Promising Growth in the Global Biotechnology Sector
According to estimations by Prophecy Market Insights, the global biotechnology sector is expected to develop significantly between 2024 and 2034. Innovations in genetic engineering and personalized medicine are major forces behind this growth. Additionally, the awareness of biotechnology's potential in addressing environmental sustainability and global health challenges continues to drive demand. This growth trend is anticipated to persist throughout the forecast period.
Key Markets Influencing Biotechnology Growth
Several key markets play crucial roles in shaping the future of the biotechnology industry:
Omics-Based Clinical Trials Market
The omics-based clinical trials market, valued at USD 31.5 billion in 2024, is projected to grow at a CAGR of 8.9% over the next decade. The increasing need for individualized treatment plans is fostering the rapid adoption of precision medicine, which is a significant factor for the growth of this market.
MedTech CMO Market
With a valuation of USD 61.3 billion in 2024, the MedTech contract manufacturing organization (CMO) market is expected to grow at a CAGR of 5.0% from 2024 to 2034. The primary driver of this market's growth is the rising demand for outsourcing in the production of medical devices, motivated by the requirement for specialized knowledge and cost efficiency.
Cell and Gene Therapy CDMO Market
The global cell and gene therapy contract development and manufacturing organization market stood at USD 4.4 billion in 2024, with projections to grow at an impressive CAGR of 28.90% until 2034. A surge in the development of advanced therapies and increased investments in research are key contributors to this growth.
Biologics CDMO Market
Valued at USD 18 billion in 2024, the biologics CDMO market is likely to witness a CAGR of 11.80% during the 2024-2034 period. This growth is propelled by an expanding pipeline of biologic medications, which is largely driven by the rising incidence of chronic diseases and the ongoing need for innovative treatments.
CAR-T Cell Therapy Market
The CAR-T cell therapy market is projected to increase from USD 2.7 billion in 2024, with a modest CAGR of 1.80% anticipated over the next decade. The market growth is largely supported by advancements in immunotherapy and an increasing number of CAR-T cell treatments attaining regulatory approvals.
U.S. Cell and Gene Therapy CDMO Market
The U.S. cell and gene therapy CDMO market is expected to reach USD 2.37 billion in 2024, with continued growth projected at a CAGR of 28.90% through 2034. This robust growth is encouraged by a strong regulatory environment and increasing government support for advancements in gene and cell therapies.
GLP-1 Analogues Market
The GLP-1 analogues market size was USD 45.3 billion in 2024 and is expected to grow at a dramatic CAGR of 33% over the next ten years. The expansion of this market is attributed to the rising rates of diabetes and obesity along with proven efficacy of GLP-1 analogs in managing these conditions.
Emerging Trends in Biotechnology
The biotechnology landscape is ever-evolving, with several emerging sectors receiving significant attention and investment:
Brain Health Supplements Market
The global market for brain health supplements, valued at USD 9.94 billion in 2024, is anticipated to grow at a CAGR of 9.7% by 2034. With an aging population, there is a growing demand for products that support cognitive function and combat age-related decline.
Cancer Immunotherapy Market
Projected to achieve USD 158.5 billion in 2024, the cancer immunotherapy market is expected to grow at a CAGR of 14.2%. This growth reflects the increasing prevalence of diverse cancer types globally and a demand for immunotherapies as alternative treatments.
Tumor-Infiltrating Lymphocyte (TIL) Therapy Market
The TIL therapy market, valued at USD 0.1 billion in 2024, is anticipated to expand significantly at a CAGR of 40% through 2034, aided by encouraging clinical results and heightened funding for cancer immunotherapy research.
About Prophecy Market Insights
Prophecy Market Insights is a dedicated market research and analytics company that provides strategic support to clients. The company's offerings include comprehensive analysis, insights into market trends, and assistance in identifying value opportunities across various sectors such as healthcare, pharmaceuticals, and biotechnology.
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Frequently Asked Questions
What is the expected growth of the biotechnology industry?
The global biotechnology industry is projected to grow significantly between 2024 and 2034, driven by innovations and increasing demand.
What are the key markets influencing biotechnology growth?
Key markets include omics-based clinical trials, MedTech CMOs, and cell and gene therapy among others.
What factors are fueling the growth of the cell and gene therapy market?
Advancements in therapy research and increasing investments are major drivers of the cell and gene therapy market.
How is the cancer immunotherapy market performing?
The cancer immunotherapy market is experiencing substantial growth due to rising cancer prevalence and demand for alternative treatments.
Who is Prophecy Market Insights?
Prophecy Market Insights is a specialized market research firm that provides insights, strategies, and solutions to help clients in their business endeavors.
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