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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Further key findings from the study 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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