Global Biotechnology Services Market Report 2020: Market to Grow at a CAGR of 5% from 2019 to 2020 Due to COVID-19 and Increase in R&D Activities -…

DUBLIN, Jan. 8, 2021 /PRNewswire/ -- The "Biotechnology Services Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.

Biotechnology Services Global Market Report 2020-30: COVID-19 Growth and Change provides the strategists, marketers and senior management with the critical information they need to assess the global biotechnology services market.

Major players in the biotechnology services market are Novartis, Fisher BioService, Pfizer, Novo Nordisk, BioAlps, Precision for Medicine, Sartorius and Aldevron.

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 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.

North America was the largest region in the biotechnology services market in 2019. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

In May 2018, Illumina, a US-based biotechnology company serving in research, clinical and applied markets, acquired Edico Genome for an undisclosed amount. The acquisition is expected to reduce sequencing data acquisition. Edico Genome's Bio-IT platform DRAGEN uses field-programmable gate array (FPGA) technology with software algorithms and helps in reducing data footprint and time for results. The DRAGEN platform complements Illumina's sequencing portfolio and helps the customer in reducing investment in IT infrastructure and improve overall efficiency.

The biotechnology services market covered in this report is segmented by service into 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. It is also segmented by industry into clinical research organizations (CROs); contract manufacturers organizations (CMOs); contract research and manufacturing services (CRAMs) and by area of application into pharmaceutical; biotechnological; academic; clinical trial; healthcare sector.

The risk related to genetic data is anticipated to limit the growth of the biotechnology services market. The biotechnological approach of transferring specially created genes for modification in characteristics to create genetically modified organisms (GMOs) has always been considered a threat to human and environmental health. According to the report of the World Conservation Union, there are numerous environmental risks likely to occur by the use of GMOs, which include interbreeding, antibiotic resistance, impact on the ecosystem, creation of new or worse viruses, competition with natural species, unpredictable and unintended effects and ethical concerns.

Collaborations and partnerships between industry players are a growing trend in the field of biotech services. In Dec 2019, Interpace Pharma, a subsidiary of Interpace Biosciences, dealing in pharmacogenomics testing, genotyping and biorepository services, collaborated with Genecast Biotechnology Co. Ltd for jointly developing, promoting, and offering translational studies and clinical trial solutions to the industry. This partnership is expected to benefit pharmaceutical and biotech companies to accelerate their biomarker-driven drug development and precision medicine.

The increasing pervasiveness of conditions like hepatitis B, diabetes and cancer is driving the research in biotechnology. Biotechnology uses research tools from biology and chemistry to study the genetic material of bacteria and viruses to check the disease-producing agent. Oncology research is most prominent among biopharma companies. Stem cell treatment, using a monoclonal antibody for therapy and genome sequencing is progressing in medical applications. The sales of global biotech drugs are expected to reach $284 billion in 2020.

According to Data-Driven Investor, all sectors of biotech companies together spend 20% of their budget on research and development, accounting for nearly $750 billion in 2018. Therefore, the rising pervasiveness of diseases and huge expenses on R&D is predicted to contribute to the growth of the biotechnology services market.

Key Topics Covered:

1. Executive Summary

2. Biotechnology Services Market Characteristics

3. Biotechnology Services Market Size and Growth 3.1. Global Biotechnology Services Historic Market, 2015 - 2019, $ Billion 3.1.1. Drivers of the Market 3.1.2. Restraints on the Market 3.2. Global Biotechnology Services Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion 3.2.1. Drivers of the Market 3.2.2. Restraints on the Market

4. Biotechnology Services Market Segmentation 4.1. Global Biotechnology Services Market, Segmentation by Service, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

4.2. Global Biotechnology Services Market, Segmentation by Industry, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

4.3. Global Biotechnology Services Market, Segmentation by Area of Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

5. Biotechnology Services Market Regional and Country Analysis 5.1. Global Biotechnology Services Market, Split by Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Companies Mentioned

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Global Biotechnology Services Market Report 2020: Market to Grow at a CAGR of 5% from 2019 to 2020 Due to COVID-19 and Increase in R&D Activities -...