Global biotechnology market size is expected
to reach USD 604.40 billion by 2020, according to a new report by Grand View
Research, Inc. Increasing demand for biotechnology based diagnostics and therapeutics
solutions such as recombinant technology, red biotechnology and DNA sequencing
is expected to serve as a high impact rendering driver during the forecast
period.
The presence of government funded
institutions such as the NBTB (National Biotechnology Board) and DBT
(Department of Biotechnology) are carrying out R&D and product development
exercises pertaining to this field. Funding and scientific updates rendered by
these institutions are likely to boost market growth over the forecast period.
Application of biotechnological processes
such as genetic engineering and genetic modification (GM) in agricultural and
food products to meet the demand of the booming population is expected to
encourage R&D. Biotechnology plays an integral role in catering to the ever
increasing agricultural demands.
In depth research report on Biotechnology Market
Tissue engineering and regeneration held
approximately 33.0% of the overall market owing to, the wide applications of
tissue engineering in cell organs which have lost their functionality.
Moreover, increasing incidence rates of Parkinson’s and Alzheimer’s is another
vital driver of this industry as tissue regeneration technology helps repair damaged
cells.
DNA sequencing is expected to be fastest
growing segment over the forecast period as a consequence of their wide
applications in different verticals such as agriculture, biology, medical and
geology. Declining costs will further improve accessibility over the forecast
period.
The application of biotechnology in the field
of biopharmaceuticals generated the largest revenue in 2014. The market for
biopharmaceuticals was valued at over USD 180.0 billion in the year.
Biopharmaceuticals are further sub segmented into advanced drugs, orphan drugs,
monoclonal antibodies and recombinant proteins.
Bioservices market is expected to witness the
fastest growth over forecast period owing to, the rising clinical research
activities undertaken by various pharmaceutical and biotechnological
organizations. In addition, the rising demand for cost cutting, implementation
of stringent government regulations and increasing complexity of
biotechnological processes are some key drivers of this segment.
North America accounted for the largest share
of the overall industry in 2013 with revenue over USD 113 billion, as a result
of increasing R&D initiatives undertaken in the fields of biopharmacy and
agriculture. The use of biotechnology tools for energy generation will also
boost penetration rates during the forecast period.
Asia Pacific is expected to gain lucrative
revenue share over the forecast period and is expected to register an annual
growth of 14.0%. Rising awareness levels and government initiatives to improve
healthcare infrastructure are likely to drive regional market growth.
Biotechnology players are classified based on
the nature of their clientele. Key biotechnology players include Invitrogen,
Cubist Pharmaceutical, Regeneron, Novo Nordisk, Amgen, Teva Pharmaceutical
Industries, Roche Diagnostics, and Alkermes
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About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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