Dublin, June 01, 2021 (GLOBE NEWSWIRE) -- The "Biotechnology Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
Major players in the biotechnology services market are Novartis, Fisher BioService, Pfizer, Novo Nordisk, BioAlps, Precision for Medicine, Sartorius, and Aldevron.
The global biotechnology services market is expected to grow from $150.37 billion in 2020 to $163.92 billion in 2021 at a compound annual growth rate (CAGR) of 9%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $265.1 billion in 2025 at a CAGR of 12.8%.
Collaborations and partnerships between industry players are a growing trend in the field of biotech services. In Dec 2019, Interpace Pharma, a subsidiary of Interpace Biosciences, dealing in pharmacogenomics testing, genotyping and biorepository services, collaborated with Genecast Biotechnology Co. Ltd for jointly developing, promoting, and offering translational studies and clinical trial solutions to the industry.
This partnership is expected to benefit pharmaceutical and biotech companies to accelerate their biomarker-driven drug development and precision medicine. Genecast is a Chinese company providing a wide range of diagnostic services to pharmaceutical and biotech companies.
In May 2018, Illumina, a US-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.
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 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, there are numerous environmental risks 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 and unintended effects and ethical concerns.
The World Health Organization (WHO) has also set guidelines for manufacturers of GMO food. The National Bioengineered Food Disclosure Standard has been implemented in the USA 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 is negatively impacting the growth of the biotechnology services market.
Key Topics Covered:
1. Executive Summary
2. Biotechnology Services Market Characteristics
3. Biotechnology Services Market Trends and Strategies
4. Impact of COVID-19 on Biotechnology Services
5. Biotechnology Services Market Size and Growth
5.1. Global Biotechnology Services Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Biotechnology Services Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Biotechnology Services Market Segmentation
6.1. Global Biotechnology Services Market, Segmentation by Service, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Prevention and Disease Control
Public Engagement Activities
Health Education and Research
Food Biotechnology Services
Cell Processing and Isolation
Research and Development
6.2. Global Biotechnology Services Market, Segmentation by Industry, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Clinical Research Organizations (CROs)
Contract Manufacturers Organizations(CMOs)
Contract Research and Manufacturing Services (CRAMS)
6.3. Global Biotechnology Services Market, Segmentation by Area of Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Biotechnology Services Market Regional and Country Analysis
7.1. Global Biotechnology Services Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Biotechnology Services Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Precision for Medicine
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