New York, Aug. 01, 2022 (GLOBE NEWSWIRE) — Environmental monitoring is critical due to increased pharmaceutical and biopharmaceutical research and development activities, supported by high industry spending globally. The need to meet safety and quality assurance mandates in drug formulation reinforces the reliance on pharmaceutical and biotechnology environmental oversight. In 2020, global R&D spending in the pharmaceutical industry was around USD 210 billion.
Research Nester examined the statistical and analytical approach needed to grow ‘Global Pharmaceutical and Biotechnology Environmental Monitoring Market‘ between the years 2022 and 2031. The major industrial insights provided in the report give the readers a better idea of the market outline regarding the existing scenario in the market. The report further includes in-depth market analysis across five major regions, namely North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa, including current and future industry trends, innovations and challenges, as well as strategies that help industry players achieve their business goals.
Biotechnology has become more prevalent in the pharmaceutical industry, helping the industry to research and develop new products, processes, methods and services and to improve existing ones. In the pharmaceutical industry, biotechnology accounted for more than $250 billion in drug revenue in 2019. Government initiatives to support biotechnology in several countries are a significant growth driver. For example, in the Union Budget 2022-23, according to the India Brand Equity Foundation (IBEF), the Government of India sanctioned USD 343.56 million to improve infrastructural support in several areas including biotechnology and bioinformatics , in addition to agriculture and genetic engineering, among others.
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The adoption of biotechnology for medical research and development activities leads to an increase in the demand for environmental monitors. Driven by these major factors, the global pharmaceutical and biotechnology environmental monitoring market is expected to grow at a CAGR of around 6% over the forecast period, i.e., 2022-2031. Additionally, increasing government investments in the biotechnology industry, along with favorable reimbursement policies for biotechnology research projects are further expected to drive the growth of the market. For example, in 2020, approximately $100 billion was invested in biotechnology companies in the United States. Moreover, the development of technology in the healthcare sector, supported by the increase in R&D activities, is also expected to drive the growth of the market. According to statistics from the World Health Organization (WHO), in 2021, gross domestic expenditure on health R&D (health GERD) accounted for 14.8% in the Eastern Mediterranean, 12.8% in the Americas and 12.4 % in Southeast Asia, of total GERD.
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Geographically, the North America region is expected to hold the largest pharmaceutical and biotech environmental monitoring market share throughout the forecast period owing to the presence of advanced healthcare infrastructure and high concentration on medical R&D activities. For example, health or medical R&D funding in the United States in 2018 was approximately $114.5 billion in total, according to the National Center for Science and Engineering Statistics (NCSES).
In addition, the Asia Pacific market is expected to witness notable growth over the forecast period. Increasing development and adoption of advanced biotechnology in developing countries, such as India, China, and Japan, is driving the market growth in the region. Moreover, increasing investment in biotech companies is also expected to boost the market growth. For example, according to data from the India Brand Equity Foundation (IBEF), there were more than 2,700 biotech start-ups and 2,500 biotech companies in the country, as of November 2021. India’s biotech industry was rated to USD 63 billion in 2019. , and is expected to reach USD 150 billion by 2025. In addition, under the Indian Union Budget 2021-2022, government spending on biotechnology research and development will increase amounted to more than 200 million USD.
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The study further incorporates YOY growth, demand and supply and forecasts future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).
The global pharmaceutical and biotechnology environmental monitoring market is segmented on the basis of end-user into pharmaceutical industry, biotechnology industry, academic and research institutes, etc. The biotechnology industry segment is estimated to hold a substantial share of the global market owing to the increase in funding for research activities in the industry. For example, global funding for biotech startups collectively stood at around $50 billion at the end of 2021. A growing number of biotech researchers, especially in developed countries, are driving the industry forward.
The global pharmaceutical and biotechnology environmental monitoring market is also segmented on the basis of type.
Global Pharmaceutical and Biotechnology Environmental Monitoring Market; Segmentation by type
- Monitoring equipment
- Microbiology services
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Some of the key players and their company profile included in the Global Pharmaceutical and Biotech Environmental Monitoring Market research report are Thermo Fisher Scientific Company, Springer Nature Limited, Applied Microarrays Inc., CD Genomics, RELX Group, MilliporeSigma ( Merck KGaA), QIAGEN, Agilent Technologies, Inc., Danaher Corporation, Eppendorf SE and others. Profiling encompasses growth opportunities, challenges, market trends, competitive analysis and positioning, and the strategies used by them to stay ahead of their competitors.
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