Biotechnology Services Market

Biotechnology Services Market Overview 2030:

Biotechnology is an interdisciplinary, innovative field that utilizes living organisms, biological systems, or derivatives to modify or develop processes and outcomes for producing healthcare-related products and therapeutics. It has profound impact on different sectors such as medicine & pharmaceuticals, genomics, and production of food & chemicals. It has comprehensive and significant use in solving critical challenges related to health & well-being, food & energy supply, and environmental protection.

The biotechnology services market consists of the sales of biotechnology services and related goods by entities (organizations, sole traders, and partnerships) that engage in conducting research and experimental development in biotechnology. Only goods and services traded between entities or sold to end consumers are included.

COVID-19 Impact Analysis

• COVID-19 is an infectious disease that originated in the Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.

• Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness a significant growth in the future owing to the demand for vaccine and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the biotechnology services market.
• COVID-19 has impacted the demand and supply chain of biotechnological services. Lockdown in most of the countries has impacted the production of raw materials. COVID-19 testing kits in later stage of the disease created demand in market. Vaccines and home testing kits have witnessed a surge in the market.
• Repurposing use of biotechnological products such as Tocilizumab, a monoclonal antibody in COVID-19 management has created high demand for such biotechnologically developed drugs, which has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs.
• Biotechnology services market is expected to witness a significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19.

Top Impacting Factors

• Increase in the 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 are progressing in medical applications.
• According to data-driven investor, all sectors of biotech companies together spend 20% of their budget on R&D. Therefore, the increase in the pervasiveness of diseases and huge expenses on R&D are predicted to contribute to the growth of the biotechnology services market.
• Risk related to genetic data is anticipated to limit the growth of the biotechnology services market. The biotechnological approach of transferring specially created genes for modification in characteristics to create genetically modified organisms (GMOs) has always been considered a threat to human and environmental health. According to the report of the World Conservation Union, numerous environmental risks are likely to occur by the use of GMOs, which include interbreeding, antibiotic resistance, impact on the ecosystem, creation of new or worse viruses, competition with natural species, unpredictable &unintended effects, and ethical concerns.
•  The National Bioengineered Food Disclosure Standard has been implemented in the U.S. from January 2020, making it mandatory to label all foods containing genetically engineered items to be labeled as "bioengineered.” Thus, the risk associated with genetically modified items has negatively impacted the growth of the biotechnology services market.

Market Trends

The outsourcing of clinical trials, drug discovery, and contract manufacturing has recently emerged as a trend in several developed economies. As a result of this, the bio-services market has grown robustly in developing countries such as China, Thailand, Malaysia, and India, as these countries are investing in the R&D projects for the development of innovative bio-services. The Bio-services have potential opportunities in emerging economies owing to the regulatory support by governments, easy raw material availability, and cheap labor. The global bio-service industry is likely to surge due to its low operating costs.

The market growth is further expected to be propelled by the rise in awareness among consumers with regard to bio-services and government initiatives in emerging economies.

In May 2018, Illumina, a U.S.-based biotechnology company serving in research, clinical, and applied markets, acquired Edico Genome for an undisclosed amount. The acquisition is expected to reduce sequencing data acquisition. Edico Genome's Bio-IT platform DRAGEN uses field-programmable gate array (FPGA) technology with software algorithms and helps in reducing data footprint and time for results. The DRAGEN platform complements Illumina's sequencing portfolio and helps the customer in reducing investment in IT infrastructure and improve overall efficiency. Edico Genome is an American company dealing in the field of genomics.

Key Benefits of Report

• This report presents the detailed analytical depiction of the biotechnology services market along with current trends, opportunities, and future estimates for the investment in market.
• The report presents information related to the key drivers, restraints, and new technological development in the market.
• The current market is analyzed to emphasize the biotechnology services market.
• Porter’s five forces analysis illustrate the potency of buyers and suppliers in market.
• The report provides detailed analysis of the biotechnology services market based on market competition and how it is anticipated to take shape in upcoming years.

Questions Answered in the Biotechnology Services Market Report

• What consists of biotechnology services market?
• What are current trends that will influence the market in upcoming years?
• What are the driving factors, restraints, and opportunities of the market?
• Which are the leading players in the biotechnology services market?
• What future projections will help in taking strategic steps in the future?
• Which are the major end user sectors in biotechnology services market?
• What is the major regional market in biotechnology services market?
• What are the key benefits of this biotechnology services market report?

 Biotechnology Services Market Report Highlights