According to a recent market research report published by Transparency Market Research, the global biotechnology market is estimated to expand at a CAGR of 11.60% during the period between 2012 and 2017. The report, titled “Global Biotechnology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 - 2017”, projects the global biotechnology market to be worth US$414.5 bn by the end of 2017. The overall market stood at a valuation of US$216.5 bn in 2011.
The global biotechnology market features prominent players such as F. Hoffman-La Roche Ltd., Abbott Laboratories Inc., Gilead Sciences, Pfizer Inc., Merck & Co. Inc., Johnson & Johnson, AstraZeneca plc, GlaxoSmithKline plc, Amgen Inc., Novartis International AG, Sanofi, Genentech Inc., Celgene Corporation, Lonza Group Ltd., and Novo Nordisk A/S.
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Biopharmaceuticals to Remain Key Revenue Generator for Global Biotechnology Market
By application, the global biotechnology market is segmented into biopharmaceuticals, bioagriculture, bioindustrial services, and bioservices. Of these, biopharmaceuticals hold the leading share in the global biotechnology market and are likely to remain the leading contributor to the market in the coming years. Bioagriculture is also likely to become a leading revenue generator for the global biotechnology market in the coming years, primarily due to the rising demand for bioengineered seeds.
By technology, the report segments the global biotechnology market into DNA sequencing, polymerase chain reaction, nanobiotechnology, cell-based assays, fermentation, chromatography, tissue engineering and regeneration, and fingerprinting and enzyme technology. Of these, nanobiotechnology is likely to exhibit rapid growth over the coming years due to its growing application in healthcare and other sectors. The application of nanotechnology in the healthcare sector is rising due to the diversity of its potential applications, and the nanobiotechnology sector could benefit from the research being conducted to explore other possible applications of nanotechnology solutions.
Geographically, North America is the leading contributor to the global biotechnology market in the coming years, followed by Asia Pacific and Europe. Despite the rising demand for advanced biotechnology solutions from Asia Pacific, North America is set to retain the dominant regional segment of the global biotechnology market.
Favorable Government Regulations Supporting Biotechnology R&D to Enable Steady Growth
The prime driver for the global biotechnology market is the rising scarcity of food across the world. This has driven consistent R&D into the application of biotechnology to enhance the output of food crops, which will help solve the mounting hunger crisis. The rising demand for biotechnologically enhanced seeds is likely to remain a key driver for the global biotechnology market, as populous countries such as China and India are the leading consumers of biotechnological enhancements that help boost the overall output of the agriculture sector. The bioagriculture segment of the global biotechnology market is expected to be valued at close to US$27.5 bn by 2018.
The rising awareness about the notable benefits of biotechnology solutions and the diversity of fields in which they can be employed has led to sustained government support, which is expected to remain a key driver for the global biotechnology market in the coming years. Due to the highly sophisticated technology used in biotechnology research, a sustained influx of investment is required for long-term research. This has made government support crucial for the global biotechnology market.
The rising use of biotechnology solutions in the healthcare sector is another key driver for the global biotechnology market. The utilization of biosimilars in a wide range of medical procedures has boosted the demand for biotechnology solutions, while the use of stem cell technology and nanotechnology have also been important for the global biotechnology market.
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