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.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/biotechnology-market
Further key findings from the report
suggest:
·
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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this category @ http://www.grandviewresearch.com/industry/biotechnology
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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