The global market for biotechnology is predicted to reach US $604.40 Billion by 2020. Market was valued at US $270.50 billion in 2013 and is expected to grow at a CAGR of 12.3%. With rising scope of application along with demand for effective vaccines and drugs to improve healthcare access to patients with unfulfilled medical requirements is predicted to increase the market’s demand in the next six years. Rising need for biotechnology based therapeutics and diagnostics solutions such as recombinant technology, DNA sequencing, and red biotechnology is said to serve propel this market over the forecast period.
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Organizations such as Department of Biotechnology (DBT), along with other government-aided institutions like National Biotechnology Board (NBTB) and other self-reliant organizations that symbolize biotechnology industry sponsors funds to help R&D and product development actions related to the field and are supposed to drive the market’s growth from 2013 to 2020. Use of biotechnological processes such as genetic modification (GM) and genetic engineering in agriculture and food products to fulfill the demands of the budding population is predicted to boost R&D. Biotechnology has a significant role in providing to the rising agricultural demands.
Alzheimer’s and Parkinson’s disease are on the rise and hence being the key driving force of this market which is a key driving force of this industry tissue regeneration technology aids in repairing the damaged cells. Tissue engineering and regeneration gained nearly 33.0% of the overall market due to the vast applications of tissue engineering in cell organs which have lost their functionality.
North America dominated the regional market by generating more than 40% of the global revenue in 2012. The factors responsible for this growth are increasing patient awareness, refined healthcare infrastructure and healthcare expenses. With the presence of untouched opportunities in developing markets of India and China, Asia Pacific region is predicted to grow at a fastest CAGR of 14.8% over the forecast period. Tissue engineering and regeneration technology led the market with a revenue share of 32.5% in 2013.
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The Global Biotechnology Market is segmented based on Application, Technology, Regions & Manufacturers:
Biotechnology Market – Application Segment Analysis
- Medical Gases
Biotechnology Market – Technology Segment Analysis
- Fermentation Tissue engineering and Regeneration
- PCR Tehnology
- Chromatography Market
- DNA Sequencing
- Cell Based Assay
Biotechnology Market – Regional Segment Analysis
- North America
- Asia Pacific
Biotechnology Market – Key Players
- Abbott Laboratories, Inc.
- Celgene Corporation
- Genzyme Corporation
- Amgen, Inc.
- Biogen Idec Inc.
- Novartis International AG
- Lonza Group Ltd.
- Genentech Inc.
- Merck & Co., Inc.
- Novo Nordisk A/S
- Johnson & Johnson
- Gilead Sciences
- Pfizer, Inc
- Astra Zeneca
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