Biotechnology Market Size By Application (Biopharmacy, Bioservices, Bioagriculture, Bioindustries, Bioinformatics), By Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell Based Assay), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE), Application Potential, Competitive Market Share & Forecast, 2019 - 2025
Biotechnology Market to exceed USD 775 billion by 2024 as per a new research report.
Favorable government initiative and growing demand for synthetic biology will drive the biotechnology industry growth over the forecast timeframe. Also rising demand for agro-based products should fuel global biotechnology market growth.
Decreasing cost of DNA sequencing from last couple of decades owing to the advances in the field of genomics will stimulate the global biotechnology market. Furthermore, increasing scarcity of natural resources across the globe should propel the industry growth.
However, the risk of food allergy and increased toxicity associated with the genetically modified organism and crops will limit the market growth over the forecast timeframe.
Bio-agriculture segment will show the significant growth due to the inadequacy of the natural resources to meet the requirement of increasing global population. Increased crop yield as well as profitability are some of the advantages of genetically modified plants owing to which the segment is predicated to show significant growth in near future.
Bio-industrial segment will show growth as improved micro-organisms and enzymes are showing wide range of applications in chemical industry. Increasing demand for biofuels due to high price of natural oil and environmental concerns associated with the traditional fuels will further boost the biotechnology market.
The tissue engineering focus on developing the cure for different chronic diseases. Increasing prevalence of chronic diseases is expected to drive the demand for tissue engineering and regeneration segment. Increasing cost of organ transplant and organ shortage will further boost the market growth as biotechnology provides better alternatives through tissue engineering technology.
PCR technology plays a key role in the DNA and genomics related research aimed at developing the better treatment for chronic diseases such as heart diseases and cancer. Increasing application of PCR in the field of diagnostics and several other fields such as archeology will boost the growth of the segment.
Indian biotechnology market will witness robust growth over the forecast period due to the increased investment and infrastructure developments in the biotechnology sector. For instance, in 2017 Telangana state government’s event BioAsia 2017 gathered investment of around USD 507.3 million.
The Japanese biotechnology market is highly developed evident by the high number of patents in the biotechnology market. Presence of government authorities such as Ministry of Economy, Trade and Industry, Ministry of Agriculture, Forestry and Fisheries are expected to contribute positively to the development of biotechnology sector in Japan. Increased R&D spending and favorable government regulation will further boost the biotechnology industry in Japan.
Germany witnessed increased R&D spending and investment in both private and public biotechnology companies. Increased demand for early disease detection and personalized medicines will further fuel the growth of German biotechnology market.
Key industry players are Abbott Laboratories, Amgen Inc, Amgen Inc, Celgene, Merck & Co, Johnson & Johnson, Novo Nordisk, Lonza Group, Novartis, Pfizer, Roche, Gilead Sciences, Sanofi Aventis, and Biogen Idec Inc. Industry participants are consolidating their market position by increasing their focus on research activities.
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