Dublin, Aug. 30, 2021 (GLOBE NEWSWIRE) -- The "Biotechnology Services Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global biotechnology services market reached a value of nearly $83,743.6 million in 2020, having increased at a compound annual growth rate (CAGR) of 7.1% since 2015. The market is expected to grow from $83,743.6 million in 2020 to $135,973.0 million in 2025 at a rate of 10.2%. The market is then expected to grow at a CAGR of 10.0% from 2025 and reach $218,924.7 million in 2030.
Growth in the historic period in the biotechnology services market resulted from strong economic growth in emerging markets, increased collaborations with other research institutes and companies. The market was restrained by decrease in government funding, lack of strong intellectual property (IP) protection laws.
Going forward rapid advancements in technology, rising non-communicable diseases, emphasis on innovation, rising demand for agriculture-based biotechnology services, growing demand for synthetic biology, developments and improvements in drug research and growth in personalized treatment will drive the growth in the biotechnology services market. Factors that could hinder the growth of the market in the future include skilled workforce shortages and decreasing reimbursements for research activities.
The biotechnology services market is segmented by service into health education and research, food biotechnology services, donor recruitment, tissue collection, cell processing and isolation, research and development.
The research and development market was the largest segment of the biotechnology services market segmented by service, accounting for 49.1% of the total in 2020. Going forward, the donor recruitment market is expected to be the fastest growing segment in the biotechnology services market segmented by service, at a CAGR of 14.5% during 2020-2025.
The biotechnology services market is also segmented by industry into clinical research organizations (CROs), contract manufacturers organizations (CMOs), and contract research and manufacturing services (CRAMS). The contract manufacturers organizations (CMOs) market was the largest segment of the biotechnology services market segmented by industry, accounting for 39.6% of the total in 2020. Going forward, the clinical research organizations (CROs) market is expected to be the fastest growing segment in the biotechnology services market segmented by industry, at a CAGR of 14.5% during 2020-2025.
The biotechnology services market is also segmented by area of application into pharmaceuticals, biotechnology, academic, and others. The pharmaceuticals market was the largest segment of the biotechnology services market segmented by application, accounting for 40.0% of the total in 2020. Going forward, the academic market is expected to be the fastest growing segment in the biotechnology services market segmented by area of application, at a CAGR of 11.8% during 2020-2025.
Asia Pacific was the largest region in the biotechnology services market, accounting for 37.5% of the total in 2020. It was followed by the North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the biotechnology services market will be Asia-Pacific and Middle East where growth will be at CAGRs of 11.6% and 11.5% respectively during 2020-2025. These will be followed by South America and Africa, where the markets are expected to register CAGRs of 11.0% and 10.7% respectively during 2020-2025.
The global biotechnology services market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 10.02% of the total market in 2019.
Major players in the market include Parexel International Corporation, IQVIA, Thermo Fisher Scientific, Laboratory Corporation of America Holdings, PRA Health Sciences, ICON plc, Charles River Laboratories, Sartorius, Precision for Medicine, and Novartis.
The top opportunities in the biotechnology services market segmented by service will arise in the research and development segment, which will gain $26,271.7 million of global annual sales by 2025. The top opportunities in the biotechnology services market segmented by industry will arise in clinical research organizations (CROs) segment, which will gain $ 19,672.3 million of global annual sales by 2025. The top opportunities in the biotechnology services market segmented by area of application will arise in pharmaceuticals segment, which will gain $19,672.3 million of global annual sales by 2025. The biotechnology services market size will gain the most in the China at $13,732.1 million.
Player-adopted strategies in the biotechnology services market includes focusing on technologies, software and services, expanding through innovative launches, focus on improving patient access to clinical trials, focused on extending biotechnological methods, and strategic collocation and agreements with technology players.
To take advantage of these opportunities, the publisher recommends the biotechnology services companies to consider integrating data management systems through cloud technology and focus on next generation sequencing technology to analyze large data and to perform large scale sequencing activities, establishing operations in emerging markets to gain market share, value oriented billing, and leverage social media to maximize reach among other strategies.
Charles River Laboratories
Precision for Medicine
Eppendorf Asia Pacific Sdn. Bhd.
Emmessar Biotech & Nutrition Ltd, India
Vcanbio cell & gene engineering corp., ltd, China
Ke Rui Gene, China
Absea Biotechnology Ltd, China
CStone Pharm-B, China
Daiichi Sankyo, China
Hamamatsu Pharma Research
Bio Products Laboratory (BPL)
Shire Pharmaceuticals Ltd
4D Pharma PLC
Ophidia Medical Technologies
ATAI Life Sciences
Biogen Italia S.R.L.
Qvalitas Arstikeskus AS
Concise Systems OU
GPE Globalpharma OU
Belarusian National Biotechnology Corporation
Regeneron Pharmaceuticals, Inc.
Zenith Epigenetics Corp.
City Breeze Technical Services
The Micron Group
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