Non Therapeutic Biomolecules Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s non therapeutic biomolecules market report forecasts the non therapeutic biomolecules market size to grow to $41.26 Billion by 2027, with a CAGR (compound annual growth rate) of more than 10%.
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Non Therapeutic Biomolecules Market Size Forecast
The global non therapeutic biomolecules market is expected to grow from $25.02 billion in 2022 to $27.91 billion in 2023 at a compound annual growth rate (CAGR) of 11.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The non-therapeutic biomolecule market is expected to reach $41.26 billion in 2027 at a CAGR of 10.3%.
Asia-Pacific held the largest non therapeutic biomolecules market share.
Key Non Therapeutic Biomolecules Market Driver – Increase In Number Of Research And Laboratory Testing
For example, according to the National Center for Science and Engineering Statistics, a US-based government statistical agency, research and development spending by academic institutions totaled $86.4 billion in 2020, a $2.7 billion (3.3%) increase over the previous year. Furthermore, according to the American Association for Clinical Chemistry (AACC), a scientific and medical professional organisation based in the United States, more than 200,000 laboratories certified under the Clinical Laboratory Improvement Amendment (CLIA) perform nearly 13 billion laboratory tests in the United States each year, and laboratory services account for 2.3% of U.S. healthcare expenditures and 2% of Medicare expenditures. As a result, the rapidly increasing number of research and laboratory tests is propelling the non-therapeutic biomolecules market forward.
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Key Non Therapeutic Biomolecules Market Trend – Product Innovations
To maintain their market position, major market players are focusing on research and development for product innovations. For example, in January 2022, BASF SE, a German multinational chemical company, partnered with Caregen, a Korean company specializing in biomimetic peptide research and development, and introduced the PeptovitaeTM series made with liposome-encapsulation technology to broaden its dermo-cosmetics portfolio to address a wide range of skin concerns with innovative and differentiated solutions. Liposomal encapsulation is a technique that uses fats to deliver essential vitamins or medications to specific body parts in tiny bubbles while causing no harm to other parts of the body. The Peptovitae series addresses a broader range of skin concerns than are traditionally associated with the use of peptides, such as signs of ageing, enhancing skin brightness, soothing dry and itchy skin, and moisturising skin.
Non Therapeutic Biomolecules Market Segment
1) By Trad Pharma: Enzymes, Recombinant Proteins, Plasmids, Peptides, Oligonucleotides, Monoclonal Antibodies
2) By End User: Research, Pharma, In vitro diagnostics(IVD)
Non Therapeutic Biomolecules Market Major Players and Strategies
Major players in the non therapeutic biomolecules market are Merck Group, Bio-Synthesis Inc., Eurogentec, Aviva Systems Biology, RayBiotech, Biocon Limited, Bio-Techne Corporation, Danaher Corporation, Eurofins Scientific SE, Thermo Fisher Scientific Inc., Agilent Technologies Inc., GE HealthCare, GeneDesign Inc., Biosearch Technologies, TriLink BioTechnologies LLC, ATDBio Ltd., ABI Scientific, Abbiotec Inc., ACES Pharma, Activotec, Alta Bioscience Ltd., Bachem Holding, CanPeptide, CASLO ApS, and CPC Scientific Inc.
Eli Lilly and Company, a US-based multinational pharmaceutical company, paid $1 billion for Protomer Technologies in July 2021. Eli Lilly and Company hopes to strengthen its biomolecule product portfolio and accelerate the development of these next-generation therapeutics through this acquisition. Protomer Technologies is a company based in the United States that manufactures and engineers peptide molecules, including non-therapeutic molecules.
The Non Therapeutic Biomolecules Global Market Report 2023 covers regional data on non therapeutic biomolecules market size, non therapeutic biomolecules market trends and drivers, opportunities, strategies, and non therapeutic biomolecules market competitor analysis. The countries covered in the non therapeutic biomolecules market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Organic compounds produced by cells and living things are referred to as non-therapeutic biomolecules. These compounds come in a variety of shapes and sizes and perform a wide range of functions in the body.
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