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Global Biotechnology Market Set to Reach US$414.5 Bn by 2017 due to Rapidly Emerging Technologies and Rise in Government Funding - Transparency Market Research
A new market report published by Transparency Market Research is Global Biotechnology Market by Application (Biopharmacy, Bioservices, Bioagri, Bioindustrial), by Technology (Fermentation, Tissue Regeneration, PCR, Nanobiotechnology, DNA Sequencing & Others) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 - 2017
Published 10 September 2015
The biotechnology market and shunned its growth in the past five years. This had led to a reduction in the demand for non-essential health products and, consequently, funding for new biotechnology projects.
Despite these factors, over the years, many biotechnological industries have prospered due to recent technological advancements. This has led to new discoveries and rising demand from the agricultural and pharmaceutical sectors. The market is impressively growing at a CAGR of 11.6% from 2012 to 2017, states Transparency Market Research in its study report. The report also states that the global market for biotechnology, which is studied according to its application areas, is expected to grow and reach a market value of US$414.5 billion by the end of 2017, from a value of US$216.5 billion in 2011.
This study report on the biotechnology market provides essential information regarding the market on the basis of technology, application, and geography.
By application, the market is divided into four main segments: biopharmacy, bioagriculture, bioservices, and bioindustrial. Among all the segments, the biopharmaceuticals segment took up 60% of the global biotechnology market in 2011 due to widespread technological advancements, rise in government funding, and availability of eligible and abundant labor in developing economies such as China, Thailand, and India.
By technology, the market is segmented into PCR technology, fermentation, nanobiotechnology, tissue regeneration, DNA sequencing, chromatography, cell-based assay, and others (including fingerprinting, genetic engineering, and enzyme technology).
Geographically, North America leads the global biotechnology market owing to a rising focus on renewable chemicals. The region accounted for 42% of the global market in 2011.
The biotechnology market is expected to show substantial growth during the forecast period, owing to regulatory support provided by governments in various countries to companies operating in the field of biotechnology. The market is estimated to skyrocket due to the rise in investment from around the world, especially in emerging economies. Advancements in technology that combat fatal diseases and depleting natural resources are also expected to boost the market. Cloning, nanotechnology, and stem cell technology are some of the rapidly emerging technologies in the biotechnology market.
Increasing demand for food in developing countries is another factor expected to propel the bioagriculture market until 2017. Bioseeds, which offer greater performance attributes than conventional seeds, are expected to exhibit exponential growth during the forecast period, spurring the bioagriculture market. The market for bioagriculture is expected to reach a value of US$27.46 billion by 2018, states the report.
Browse Full Global Biotechnology Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 - 2017 Research Report With Complete http://www.transparencymarketresearch.com/biotechnology-market.html
However, certain factors such as the long lab-to-market duration of biopharmaceutical drugs and the increasing preference of consumers to biotech products are restricting the growth of the global biotechnology market. According to the research analysts, it takes around 12 to 15 years of research and commercialization for biotechnology drugs to be sold in the global market. In addition, ethical and social issues pertaining to clinical trials are also expected to inhibit the development of the biotechnology market in the near future.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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