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.
Browse full research report on Global Biotechnology Market: http://www.grandviewresearch.com/industry-analysis/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.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/biotechnology
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
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com
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