Biotechnology Market to show Substantial Growth Worldwide by 2024
The global biotechnology market is driven by high investments, favorable government support, and rapid proliferation of biotechnology firms worldwide. Based on the principles of biology, biotechnology utilizes biomolecular & cellular processes for developing products that lead to better health & quality of life. Molecular engineering, biomedical engineering, bioengineering, and biomanufacturing fall within the ambit of biotechnology. Growing popularity of therapeutics & diagnostics solutions is a key factor that fuels the Biotechnology Market. DNA sequencing, tissue engineering, and recombinant technology among others are examples of such solutions.
Paucity of conventional sources of energy (fossil fuels) and the ever increasing need for food may positively impact market demand during the forecast period (2016 to 2024). Rising cases of diseases, such as hepatitis B and cancer can also stimulate demand. A number of governments are increasingly focusing on biotechnology for enhanced economic progress.
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Technologies, applications, and regions are the key parameters based on which the worldwide Biotechnology Market is segmented. The various technologies employed are cell based array, fermentation, DNA sequencing, tissue engineering & regeneration, chromatography, nanobiotechnology, PCR (polymerase chain reaction) technology, and others. Tissue engineering & regeneration dominated the overall industry in 2013, with revenues touching nearly USD 88 billion.
Tissue engineering has a broad spectrum of applications. It is used extensively in the repair & reconstruction of organs & cells whose functional capacities have decreased due to congenital anomalies, age, burns, and diabetic ulcers. Growing prevalence of degenerative disorders, such as Alzheimer’s and Parkinson’s favorably impacts demand for tissue regeneration. Due to a wide application scope in geology, biology, agriculture, and medical, DNA sequencing could expand robustly over the forecast period.
On the basis of applications, the industry is categorized into bioindustrial, biopharmacy, bioagriculture, and bioservices. Biopharmaceuticals are sub divided into recombinant proteins, orphan drugs, advanced drugs, and monoclonal antibodies. The recombinant proteins segment is expected to dominate the global industry from 2016 to 2024. A host of vaccines being produced these days are made of biorecombinant proteins. Such a trend could drive the segment considerably. The bioservices industry may register a high rate of growth because of surging investments in clinical research by biotechnology & pharmaceutical companies. Other drivers of this industry are rising complexities of biotechnology processes, stringent regulatory norms, and cost cuts.
As per regions, the global biotechnology market is divided into Asia Pacific, North America, Europe, and Rest of the World. North America may continue dominating the overall industry in the coming decade. Regional drivers are high reimbursement rates of medical policies, quality healthcare infrastructure, and greater awareness among the masses. Asia Pacific may register the fastest growth among all regions because of factors, such as surging healthcare expenditure and increasing disposable incomes. Prominent companies in the global industry are Seattle Genetics, United Therapeutics, Vertex Pharmaceuticals, Novo Nordisk, and BioMarin Pharmaceutical.
Recently, scientists from the University of Bath, U.K. began a 5 year project to save vegetables, such as kale, broccoli, and cabbage, commonly known as ‘Brassica vegetables’. Unpredictable weather conditions in the U.K. have been harming the yearly harvests of brassica vegetables and oilseeds over the past couple of years. The BRAVO (Brassica, Rapeseed and Vegetable Optimization) project, financed by the BBSRC (Biotechnology and Biological Sciences Research Council) aims at promoting plant development and combating crop losses. The project follows the doctrines of Brassica genomics, genetics, modeling & phenotyping.
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