The global biotechnology market is anticipated to expand at a CAGR of 15% between 2023 and 2030. Government measures aiming at the modernization of the regulatory environment, improvements in approval processes and reimbursement policies, and standardization of clinical research are driving the market. The expanding influence of personalized medicine and the growing number of orphan drug formulations are creating new opportunities for biotechnology applications, encouraging the emergence of creative biotechnology firms, and enhancing market revenue.
Furthermore, genetically engineered crops and herbicide-tolerant and insect-resistant seeds are gaining popularity and contributing to market expansion. Increasing adoption of tissue culture technology for the production of novel rice variants and disease- and pest-free banana varieties in South Asia and Africa, as well as the use of the technology for the cloning of disease-free and nutrient-rich plant varieties, have propelled agricultural applications for biotechnology. A robust clinical trial pipeline and substantial funding opportunities in tissue engineering and regeneration technologies also drive the industry.
Nanobiotechnology is anticipated to grow at the highest CAGR of 14.8% between 2022 and 2030, due to an increase in nanomedicine approvals and the introduction of advanced technology. For instance, applications of theranostics nanoparticles have gained momentum in order to facilitate quick diagnosis and individualization of therapy choices for several diseases simultaneously. Nanoparticles' low toxicity, smaller size, and chemical adaptability have proven advantageous in overcoming the limitations associated with conventional generic drug administration routes. In addition, tissue engineering and regeneration medicine had a sizable proportion of the market due to government and private expenditures in the field, high healthcare spending, and the existence of numerous mature and emerging competitors in this market.
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