Global Biotechnology Market Set to Reach US$414.5 Bn by 2017 -Transparency Market Research

The Global biotechnology market is, today, being fueled by a number of key factors including mounting demand for food from every corner of the globe, increasing regulatory support from governments, diminishing natural resources, and the use of advanced technology in the fight against fatal diseases. Some of the more recent technologies such as cloning, stem cell technology, and nanotechnology have been witnessing remarkable progress thanks to groundbreaking research by dedicated scientists and institutes.

Advanced Applications of Biotechnology Sparking Innovations 

Thanks to government investments skyrocketing around the world, the biotechnology market has received significant impetus to branch out into advanced applications and areas such as bioservices, bioindustrial, biopharmacy, and bioagriculture. 

Contract research organizations or CROs form an essential part of bioservices and are involved in drug discovery, clinical trials, and contract manufacturing as third-party firms. Biopharmacy refers to the development and manufacturing of medical as well as pharmaceutical components such as insulin, generic and branded drugs, vaccines, and monoclonal antibodies using biotechnology. The use of biochemicals and bioenzymes in multiple chemical processes is the core function of bioindustrial applications.

Surging demand for food, especially in emerging economies, has triggered the development of bioagriculture, with sub-segments such as biopesticides, bioseeds, and genetically modified (GM) crops witnessing exponential growth over the next couple of years. 

A Look at the Global Biotechnology Market Scenario 

The UN Convention on Biological Diversity defines biotechnology as a “technological application that uses biological systems, living organisms or derivatives thereof, to make or modify products or processes for specific use”. 

The worldwide biotechnology market is studied by business intelligence firm Transparency Market Research (TMR), which indicates that the value of the global market is projected to grow from US$216.5 billion in 2011 to US$414.5 billion by 2017, presenting a strong CAGR of 11.6% during that period. 

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Driven by consistent efforts in research and development and backed by immense government support, North America has emerged as the dominant regional segment, accounting for a share of 42% in 2011. This region is also fueled by rising preference towards bioservices and greater adoption of biopharmaceuticals. However, growing focus on drug development, low cost of clinical trials, and increasing focus on renewable chemicals are factors that will boost Asia Pacific to become the fastest developing regional biotechnology market. This segment is estimated to register a 14.1% CAGR from 2012 to 2017, according to TMR. 

Biogen Idec Inc., Lonza Group Ltd., Novartis International AG, F. Hoffman La Roche Ltd, Johnson & Johnson, Gilead Sciences, Celgene Corporation, Merck & Co., Inc., GlaxoSmithKline plc, Pfizer, Inc., Abbott Laboratories, Inc., Genzyme Corporation, Novo Nordisk A/S, Amgen, Inc., AstraZeneca plc, Genentech Inc., and Sanofi are the most prominent companies competing in the global biotechnology market. 

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