Global Bioengineering Technology Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Bioengineering technology refers to the application of principles and techniques from engineering and the natural sciences to develop technologies and solutions for understanding, manipulating, and utilizing biological systems. It is used to solve problems and improve processes in the fields of medicine, biology, and healthcare.

Sizing and Forecast
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 in the historic period can be attributed to increasing aging population, increasing prevalence of chronic diseases, bioengineering technology market growth, favorable government initiatives, growing 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 13.0%.  The growth in the forecast period can be attributed to increased focus on cell therapies, rapid growth of synthetic biology, precision medicine advancements, increasing application in agriculture, expanded use in environmental solutions. Major trends in the forecast period include advanced gene editing techniques, convergence of technologies, advancements in precision medicine, global collaboration and partnership, synthetic biology applications.

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Segmentation & Regional Insights
The bioengineering technology market covered in this report is segmented –
1) By Product: Biomedical Engineering, Genetic Engineering, Biotechnology, Tissue Engineering, Biomechanics Engineering, Biomaterial, Biomechanical Engineering, Nano-biotechnology, Bioinformatics, Other Products
2) By Technology: Nanobiotechnology, Tissue Engineering and Regeneration, DNA Sequencing, Cell-based Assays, Fermentation
3) By Application: Health, Food And Agriculture, Natural Resources And Environment

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.

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Major Driver Impacting Market Growth
The increasing prevalence of chronic diseases is expected to propel the growth of the bioengineering technology market going forward. Chronic diseases are referred to as long-term health conditions characterized by their prolonged and persistent nature. Bioengineering technology is used in the management and treatment of chronic diseases due to its potential to provide innovative solutions, improve outcomes, and enhance the quality of life for patients. For instance, in January 2023, according to the National Centre for Biotechnology Information, a US-based division of the National Library of Medicine, chronic conditions are anticipated to increase by 99.5% from 71.522 million in 2020 to 142.66 million in 2050. Therefore, the increasing prevalence of chronic diseases is driving the growth of the bioengineering technology market.

Key Industry Players
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

The bioengineering technology market report table of contents includes:
1. Executive Summary

2. Bioengineering Technology Market Characteristics
3. Bioengineering Technology Market Trends And Strategies
4. Bioengineering Technology Market – Macro Economic Scenario
5. Global Bioengineering Technology Market Size and Growth

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32. Global Bioengineering Technology Market Competitive Benchmarking
33. Global Bioengineering Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Bioengineering Technology Market
35. Bioengineering Technology Market Future Outlook and Potential Analysis
36. Appendix

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