Global biotechnology market was valued at USD 753.48 billion in 2020 and is expected to grow at a CAGR of 15.5% during the forecast period from 2021 to 2027.

Dallas, Texas, United states, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Biotechnology is defined as application of molecular biology and cellular process to develop technologies and products and resolve the biological constraints prevailed in the market. Biomedical Engineering and Biotechnology are closely related where biotechnology deals with the life science and biomedical engineering deals with human health and clinical industry.

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Key Players

The key market players in the Global Biotechnology Market are Agilent Technologies, Thermo Fisher Scientific, Qiagen, PerkinElmer, Merck, Abbott Laboratories Illumina, F. Hoffmann-La Roche, Danaher, BioGen Medical Instruments, and Bio-Rad Laboratories

Impact of the COVID-19

The COVID-19 pandemic deeply affected the healthcare sector worldwide. Healthcare institutions on the front line of the COVID-19 are focused on effective treatment and rapid recovery of infected patients to decrease the burden on infrastructure throughout the pandemic. The scientific community has attentive on discovering and manufacturing competent drugs or possible vaccines to treat COVID-19, therefore, causing a delay in biotechnology-related research and developments.

Regional Analysis

North America led the total market in 2020 with maximum share in the global market for biotechnology because of High R&D investments for new drug. In Asia Pacific region the market for biotechnology is expected to attain substantial market share during the forecast period because of patient awareness, swiftly enhancing health care infrastructure, and growing health care expense levels in the fast-developing economies of China and India.

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Key Development

February 2021, Illumina, Inc. invested in nine new genomics companies through Illumina Accelerator in 4 start-ups in the U.K. and 5 start-ups in the U.S.

In May 2018 Illumina acquired Edico Genome which is a provider of information analysis accelerating services for next-generation sequencing (NGS).

On March 2018. Agilent Technologies has signed a definitive agreement to acquire privately-held Advanced Analytical Technologies, Inc. (AATI), aimed at technological advancement.

Market Segmentation

By Technology

• Fermentation
• Tissue Engineering and Regeneration
• PCR Technology
• Nano-biotechnology
• Chromatography
• DNA Sequencing
• Cell Based Assay
• Others

By Application

• Biopharmacy
• Bioservices
• Bioagriculture
• Bioindustries
• Bioinformatics
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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