The global Biotechnology Market is expected to display higher growth rate over the next seven years. Rapid surge in the biotechnology market is credited to the development of regenerative medicine and genetics in diagnostics. Shifting trend towards personalized and regenerative medicine is expected to drive market growth of biotechnology over the forecast period. Globally, the biotechnology industry is predicted to generate massive revenue over next seven years, providing numerous opportunities for market players to invest for research and development in the industry.
Increasing adoption of biotechnology market in healthcare sector and pharmaceutical industry coupled with reduced manufacturing cost of drugs and various chemical products are expected to drive market demand for biotechnology solutions over the forecast period. Rising number of application in agriculture sector, including protection against diseases & fungicide, and higher germination rate. These factors are significantly contributing to high-end market demand in the recent years. Use of biotechnology enhance germination rate and offer uniformity, to overcome seed dormancy is anticipated to drive market demand in the upcoming years. Biotechnology helps to initiate the metabolic processes of germination.
Advent of white biotechnology for production of various biofuels like bioethanol and biodiesel is fostering industry expansion of the biotechnology industry over the forecast period. In addition, white biotechnology plays a vital role during production of essential chemical products such as organic acids, amino acids, ethanol and various types of vitamins, thus propelling market growth, in the recent years. In addition, the biotechnology is considered as simple process involving least number of production steps and produces minimum residue after the completion. Unlike other types of chemical process, the biotechnology is not affected by price volatilities of raw materials. These advantages are estimated to foster the market growth of biotechnology in years to come.
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The biotechnology market is broadly categorized into major segments based on the application type such as healthcare sector, agriculture sector, industrial processing and bioinformatics. The agriculture segment is growing rapidly in the biotechnology industry with substantial revenue generation in the last few years. Growing popularity of biotechnology in the agriculture segment is attributed to ability to enhance fermentation and germination rate. The healthcare sector segment has also witnessed substantial growth owing to the increasing demand for DNA sequencing for diseases detection.
The biotechnology market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, favorable laws & regulation associated biotechnology, higher approval rate, rise in the level of awareness among general population, surge in number of research & development activities in the region and existence of well-established infrastructure.
Asia-Pacific region is estimated to hold major market share in biotechnology with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rising disposable income, growing number of patent regarding incorporation of biotechnology, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the biotechnology industry are Johnson & Johnson Services, Inc., Amyris, Inc., BioAmber, Inc., Borregaard Ltd., Codexis, Inc., Deinove S.A., Evolva Holding S.A., F. Hoffmann-La Roche Ltd., Pfizer, Merck & Co., and Sanofi S.A.
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