Bioengineering Technology Global Market Report 2024

The bioengineering technology market size has grown rapidly in recent years. It will grow from $282.19 billion in 2023 to $320.38 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth observed during the historic period can be attributed to several factors, including the increasing aging population, rising prevalence of chronic diseases, growth in the bioengineering technology market, favorable government initiatives, and the adoption of genetic engineering strategies.

The bioengineering technology market size is expected to see rapid growth in the next few years. It will grow to $521.98 billion in 2028 at a compound annual growth rate (CAGR) of 13%. The projected growth in the forecast period can be attributed to an increased focus on cell therapies, the rapid growth of synthetic biology, advancements in precision medicine, a growing application in agriculture, and an expanded use in environmental solutions. Major trends anticipated in the forecast period include advanced gene editing techniques, the convergence of technologies, further advancements in precision medicine, global collaboration and partnership, and the applications of synthetic biology.

The rising prevalence of chronic diseases is poised to drive the expansion of the bioengineering technology market in the future. Chronic diseases are characterized by their prolonged and persistent nature, leading to long-term health conditions. Bioengineering technology plays a crucial role in managing and treating chronic diseases due to its potential to offer innovative solutions, enhance outcomes, and improve the quality of life for patients. For instance, the National Centre for Biotechnology Information reported in January 2023 that chronic conditions are expected to increase by 99.5% from 71.522 million in 2020 to 142.66 million in 2050. Consequently, the growing prevalence of chronic diseases is fueling the growth of the bioengineering technology market.

Key players in the bioengineering technology market are focusing on developing innovative technological products, such as Mito Plus, to advance the field of regenerative medicine. Mito Plus is a cutting-edge 3D bioprinter designed to produce tissues or organs resembling natural body parts, containing living cells, using 3D printing technology. For example, Avay Biosciences Pvt. Ltd., an India-based manufacturer and service provider of 3D printers, introduced Mito Plus in November 2022. This state-of-the-art bioprinter is hailed as one of the most advanced in its price range, capable of printing a wide range of biomaterials and featuring built-in UV curing options. It also incorporates HEPA filters and temperature control, enabling cooling of the printhead and print bed by up to 4 degrees Celsius, as well as heating capabilities.

In March 2023, Ginkgo Bioworks, a US-based horizontal platform for cell programming, acquired FGen AG for an undisclosed sum. This acquisition strengthens Ginkgo's position as a leader in the bioengineering field, providing it with a robust tool for strain development and optimization across various industries. FGen AG is a Switzerland-based bioengineering company.

Major companies operating in the bioengineering technology market report are Pfizer Inc., Johnson & Johnson, Roche Holding AG, Novartis AG, Bristol-Myers Squibb Company, Thermo Fisher Scientific, Abbott Laboratories, AstraZeneca plc, Medtronic plc, Gilead Sciences Inc., Amgen Inc., Novo Nordisk A/S, Moderna Inc., Becton Dickinson (BD), Regeneron Pharmaceuticals, Inc., Biogen Inc., Vertex Pharmaceuticals Inc., Agilent Technologies, Lonza Group Ltd., Intuitive Surgical, Illumina, Inc, Bio-Rad Laboratories, Ginkgo Bioworks, Verve Therapeutics, Inc., CRISPR Therapeutics.

North America was the largest region in the bioengineering technology market in 2023. The regions covered in the bioengineering technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bioengineering technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The bioengineering technology market includes revenues earned by entities service such as medical diagnostic services, pharmaceutical services, personalized medicine services, engineering, and nanotechnology in medicine services, biological data analysis services, regenerative medicine services, and health information technology. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The bioengineering technology market consists of sales of implantable medical devices, wearable health monitoring devices, biomedical imaging equipment, and diagnostic devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Bioengineering technology involves applying principles and techniques from engineering and the natural sciences to develop technologies and solutions for understanding, manipulating, and utilizing biological systems, particularly in the fields of medicine, biology, and healthcare.

The primary types of products in bioengineering technology include biomedical engineering, genetic engineering, biotechnology, tissue engineering, biomechanics engineering, biomaterials, nano-biotechnology, bioinformatics, and others. Biomedical engineering entails applying engineering principles and design concepts to medicine and biology for healthcare purposes. It encompasses various technologies such as nanobiotechnology, tissue engineering and regeneration, DNA sequencing, cell-based assays, and fermentation, and finds applications in health, food and agriculture, natural resources, and the environment.

The bioengineering technology market research report is one of a series of new reports that provides bioengineering technology market statistics, including bioengineering technology industry global market size, regional shares, competitors with a bioengineering technology market share, detailed bioengineering technology market segments, market trends and opportunities, and any further data you may need to thrive in the bioengineering technology industry. This bioengineering technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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