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WMR-Western Market Research has recently published a comprehensive and exclusive research report, which is an intelligent study covering all key segments. This research report provides breakthrough inputs and insights on market related factors like size, competition, trends, analysis, forecasts etc. The study encompasses primary and secondary data sources along with quantitative and qualitative practices thus assuring data accuracy.
The biotechnology market is estimated to represent a global market of USD 403.8 billion by 2017 with growth rate of 10.9%.
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Biotechnology industry covers the study of living organisms to develop or modify new products for a specific purpose. Increasing research and development activities coupled with rising investment by key players in this market is driving the market growth significantly. Furthermore, the growth is attributed to the favorable government initiatives to promote biotech field across the globe. As per the various research publications, currently, more than 250 biotechnology vaccines and products are commercially available and is projected to increase at a significant rate. On contrary, the high cost of biopharmaceuticals coupled with the strict regulatory environment has been acknowledged as a major restraining factor for this industry
In terms of technology, the global biotechnology market is categorized as PCR, NanoBiotechnology, DNA Sequencing, Fermentation, Tissue Regeneration, Cell-Based Assay, and others. Of which, tissue regeneration segment achieved the highest share of the total market, accounted for more than USD 75 billion in 2017. It refers to the method of combining biological active molecule with scaffold/cells into functional tissue. Tissue engineering and regeneration exhibit strong potential in the skeletal reconstruction of large bone defects as well as gene-based therapies. Cartilage and artificial skin are some of the examples of tissue regeneration and engineered products approved by the U.S. FDA. Currently, several research activities are undergoing to develop high-throughput assays and instruments in order to reduce the complexity, time, and cost of tissue engineering. In addition to medical applications, non-therapeutic applications of this method include tissue chips that can be used to test toxicity and development of biosensors.
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Application segment is divided into Bioservices, Biopharmacy, Bioindustrial, and Bio-agriculture. Biopharmacy captured the highest (almost 60% share through the study period) share of the global biotechnology industry. Further, this segment appears to be growing at a strong rate over the future period. The bio-agriculture application is estimated to grow at significant CAGR owing to the advancement in crop harvesting techniques coupled with the commercialization of biotech crops. For example, according to the International Service for the Acquisition of Agri-Biotech Applications, in 2016, around 18 million farmers have planted 185.1 million hectares of biotech crops were in 26 countries which were almost 110 fold increase compared to the 1.7 million hectares planting in 1996.
Regionally, developed regions such as North America and Europe accounted for the highest share of the global industry. Increasing research and development activities coupled with growing demand for effective pharmaceuticals drive the regional growth. For example, as per the Pharmaceutical Research and Manufacturers Association (PhRMA), the U.S. firms conduct over half of the worlds R&D activities in the pharma sector and hold the intellectual property rights (IPR) on most of the new therapeutics.
Asia Pacific region is pegged to register a 15.6% growth rate in terms of value. A country such as India and Chinas billion-plus population offers huge growth potential for biotechnology products and services. Moreover, increasing budgetary allocations for the biotech industry in these countries further provide a healthy platform for market growth. While the biotech industry is on a high growth trajectory in Asia Pacific countries, the overall market remains small in African countries owing to the fragile backbone of the countrys healthcare infrastructure and a shortage of skilled professionals.
Key Vendor Takeaway
Companies such as AstraZeneca, Biogen, Abbott, Merck, and Novartis AG are studies in detail along with the attributes such as company overview, financial performance, and key developments. Key companies are engaged in expanding their market presence through strategic mergers and acquisitions to capture large customer base. For instance, in August 2016, Novartis announced to the expansion of its biotechnology facility in Huningue, France. Such expansion has helped the company to boost its monoclonal antibody production by 70%.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year-2014 & 2016
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TECHNOLOGY
MARKET, BY APPLICATION
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
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