Biotech Market Expected To Reach $414.5 Billion Globally In 2017
According to a new market report published by Transparency Market Research Biotechnology Market by Application (Biopharmacy, Bioservices, Bioagri, Bioindustrial) the global market for biotechnology was valued at USD 216.5 billion in 2011 and is expected to reach USD 414.5 billion in 2017, growing at a CAGR of 11.6% from 2012 to 2017.
The biotechnology market is expected to show substantial growth over the forecast period owing to the government support offered to various companies operating in the biotechnology field. Key market players included in the report include Roche, Amgen, Novo Nordisk, Sanofi and Pfizer among others. A detailed company market share has been included to give a better understanding of the competitive situation in the market. In addition, these companies have been profiled with respect to attributes such as company overview, financial overview, SWOT analysis, business strategy and recent developments.
The scope of the report considers biotechnology to be divided into four primary segments namely biopharmacy, bioservices, bioagriculture and bioindustrial. In terms of technology, the biotechnology market has been segmented into fermentation, tissue regeneration, PCR technology, nanobiotechnology, chromatography, DNA sequencing, cell based assay and others. The others segment comprises of genetic engineering, enzyme technology and fingerprinting among others.
Biopharmaceuticals dominated the global market, accounting for over 60% of the overall revenue in 2011. Bioservice applications are expected to register the fastest growth due to the operating cost benefits associated with emerging economies, particularly in terms of raw materials, labor and regulatory support. Outsourcing of clinical trials, contract manufacturing and drug discovery has emerged as a key trend in developed countries, leading to the growth of the bioservices industry in the developing economies ofIndia, Thailand, Malaysia and China. The developing countries provide superior research and trial facility at lower cost. The market for bioagriculture applications, including bioseeds, is expected to reach USD 27.46 billion in 2018.