Scope and Application of Biotechnology in Different Industries

As the latest and most important Drew Maloney from Atlanta field of applied science in the 21st-century world, biotechnology or biotech includes various science and technology. This includes the application of mathematics, law, chemistry, physics, engineering, and of course, biology.

Simultaneously, the inclusion of genetic engineering in biotechnology provides scope for developing therapeutic drugs and proteins. Additionally, manufacturing advanced seeds, pesticides, and even human cell modification is possible with the help of biotechnological advancements. Hence, the field offers many scopes for the improvement of human lives.

One such recent noteworthy advancement would be that of the CRISPR-Cas9 technology, which allows genome modification. This has been particularly fruitful in developing vaccines for the COVID-19 virus.

Apart from that, other advancements have been in plant tissue culture, medicines, enzymes, and transgenic production in plants and animals. Even the scope for developing monoclonal antibodies and gaining better pollution control are mentionable.

1. Is the biotechnology market big?
   The global biotechnology market is vast and still growing at an exponential rate. According to recent market research, the market was expected to grow to USD 1006.68 billion in 2021 alone. In the United States, the current biotechnology market value stands at USD 140.8 billion.
2. Which is the largest market for biotechnology?
   Health-related applications and biopharmaceuticals are the dominating sectors of the biotechnology market. The biotechnology sector has many segments, like PCR technology, fermentation, DNA sequencing, tissue engineering, nanotech, etc.

However, biotechnology has penetrated the healthcare systems the most, thanks to disease management and molecular diagnostics.

3. What is the current market growth for biotechnology?
   The biotechnology market size was around USD 752.88 billion in 2020 and was estimated to grow at 8-15% CAGR between 2021 and 2028. With the current scenario, the industry could potentially reach up to USD 1,683.52 billion by 2030.