Covina, Aug. 23, 2024 (GLOBE NEWSWIRE) -- According to estimations by Prophecy Market Insights, the global biotechnology sector is expected to develop significantly between 2024 and 2034. Developments in genetic engineering and customised medicine have been major forces behind the biotechnology industry's growth. The demand has been further accelerated by growing awareness of biotechnology's potential to address environmental sustainability and global health challenges; this trend is anticipated to continue throughout the forecast period.
The following are some of the major markets that have an impact on the industry completely:
Omics-Based Clinical Trials Market size was USD 31.5 billion in 2024 and is projected to grow at a CAGR of 8.9% from 2024 to 2034. The requirement for individualised treatment plans is propelling the growing use of precision medicine, which is contributing significantly to the expansion of omics-based clinical trials.
MedTech CMO Market size was USD 61.3 billion in 2024 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2034. The primary force behind the growth of the target market is the growing necessity for outsourcing in the production of medical devices due to the need for specialised knowledge and cost effectiveness.
Cell and Gene Therapy CDMO Market size was USD 4.4 billion in 2024 globally and is anticipated to grow at a compound annual growth rate (CAGR) of 28.90% from 2024 to 2034. The surge in the development of advanced therapies, coupled with increasing investments in cell and gene therapy research, is driving the growth of the target market.
Biologics CDMO Market size was USD 18 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 11.80% from 2024 to 2034. One of the main factors boosting the target market is the expanding pipeline of biologic medications, which is being pushed by the rising incidence of chronic illnesses and the need for novel treatments.
CAR-T Cell Therapy Market size was USD 2.7 billion in 2024 globally and is anticipated to rise at a compound annual growth rate (CAGR) of 1.80% from 2024 to 2034. The key drivers of this market are the notable progress made in immunotherapy and the growing number of CAR-T cell treatments that have received FDA approval.
U.S Cell and Gene Therapy CDMO Market size was USD 2.37 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 28.90% from 2024 to 2034. The strong regulatory environment and growing governmental backing for advancements in gene and cell therapy are major factors propelling the U.S. market for CDMOs in these fields.
GLP-1 Analogues Market size was USD 45.3 billion in 2024 globally and is expected to grow at a compound annual growth rate (CAGR) 33% from 2024 to 2034. The target market is expanding as a result of the growing incidence of diabetes and obesity as well as the demonstrated effectiveness of GLP-1 mimics in treating these illnesses.
Brain Health Supplements Market size was USD 9.94 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 9.7% from 2024 to 2034. The increasing global aging population is driving the demand for brain health supplements as individuals seek to maintain cognitive function and prevent age-related mental decline.
Cancer Immunotherapy Market size was USD 158.5 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 14.2% from 2024 to 2034. The increasing prevalence of various types of cancer worldwide is boosting the demand for immunotherapy as an alternative or complementary treatment to traditional cancer therapies like chemotherapy and radiation.
Tumor-Infiltrating Lymphocyte (TIL) Therapy Market size was USD 0.1 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 40% from 2024 to 2034. The market for tumor-infiltrating lymphocyte (TIL) therapy is expanding due to encouraging clinical results and rising funding for cancer immunotherapy research.
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