Source: Genflow Biosciences
Biotechnology is a field that develops products by maximizing the use of biological systems like living creatures or elements. They provide a wide range of fields like biochemistry, genetics, and even molecular biology, which can be further used for different fields like agriculture, medicine, and industrial biotechnology.
According to the Jakarta Post, Indonesia still ranks the lowest among other Asian countries in terms of human resources and the research and development of biotechnology. However, there has been development in terms of collaboration and product development for biotechnology in Indonesia. With that issue at hand, it makes the Minister of Health optimistic about the development of the industry.
What do you think are the opportunities of the biotechnology industry? How will it survive in Indonesia? What are some necessary steps needed to succeed the biotechnology industry in Indonesia? Read more to find out!
Market Overview of the Biotechnology Industry
According to Precedence Research, the global biotechnology market was valued at approximately USD 859.94 billion in 2022, which is expected to grow around USD 1683.52 billion by 2030 with a CAGR of 8.7% from 2023 to 2030. The biggest country that holds the biggest revenue share is North America which accounts for 37.76%, followed by Asia Pacific countries which gathered a revenue share of 23.8%.
The market of biotechnology is currently being driven by favorable government initiatives, especially with the rise of the industry in developing nations like China, Japan, and India.
Some of the driving factors of the biotechnology industry include:
- Rising incidences of target diseases and genetic disorders
- Technological advancements
- Development of portable instruments and incorporation of robotics
- Increased investments, funds, and grants for research activities
In certain regions, the market of biotechnology will grow simultaneously with the rise in healthcare spending, expansion of healthcare infrastructure, and lower procedural costs of disease diagnosis techniques. Modernization is also a huge contributing factor to the growth of the industry, which makes biotechnology an important field considering there are large amounts of data generated by different techniques that require interpretation of data and management for future research and medical purposes.
Major Players in the Biotechnology Industry
The biotechnology industry consists of hundreds of companies that fuse biology and technology together to develop drug-related products to treat diseases and medical conditions. These companies usually make medical devices and diagnostics, biofuels, biomaterials, pollution controls, and more.
- Novo Nordisk
Headquartered in Denmark, Novo Nordisk is a multinational biotech company headquartered in Denmark with offices and facilities in different parts of the globe. They put their main focus on diabetes care, hemophilia care, growth hormone therapy, and hormone replacement therapy.
Headquartered in Mainz, Germany, BioNTech was initially created to tailor cancer treatments. In 2020, it partnered with Pfizer to develop its first Covid-19 vaccine.
- Moderna Inc.
Incorporated in 2010, this Cambridge, Massachusetts company became one of the youngest biotech firms among its competitors. They develop medicines based on messenger ribonucleic acids (mRNA) and have made headlines after developing and commercializing an mRNA-based Covid-19 vaccine in 2020.
Technology Segmentation of the Biotechnology Industry
Based on technology, the nano-biotechnology segment dominated the market with the highest market share during 2022 with a CAGR of around 12.4% from 2022 to 2030, which is followed by PCR or the polymerase chain reaction technology. There are other technologies related to this, including:
- Tissue engineering and regeneration
- PCR Technology
- CelL Based Assay
- DNA sequencing
The market for biotechnology products is quite fragmented, with the presence of several local companies. To gain a higher market share, the companies have adopted different marketing strategies like investments, partnerships, acquisitions, launches, and product development. Moreover, these companies have tried to implement a more competitive pricing strategy for its products so it could cater the needs of the market.
Enter Indonesia’s Petrochemical Industry with BRIGHT Indonesia
It would take a lot of in-depth research about Indonesia’s biotechnology industry. In order to enter the Indonesian market, you would need the right local partner to assist you.
BRIGHT Indonesia is an ideal business partner for you. We will assist you on the ground, including virtual assistants during the mission, logistical planning, and detailed communication. It can cause your company to focus on developing partnership cooperation rather than the hassles of the business trip.
BRIGHT Indonesia provides several services such as Market Insight Research, Business Partnership Engagement, Management and Strategy Consulting, and Foreign Direct Investment. The services will help your business to:
- Provide assistance for you in expanding and developing your business by identification of potential partners.
- Secure the agreement between client companies and future Indonesian business partners by providing a list of potentially suitable partners, arrange business meetings, and act as a liaison.
- Supporting our foreign client companies from the private sector with developing corporate or business unit strategies or helping your company from public sector organizations with public policy.
- Link client companies both from the private and public sectors in global foreign direct investment (FDI) through training and assisting your company in entering FDI source countries to gather investment for your company’s local markets.
For more information, email firstname.lastname@example.org.