Market Research Report
Biotech Ingredients Market by Type, Product, and Expression Systems : Global Opportunity Analysis and Industry Forecast, 2021-2028
|Biotech Ingredients Market by Type, Product, and Expression Systems : Global Opportunity Analysis and Industry Forecast, 2021-2028|
Published: May 31, 2021
Allied Market Research
Content info: 300 Pages
Delivery time: 2-3 business days
The global biotech ingredient market was valued at $51.3 billion in 2020, and is anticipated to generate $75.3 billion by 2028. The market is projected to experience growth at a CAGR of 4.8% from 2021 to 2028.
Biotech ingredients are compounds that consist of components with natural extracts, essential oils, and bio-engineered substances. These compounds are found in animals, plants, micro-organisms, and any natural living organisms. These complex structures are produced through processes such as hybridoma and genetic engineering.
Biotech ingredients are experiencing high demand over synthetic ingredients marking a huge shift in consumer base. This is attributed to rise in awareness among consumers regarding health benefits from organic and herbal medicines. Moreover, use of generic medicines has also increased significantly as current lifestyles, stress, and working habits have led to various health concerns, which acts as a driving factor for generic medicines. Increase in demand for generic medicines have also led to increase in shift toward use of biotech ingredients. In addition, rise in consumption in the food & beverages industry and various health supplements also drive growth of the biotech ingredients market growth. However, unavailability of raw materials acts as restraint for the biotech ingredients market growth.
The biotech ingredient market is segmented on the basis of type, product, application, and region. Depending on type, the market is segmented into active pharmaceutical ingredients (API) and biosimilars. By product, it is categorized into monoclonal antibodies, vaccines, hormones & growth factors, cytokines, fusion proteins, therapeutic enzymes, and blood factors. By expression systems, it is divided into mammalian expression systems, microbial expression systems, yeast expression systems, plant expression systems, and insect expression systems. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the market are Pfizer Inc., Novartis International AG, Merck & Co., Teva Pharmaceutical Industries Ltd., Mylan, Inc., Boehringer Ingelheim, Sanofi, AbbVie, Eli Lilly and Company, and AstraZeneca plc. The players in the market have adopted several strategies, such as type launch and business expansion, to sustain the market competition.
By Expression Systems