LONDON, April 21, 2022 (GLOBE NEWSWIRE) – According to The Business Research Company’s research report on the biotechnology services market, the biotechnology services market is expected to grow rapidly due to the increase in lifestyle and chronic diseases. This is mainly due to unhealthy lifestyles, an aging population, increased inactivity and obesity. According to the World Health Organization, the prevalence of chronic diseases is expected to increase by 57% globally by 2020. China and India together had approximately 193.4 million diabetic patients in 2019 and India is expected to have approximately 101 million diabetic patients by 2030. In the field of mental health, the World Health Organization predicts that in the future one in four people will suffer from a type of mental disorder such as depression, schizophrenia or anxiety. In response, national governments around the world are rapidly increasing their spending on medical research. The world population is also aging with each passing year.
For example, globally, average life expectancy is projected to increase from 73 years to 74.1 years between 2016 and 2021. Based on this estimate, 11.5% of the world’s population will be over 65. by 2021. Also, due to the increase in the consumption of processed foods, chronic health conditions such as diabetes are expected to become more common. Therefore, increased investment in medical research for the treatment of chronic diseases is further driving demand for biotechnology services.
The global market for biotechnology services is expected to grow $ 129.14 billion in 2021 to $ 151.10 billion in 2022 at a compound annual growth rate (CAGR) of 17.0%. The growth of the market is mainly due to companies that have reorganized their activities and are recovering from the impact of COVID-19, which previously led to restrictive containment measures regarding social distancing, remote working and closure of commercial activities which resulted in operational challenges. TBRC’s Biotechnology Services Market Growth Analysis says the market is expected to catch up $ 267.29 billion in 2026 to 15.3% CAGR.
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The development of automated solutions for devices and equipment is gaining popularity among the trends in the biotechnology services market. Automating the process will help improve the productivity and consistency of the entire diagnostic process, as well as reduce points of contact for samples, consumables and liquid handling, improving the safety of clinical and laboratory staff. In 2019, Thermo Fisher Scientific, headquartered in Massachusetts, USA, a major market player, introduced a new benchtop automated reading and incubation system for antimicrobial susceptibility testing (AST). This new tool will provide microbiology laboratories with the accurate minimum inhibitory concentration (MIC) results needed by clinicians to confidently select an effective antibiotic for critically ill patients, while safeguarding future patient care through more effective antimicrobial management.
The 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 segmentation is classified according to service in disease prevention and control, public engagement activities, health education and research, food biotechnology services, donor recruitment, tissue harvesting, cell processing and isolation, research and development; by sector in Clinical Research Organizations (CROs), Contract Producer Organizations (CMOs), Contract Research and Manufacturing Services (CRAMS); by area of application in the pharmaceutical, biotechnology, academic, clinical, health sectors.
According to the biotechnology services sector overview, in 2021, Asia Pacific it was there largest region in the market. North America it was there second largest region in the biotechnological services market. Regions Covered by the Biotechnology Services Market Report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Global Biotechnology Services Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is one of a series of new reports from The Business Research Company providing Biotechnology Services Market Overviews, Biotechnology Services Market Analysis biotechnology and market size and growth forecasts for the entire biotech services market, market segments and geographies, biotech services market trends, biotech services market drivers, biotech services market restrictions, revenues, profiles and market shares of leading competitors in the biotech services market in over 1,000 industry reports, spanning over 2,500 market segments and 60 geographies.
The report also provides an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, in-depth secondary research and exclusive insights from interviews with industry leaders. A highly experienced and experienced team of analysts and modelers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and approaches from key competitors.
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