Biotechnology Tools Market
Number of pages: 100 | Report Format: PDF | Published date: March 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 59.1 billion |
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Revenue Forecast in 2031 |
US$ 153.10 billion |
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CAGR |
12.63% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Technology, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global biotechnology tools market was valued at US$ 59.1 billion in 2023 and is expected to register a revenue CAGR of 12.63% to reach US$ 153.10 billion by 2031.
Biotechnology Tools Market Fundamentals
Biotechnology refers to using living organisms, cells, and molecules to develop new and effective products and processes. Biotechnology has grown rapidly in recent years, majorly in molecular biology, chemistry, microbiology, chemical engineering, and digital and computational biology domains. Biotechnology tools are techniques used in research and development to manipulate living organisms, cells, and molecules for specific purposes.
Biotechnology tools include genetic engineering, recombinant DNA technology, protein engineering, cell culture, and bioinformatics. These tools have revolutionized various fields, including medicine, agriculture, and environmental sciences, by enabling the production of new products and processes that were not previously possible. These tools continue to advance and evolve, offering new opportunities for research and development in biotechnology.
The purpose of biotechnology tools is to help researchers understand biological structures and functions. Scientists can use gene editing tools such as CRISPR/Cas9 to modify the DNA of living organisms, including humans, to correct genetic mutations or introduce new traits. Moreover, biotechnology tools are highly used in biopharmaceutical drug production using living cells or organisms. These drugs can treat a wide range of diseases, including cancer, diabetes, and autoimmune disorders.
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Biotechnology Tools Market Dynamics
The increasing demand for biotechnology tools primarily drives the global biotechnology tools market. The field of research heavily relies on precise biotechnology tools to enable progress in various fields. Biotechnology tools aid in collecting accurate and high-quality data, facilitating research, testing, and, ultimately, data collection. It is, therefore, important for research professionals in the field of studies to have access to biotechnology tools that fulfill their specific requirements and standards.
Technological advancements are increasing the adoption of biotechnology tools. Innovations in life sciences have the potential to change the healthcare business and improve the quality of life. It is a collaborative process in which scientists, engineers, healthcare practitioners, and business leaders collaborate to discover new and innovative solutions. For instance, BD Cell View Image Technology, an innovation from Becton and Dickinson launched in June 2022, can capture multiple images of individual cells flowing through the system at a speed of 15,000 cells per second and adds the previously impossible capability of sorting cells based on detailed microscopic image analysis of individual cells at this speed.
A surge in research and development activities is fueling the adoption of the biotechnology tools market. As technology is rising, companies are heavily investing in research and development to obtain better results with the help of biotechnology tools. Additionally, biotechnology tools are an essential component of academic research institutes. They allow researchers to study organisms at a molecular level, thus allowing for a greater understanding of the mechanisms underlying life processes. Biotechnology tools can be used to analyze the genomes of organisms, provide insights into their evolutionary relationships, and help identify molecules that can be used as drug targets. At academic research institutes, biotechnology tools, such as DNA sequencers, microarrays, and mass spectrometers, are often available, allowing researchers to perform cutting-edge experiments that can advance their understanding of the natural world.
However, the high cost associated with biotechnology tools can somewhat constrain the global biotechnology tools market revenue growth.
Biotechnology Tools Market Ecosystem
The global biotechnology tools market is analyzed from five perspectives: product type, technology, application, end-user, and region.
Biotechnology Tools Market by Product Type
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Based on product type, the global biotechnology tools market is segmented as instruments, consumables, and services.
The consumables segment dominates the global biotechnology tools market. Biotechnology consumables are essential components for conducting research. These tools include reagents, enzymes, and laboratory equipment that enable researchers to perform experiments and analyze data. The consumables offer several advantages, such as increased efficiency and accuracy in the research, improved reproducibility of results, and the ability to handle large volumes of samples. Additionally, these tools often have a longer shelf life and require less maintenance than traditional laboratory equipment. Moreover, launching new and innovative kits, such as PCR test kits, is expected to help in the expansion of the consumables segment during the forecast period.
The instruments segment is expected to register growth at a significant revenue CAGR in the coming years. Biotechnology instruments have revolutionized the field of medical research and drug development, enabling researchers to analyze biological samples with greater precision, speed, and accuracy. They have also aided in producing genetically modified crops that are more resistant to pests and diseases, leading to increased agricultural yields. Furthermore, instruments enable researchers to analyze complex biological processes with greater precision and speed, paving the way for discoveries and innovations.
Biotechnology Tools Market by Technology
Based on the technology, the global biotechnology tools market is segmented into PCR, sanger sequencing, separation technologies, flow cytometry, nucleic acid microarray, mass spectrometry, and others.
The separation technologies segment accounted for the majority of the market revenue share in 2022. The key factor supporting the revenue growth of the separation technologies segment is its high uptake in pharmaceutical and biopharmaceutical technologies. Separation technologies have numerous advantages, including the ability to purify and isolate specific molecules or compounds from complex mixtures offering better understanding. These technologies also enable researchers to analyze and characterize the properties of these molecules, which can lead to the development of new drugs and therapies. Moreover, separation technologies lead to improved product quality, reduced production costs, and increased efficiency in downstream processing.
Biotechnology Tools Market by Application
Based on application, the global biotechnology tools market is segmented into research proteomics, genomics, cell biology, and other applications.
The genomics segment dominated the global biotechnology tools market in 2022. This is attributed to several advantages offered by genomics technology. Genomics technology can help in understanding the genetic basis of diseases and create novel therapies by sequencing complete genomes and evaluating the data obtained. Additionally, the biotechnology field has been transformed by genomics technology, which allows researchers to study complex biological systems at the molecular level and gain new insights into the mechanisms.
Biotechnology Tools Market by End-user
Based on end-user, the global biotechnology tools market is segmented into research laboratories, diagnostic laboratories, and others.
The research laboratories segment dominated the global biotechnology tools market in 2022. The usage of biotechnology tools in research facilities has grown dramatically during the last few years. These techniques have substantially improved researchers’ abilities to investigate live organisms and the molecular foundation of life. PCR, DNA sequencing, gene editing, and protein analysis are some of the most regularly used biotechnology methods in research facilities. Researchers may use these techniques to study various biological processes, from gene expression to protein function.
The diagnostic laboratories segment is expected to register growth at high revenue CAGR during the forecast period. Biotechnology tools have transformed how diagnostic laboratories function, allowing for faster and more precise outcomes. They have also facilitated the development of customized medicine, allowing personalized therapies based on genetic composition. Moreover, they have also enabled the detection of diseases at an earlier stage, allowing for more effective treatment options.
Biotechnology Tools Market by Region
Based on the region, the global biotechnology tools market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share of the market in 2022, owing to the high uptake of biotechnology tools in the pharmaceutical and biopharmaceutical companies for drug manufacturing. Moreover, prominent regional players, such as Merck, Thermo Fisher, and Bio-Rad, are also influencing the global biotechnology tools market.
The Europe biotechnology tools market is characterized by increasing healthcare standards and rising uptake of biotechnology tools. Additionally, the growth in this region is also influenced by the presence of many academic research labs and an increase in diagnostic activities. Moreover, the global biotechnology tools market will grow due to the presence of powerful research centers and hospitals that support scientific innovations in Europe.
The market in Asia Pacific is projected to grow rapidly during the forecast period due to the growth of diagnostic research institutes and the operations of emerging market competitors in the region. Emerging economies and industrial modernization also influence the Asia Pacific market revenue growth. Moreover, the biotechnology tools market is also growing as the government authorities in Asia Pacific are investing heavily to build a strong foundation for biotechnology research. Furthermore, the uptake of biotechnology tools is also rising as medical tourism in the region requires more innovative and precise diagnostic technologies.
Biotechnology Tools Market Competitive Landscape
Several companies are emphasizing development strategies, such as product launches, product approvals, and patents and events. The market adopted acquisition, partnership, and cooperation activities as inorganic development tactics. These initiatives have enabled the expansion of future economic business prospects in the global biotechnology tools market.
The prominent companies having the largest revenue share in the global biotechnology tools market are:
Biotechnology Tools Market Strategic Developments
The global biotechnology tools market is expected to be valued at US$ 153.10 billion by 2031.
Over the years, biotechnology tools have revolutionized the field of research and development.
The global biotechnology tools market is expected to register a revenue CAGR of 12.63% by 2031.
Biotechnological tools are those processes of bioscientific interests that use the chemistry of living organisms through cell manipulation to develop new and alternative methods aimed at cleaner and more effective ways of producing traditional products while maintaining the natural and aesthetic beauty of the environment. Biotechnology tools include genetic engineering, recombinant DNA technology, protein engineering, cell culture, and bioinformatics.
North America accounted for the highest revenue share of the global market in 2022, whereas Asia Pacific is likely to grow at high revenue CAGR during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain