The Business Research Company’s Biotechnology Services Global Market Report 2020-30: COVID-19 Growth And Change
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Biotechnology industry analysis shows that the increasing pervasiveness of conditions like hepatitis B, diabetes and cancer is driving the research in biotechnology. Biotechnology uses research tools from biology and chemistry to study the genetic material of bacteria and viruses to check the disease-producing agent. Oncology research is most prominent among biopharma companies. Stem cell treatment, using a monoclonal antibody for therapy and genome sequencing is progressing in medical applications. The sales of global biotech drugs are expected to reach $284 billion in 2020. According to Data-Driven Investor, all sectors of biotech companies together spend 20% of their budget on research and development, accounting for nearly $750 billion in 2018. Therefore, the rising pervasiveness of diseases and huge expenses on R&D is predicted to contribute to the growth of the biotechnology services market.
The global biotechnology services market size is expected to increase from $142.92 billion in 2019 to $150.06 billion in 2020 at a compound annual growth rate (CAGR) of 5.0%. The growth is mainly due to the COVID-19 outbreak that has led to an increase in research and development activities. The market is expected to grow further and reach $210.96 billion in 2023 at a CAGR of 12.03%. North America has the largest biotechnology services market share, while Asia-Pacific is expected to be the fastest-growing region in the forecast period. The global biotechnology services industry is the second-largest sector after biopharmaceuticals which is anticipated to emerge significantly due to increasing research and development activities.
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