Global Biotechnology Services Market Report 2020 - Opportunities And Strategies, Market Forecast And Trends
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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. The increasing pervasiveness of conditions like hepatitis B, diabetes and cancer is driving the research in biotechnology.
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.
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The Global Biotechnology Services Market is further segmented based on service, industry, area of application and geography.
By Service: Prevention and Disease Control, Public Engagement Activities, Health Education and Research, Food Biotechnology Services, Donor Recruitment, Tissue Collection, Cell Processing and Isolation, Research and Development.
By Industry: Clinical Research Organizations (CROs), Contract Manufacturers Organizations (CMOs), Contract Research and Manufacturing Services (CRAMS).
By Area of Application: Pharmaceutical, Biotechnological, Academic, Clinical Trial, Healthcare Sectors.
By Geography: The global biotechnology services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, the North American biotechnology services market was the largest region in the global biotechnology services market in 2019.
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Trends In The Biotechnology Services Market
Collaborations and partnerships between industry players are a growing trend in the field of biotech services. Partnership is expected to benefit pharmaceutical and biotech companies to accelerate their biomarker-driven drug development and precision medicine.
Biotechnology Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides biotechnology services market overviews, analyzes and forecasts market size and growth for the global biotechnology services market, biotechnology services market share, biotechnology services market players, biotechnology services market segments and geographies, biotechnology services market’s leading competitors’ revenues, profiles and market shares. The biotechnology services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.