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Developing or making new products with the help of living organisms is known as biotechnology. It is basically a technological application which uses living/biological system to produce products for specific purposes. Heavy investment by biotechnological companies resulting in discovery of advanced biological products is likely to drive the market in the coming five years. Increasing usage in therapeutics, commercial application and basic research are the factors expected to trigger the growth of biotechnology market over the forecast period. The instruments of biotechnology market is also likely to witness lucrative growth owing to increasing number of biotechnology firms all over the world and huge expenditure in sunk cost.
Biotechnology market is also used in recycling, treating the biological wastes and making biological weapons. Developing nations possess a huge potential market for biotechnology owing to the continuous gaining popularity of biotechnological products and high effectiveness. There is a huge gap between the demand and supply of biotechnological products which is needed to be served over the forecast period. Flourishing stem cell research is also likely to propel the growth of biotechnology market in coming few years.
By technology, the global biotechnology market is divided into nanobiotechnology, DNA sequencing, tissue engineering and regeneration, PCR technology, chromatography, fermentation, and cell based array. Tissue engineering and regeneration was dominating the entire biotechnology market in 2013. Owing to improving the damaged tissues or the entire organ and usage of biologically active molecules to improve the functions, this market is anticipated to witness significant growth rate over the next decade. It is basically used for targeting and creating tissues which are used for various purposes like heart muscles, bone, cartilage, nerves and blood vessels. PCR technology segment is also expected to show growth in coming five years due to its ability of amplifying DNA and make identical copies.
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On the basis of application, the global biotechnology market is fragmented into biopharmacy, bioagricultural, bioservices and bioindustrial. Among these, the biopharmacy application market was the overall market leader in 2013 in terms of revenue. Continuous increase in demand for drugs and disposable needles to prevent chronic diseases & continuous genetic analysis is expected to push the market growth in the coming few years. Bioservice market is also anticipated to witness lucrative growth over the forecast period owing to the involvement of preclinical and clinical researches which are prescribed by regulatory authorities following certain standards. Huge investment in sunk cost by big pharmacies and government resulting in reduction of clinical trial duration is also likely to push the demand for this market in future.
In 2013, North America was the most dominant market of biotechnology and expected to continue its lead over the forecast period. Due to presence of sophisticated healthcare infrastructure, growing level of awareness among people and high rate of reimbursement medical policies, this market will continue to grow in the next decade. Furthermore, free pricing nature in pharmacies market due to the strict norms relating to patents is also expected to drive this market. Asia Pacific region is expected to be the fastest growing segment due to strong government support, increasing disposable income resulting in rising healthcare expenditure, and large potential market.
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Novo Nordisk, BiogenIdic, Gilead Sciences, Merck KGaA, Amgen, United Therapeutics, Celgene, Teva Pharmaceutical Industries, Regeneron, CSL, Vertex Pharmaceuticals, Alexion Pharmaceuticals, Ipsen Group, BioMarin Pharmaceutical, Shire PLC, Cubist Pharmaceuticals, Actelion, Elan, Onyx Pharmaceuticals, Dr. Reddy’s Laboratories, Seattle Genetics, Alkermes, Ariad Pharmaceuticals and DiaSorin are the major market players of the global biotechnology market. The market is highly competitive and monopolistic in nature. Firms are going through mergers, acquisitions, new product development and geographical expansion to earn maximum revenue and gain more customers.
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