Biotechnology Market is expected to display higher growth rate over the next seven years. Rapid surge in the biotechnology market is credited to the development of regenerative medicine and genetics in diagnostics. Shifting trend towards personalized and regenerative medicine is expected to drive market growth of biotechnology over the forecast period. Globally, the biotechnology industry is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the industry.
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The key driving factors responsible for the growth of Biotechnology
market :
Increasing adoption of
biotechnology market in healthcare sector and pharmaceutical industry coupled
with reduced manufacturing cost of drugs and various chemical products are
expected to drive market demand for biotechnology solutions over the forecast period.
Rising number of application in agriculture sector, including protection
against diseases & fungicide, and higher germination rate. These factors
are significantly contributing to high-end market demand in the recent years.
Use of biotechnology enhance germination rate and offer uniformity, to overcome
seed dormancy is anticipated to drive market demand in the upcoming years.
Biotechnology helps to initiate the metabolic processes of germination.
Advent of white biotechnology for
production of various biofuels like bioethanol and biodiesel is fostering
industry expansion of the biotechnology industry over the forecast period. In
addition, white biotechnology plays a vital role during production of essential
chemical products such as organic acids, amino acids, ethanol and various types
of vitamins, thus propelling market growth, in the recent years. In addition,
the biotechnology is considered as simple process involving least number of
production steps and produces minimum residue after the completion. Unlike
other types of chemical process, the biotechnology is not affected by price
volatilities of raw materials. These advantages are estimated to foster the
market growth of biotechnology in years to come.
The biotechnology market is
broadly categorized into major segments based on the application type such as
healthcare sector, agriculture sector, industrial processing and
bioinformatics. The agriculture segment is growing rapidly in the biotechnology
industry with substantial revenue generation in the last few years. Growing
popularity of biotechnology in the agriculture segment is attributed to ability
to enhance fermentation and germination rate. The healthcare sector segment has
also witnessed substantial growth owing to the increasing demand for DNA
sequencing for diseases detection.
The biotechnology market is
divided by region as North America, Europe, Asia-Pacific, Latin America and
Africa. North America has shown major growth in recent years owing to the rise
in the implementation of latest technologies, favorable laws & regulation
associated biotechnology, higher approval rate, rise in the level of awareness
among general population, surge in number of research & development
activities in the region and existence of well-established infrastructure.
Asia-Pacific region is estimated
to hold major market share in biotechnology with massive growth in forecast
period. Countries such as India, China and Singapore are leading the
Asia-Pacific market with rising disposable income, growing number of patent
regarding incorporation of biotechnology, and significant investment by leading
industry players considering potential growth opportunities in the region.
The key players in the
biotechnology industry are Johnson & Johnson Services, Inc., Amyris, Inc.,
BioAmber, Inc., Borregaard Ltd., Codexis, Inc., Deinove S.A., Evolva Holding
S.A., F. Hoffmann-La Roche Ltd., Pfizer, Merck & Co., and Sanofi S.A.
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