Biotechnology Market Segmentation by Type, Distribution Channel and Region
Forecast till 2028
The global biotechnology market size was valued at USD 752.88 billion in 2020 and is expected to
expand at a compound annual growth rate (CAGR) of 15.83% from 2021 to 2028. The market is
driven by favorable government initiatives owing to the growth of the biotechnology sector in
developing countries, such as India and China. Government initiatives are oriented towards
modernizing the drug regulatory pathway, standardizing clinical studies, improving reimbursement
policies, and speeding up the product approval process, thereby offering lucrative growth
opportunities to the market.
In addition, expanding the involvement of the biotechnology industry with diagnostic companies,
drug manufacturers, research laboratories, and multinational pharmaceutical companies for
developing therapeutic molecules to target COVID-19 is contributing to the market growth. For
instance, in March 2020, Pfizer Inc. entered into a collaboration with BioNTech SE for the
development of BNT162, COVID-19 vaccine candidate. BioNTech SE developed the vaccine using
mRNA technology for the rapid development of the COVID-19 vaccine.
To identify the key drivers and the competitors’ insights, Request a Sample @:
Furthermore, the COVID-19 pandemic acts as a positive catalyst to market growth. Biotech
companies are the frontrunners in the development of drugs targeting COVID-19. For instance, just
after 8 months of the first case of COVID-19, Gilead Sciences, Inc. received the U.S. FDA approval
for antiviral Remdesivir for the treatment of COVID-19 patients.
Key Player Mentioned:
Gilead Sciences, Inc.
Novo Nordisk A/S
Merck & Co.
Johnson & Johnson Services, Inc.
Application Segment Analysis:
Food & Agriculture