, Fermentation Technology, Others
• Application
  • Health, Agriculture, Food and Beverages, Industrial Processing, Others

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DNA Sequencing Holds a Dominant Position in the Biotechnology Market Owing to the Rising Adoption of Advanced Techniques

DNA sequencing occupies a dominant position in the biotechnology market, accounting for about 17.43% by 2023. This growth is due to two main factors: cheaper sequencing costs and the adoption of advanced techniques and government funding also plays an important role. A grant like the one awarded by the NIH (National Institutes of Health) that may be $10.7 million by May 2021, directed toward understanding the genetics of Alzheimer's disease, is an example of this kind of funding. Such funding fuels research and it opens new applications for DNA sequencing, ideal for various diseases.

The nanobiotechnology segment is poised to surge from 2024 to 2031. Two main factors fuel this growth: more nanomedicine approvals and remarkable growth in the sector. In addition, nanoparticles for diagnosis are revolutionizing disease diagnosis, allowing for comparative diagnosis and personalized medicine simultaneously. Tissue technology and regenerative medicine is growing due to government and private investments, high healthcare spending, and the rise of established and new players.

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Healthcare Industry Led the Market Owing to the Enhance Revenue Generation

The healthcare industry led the market and is expected to register a compound annual growth rate (CAGR) of 13.9% throughout the forecast period. Healthcare biotechnology has proven its importance, emerging as the biggest revenue generator by 2020. Biotechnology innovation has given birth to new sectors of the economy, driven largely by small start-ups and interagency collaboration as they are also being used for further treatments to improve the sector. For example, in April 2020, Amgen and Adaptive Biotechnologies collaborated to identify and develop anti-SARS-CoV-2 vaccines using Adaptive's proprietary immunotherapy platform to find antibodies that neutralize viruses This agreement is expected this will significantly increase revenue in this sector.

The food and agriculture sector ranks second in the market. The tools used in agriculture have evolved rapidly, including micropropagation, tissue culture, molecular breeding, marker-assisted selection, genetic engineering, genetically modified (GM) crops, molecular diagnostic technologies, and new genetics providing a comprehensive understanding of plant biology. Moreover, the global adoption of GM crops is expected to boost the segments. GM crops, especially herbicide-resistant and pest-resistant seeds, have become increasingly popular, boosting the agricultural industry.

Biotechnology Market: Shaping the Future of Innovation

The market is at the forefront of scientific and technological innovation, poised to deliver transformative solutions to some of the world's most pressing challenges. Focusing on areas such as healthcare, agriculture and environmental sustainability, biotechnology is driving progress through cutting-edge research and development.

Advances in genetic engineering, bioinformatics and bioprocessing technologies are fueling the growth of this market. Specialty areas such as personalized medicine, gene therapy and sustainable agricultural practices can benefit from these innovations, delivering results and efficiency.

Strategic dialogue, investment in R&D and a favorable regulatory environment are going to drive the biotechnology market. Companies are constantly exploring new frontiers, from CRISPR-based gene editing to biotechnology, to unlock and address new possibilities.

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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