Biotechnology is the area or study that uses living organisms or biological processes in combination with technology to manufacture products and technologies in order to improve quality of living. By deploying cellular and biomolecular processes, scientists are discovering advances to technology. Its applications cover a wide range and majors include agriculture, medicine and food sciences among others.
New advancements in biotech field is revolutionizing the market over many years and the 2000s might be manifested as “Biotechnology Era”. Biotechnology Industry has both destructive as well as potential benefits. The global biotechnology market was valued at approximately USD 399.4 billion in 2017 which is projected to reach USD 650 billion registering a CAGR of 9.2 %.
Major Key Players:
Amongst all the market players few of the notable market players include Abbott laboratories, Bio-Rad laboratory, Merck, Qiagen and Thermo fisher scientific.
These market players adopt strategic marketing initiatives such as merges, new product launch and acquisition to strengthen their offerings. For instance, Illumina in may 2018 announced acquisition of Edico Genome, which further enabled company to reduce result time and data footprints as well.
Growing chronic cases expected to set market growth trends
The Increasing number of chronic diseases act as major growth driver for biotechnology industry as it leads to launching new products and discovering personalized drugs which is expected to boost the biotechnology market. HealthCare sector is evolving rapidly with its developing infrastructure, which is another major boosting factor for the market growth. The rising interest for horticulture items is also expected to prompt the growth of biotechnology market whereas, the decreasing prices of DNA sequencing somehow restraints the market growth.
Biotechnology Market covers a wide range of applications; however, healthcare related applications are majorly focused as it accounts for the largest market share. Thus, Nanobiotechnology is considered to be dominating the market as it involves new drug delivery therapies for chronic diseases. Moreover, growing demand for personalized drugs will be driving the industry.
Bioinformatics is additionally going to witness the fastest growth during forecast period due to consequences of substantial development in this field.
North America dominating the global market with largest market share
Based on regional analysis North America has dominated the global biotechnology market globally at approximately 44.15% of overall market revenue owing to the presence of high R&D investment leading to new drug discoveries, According to some estimates US spent about 16.9% of its GDP into healthcare sector which as a result boost the biotechnology industry market.
Asia Pacific region is another major region expected to witness huge upsurge during forecast period because of its raising awareness regarding healthcare among people and due to huge population and developing healthcare infrastructure with expenditure which is expected to drive the biotechnology industry in the region.
The global Biotechnology Market is experiencing massive growth and is expected to continue during forecast period because of its continuous developing applications in various sectors. Biotechnology is not only used in discovering personalized drugs but also involved in agriculture and in food science as well in case of fermentation. Generation of biofuels or chemical manufacturing both involves biological processes in them. Hence, the biotechnology industry is expected to boost during forecast period.