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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Biotechnology Market Growth Drivers
Rising Prevalence of Chronic Diseases Fuel Market Demand
Recent data reveals that the prevalence of chronic diseases is increasing which will directly impact the demand for biotechnological solutions for treatment, diagnosis, and management of these diseases. According to the World Health Organization (WHO), non-communicable diseases or chronic diseases are responsible for the death of 41 million people annually, accounting for 74% of all deaths. Out of all chronic disease deaths, 17.9 million people die from cardiovascular diseases and 9.3 million deaths occur due to cancer. To tackle this significant health challenge, many biotech firms are investing in the development of target therapies and advanced diagnostic tools to enable personalized treatment plans and facilitate early detection of diseases. Thus, the increasing number of chronic disease cases is poised to bolster the growth of the biotechnology market.
Increasing Strategic Partnerships Drive Market Growth
Another major factor marking biotechnology market growth is the increasing number of mergers and acquisitions to stimulate innovation and adoption of advanced technologies. In September 2023, Japan-based Otsuka Pharmaceutical acquired Mindset, a drug discovery-based research and development company with expertise in treating psychiatric and neurological disorders. This acquisition aims at developing potential therapy for treatment-resistant depression and post-traumatic stress disorder (PTSD). Such strategic partnerships allow the market players to pool resources, technologies, and expertise, leading to accelerated product development and enhanced market reach. Further, biotechnology market insights reveal that successful collaborations encourage additional investments from venture capitalists, private equity firms, and government grants, thereby propelling market growth. Moreover, partnerships reduce the time to market for new biotechnological therapies and technologies, which is particularly important in addressing urgent medical needs.
Biotechnology Market Report Snapshots
Biotechnology Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
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+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124