The worldwide biotechnology market size was estimated over USD 390.35 billion in 2017 and is anticipated to gain traction over the coming years. The global biotechnology market is highly pioneering and is on a robust growth platform. The biotechnology market will continue to play a significant role as a state-of-the-art industrial hub. This sector majorly uses the advanced technology along with living organisms or biological systems for the development of its products such as biopharmaceutical drugs and medical devices. Biotechnology market is one of the most lucrative sectors that enhances the global profile as well as contributing towards the growth of the economy. The key players associated with biotechnology market are continuously investing on Research and Development to implement new technologies and techniques by the mergers and collaboration with other contributors. For instance, the Department of Biotechnology together with independent organizations and government-funded institutions represents the biotechnology segment by supporting R&D infrastructures and new product expansion activities.
Reducing the cost of DNA sequencing in the technology segment is anticipated to serve this sector as a high influence interpreting growth factor. This segment encourages investigators and producers to rise the R&D expenditures to understand the genetic differences and to develop therapeutic solutions for chronic diseases such as cancer, cardiovascular ailments and neurological disorders. Moreover, the agriculture segment in biotechnology market is driven by increasing need for agricultural and food products including wheat, rice, sugarcane, and beans due to the growing population base in economies such as China, India, and U.S. which is anticipated to surge the significance of these products. In addition, factors such as pest attacks limited availability of agricultural land, low yield of crops, and shortage of water are boosting the global market with the demand for researchers to engage in extensive R&D in biotechnology. The optimization of sequencers and their software, as well as the involvement of governments and collaborations between these companies and medical specialists, will be of utmost importance for the success of DNA-sequencing technology. Increase in demand for healthier therapeutics and symptomatic arrangements on standards of red biotechnology, DNA sequencing, and recombinant innovation is expected to fuel the market development.
North America Biotechnology Market Share by Application, 2017 - 2026 (USD Million)
Inside circle shown for 2017 & outside circle shown for 2026
The global biotechnology market is segmented into technology type, application, and region. On the basis of technology type the global biotechnology market is categorized into Nanobiotechnology, DNA Sequencing, Fermentation, Cell Based Assay, Tissue engineering and Regeneration, PCR Technology, Chromatography, and Others. In 2017, nano-biotechnology was estimated to dominate the global market due to highly applied R&D over nano-biotechnology sector.
On the basis of application type the global biotechnology market is segmented into Industrial Processing, Bioinformatics, Natural Resources & Environment, Agriculture & Food, and Health. Significant improvements incorporate arithmetic calculation for effective capacity and administration of genomic and proteomic information produced through the examinations completed on plant, creature or human genomes. Bioinformatics is presumed to witness the highest development in the coming time as a result of considerable advancements in this field. Developing predominance of chronic illnesses increasing the interest for new medication improvement is one of the key variables contributing the market growth.
North America Biotechnology market, by Application, 2017 - 2026 (USD Million)
The Asia Pacific region, is estimated to grow on a highest rate in biotechnology market with the development attributable to the growing number of biotechnology hubs, technological advancement, increasing patient awareness, quickly enhancing social insurance framework, and rising human services use levels in the developing markets. However, North America is estimated to held the largest market share in revenue terms. High R&D ventures relating to new medication disclosure and improvement are a few components crediting to its huge share. The U.S. spends more per capita on medicinal services in count approximately a quarter of its GDP towards human services consumption. In addition, availability of advanced technology in biotechnology sectors including surgical robots & bio-robotics, advanced tissue culturing, bioprocess engineering, and bio-chemical engineering are enhancing the global market in North America.
Major firms are focusing on small firms with a working methodology of securing the end goal to manage position in the market and are associated with mergers and acquisitions, key joint efforts, and novel item advancement to pick up profit share in the business. Some major key players in global biotechnology market includes Abbott, Amgen, AstaZeneca, Biogen, Celgene, Genzyme, Johnson & Johnson, Pfizer, GlaxoSmithKline, Genentech, F. Hoffman La Roche, Novartis, Lonza and Sanofi among others.
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