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.
The global biotechnology services market is expected to increase from $142.92 billion in 2019 to $150.06 billion in 2020 at a compound annual growth rate (CAGR) of 5.0%. The growth is mainly due to the COVID-19 outbreak that has led to an increase in research and development activities. The market is expected to grow further and reach $210.96 billion in 2023 at a CAGR of 12.03%. Biotechnology services is the second-largest sector after biopharmaceuticals which is anticipated to emerge significantly due to increasing research and development activities.
