Biotechnology Market size to exceed USD 775 billion by 2024
Food scarcity in highly populated countries of India and China have resulted in urgent need for high yielding crop varieties through agricultural technologies. Researchers across the globe are developing GM crops to address the concern of limited land availability, inconsistent rainfall and pest attacks and produce high yielding crops that can sufficiently feed the growing population.
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Rapid population growth has debilitated most of the naturally available non-renewable resources. Some of the scarcely available resources used to fulfill growing population demand are available at exorbitant prices. Scientists are therefore, focusing on development of products such as biofuels, bioenzymes, etc. will drive global biotechnology market size.
Strong R&D spending trends for synthetic biology to enable drug and vaccine development, including Europe NEST program will stimulate growth. Organizations including DBT (Department of Biotechnology) and NTBT (National Biotechnology Board) provide funding to promote biotechnology market share. BioBricks, a non-profit organization delivers synthetic biology technologies for humanitarian purposes. Similarly, synthetic forum OpenWetWater offers conceptual training to researchers.
U.S. biotechnology market size held dominant position in terms of industry revenue share followed by Europe with this trend likely to continue throughout the forecast period. U.S. will further see increased adoption of products based on these platforms due to growing preference for personalized medicine.
India, China, Brazil hold excellent business growth opportunities due to large population base, increase in per capita income, better health care facilities, increasing government aid to promote biotechnology market share.
Abbott, Amgen, AstraZeneca, Novartis, GSK, Roche, Celgene, Genzyme, Biogen, Johnson & Johnson, Pfizer, Genentech, and Sanofi and key participants.
Browse key industry insights spread across 75 pages with 52 market data tables & 7 figures & charts from the report, “Biotechnology Market Size By Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatograpgy, DNA Sequencing, Cell Based Assay), By Application (Biopharmacy, Bioservices, Bioagriculture, Bioindustrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, China, India, Japan, South Korea, Brazil, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Global biotechnology market size will reach USD 775.20 billion by 2024, increasing from USD 330.36 billion in 2015.
- Tissue engineering and regeneration market share grabbed revenue of over 30% owing to increased prevalence rates of diabetes, Parkinson’s and Alzheimer’s.
- Biopharmacy and Bioservices formed the largest application segment together contributing to over 87% of industry revenue. The largest share can be attributed to the growing prevalence of chronic diseases globally, growing demand for personalized medicines, and increased government fundings.
- Ethical issues pertaining to clinical trials and risks associated with GM organisms and crops will be a cause of concern. Genetically modified organisms’s uncontrolled nature can create a havoc to the human society and lack of proper regulations in most countries will further aggravate this problem.
- With largest geriatric population base, China and India will be the major revenue pockets of the APAC region, while Brazil and Mexico are the revenue pullers for LATAM.