SELBYVILLE, Del., Dec. 5, 2019 /PRNewswire/ -- Global Biotechnology market is anticipated to surpass USD 729 billion by 2025, according to a new research report by Global Market Insights, Inc. The increasing advantages associated with biotechnology pertaining to the advent of new technology will drive market growth over the analysis timeframe.
An increasing number of chronic diseases including cancer, heart disease, stroke, asthma, chronic respiratory diseases and hypertension among others will positively influence the biotechnology market growth. Unhealthy diet and lifestyle habits including alcohol consumption and tobacco are among the major reasons for the increase in the prevalence of chronic diseases. Therefore, the Department of Biotechnology through technical expert committee (TEC) and expert groups are focusing on R&D activities to develop innovative methods in cancer and neuro-disease biology. Hence, rising incidences of such chronic diseases, owing to several factors including stress and sedentary lifestyles, foster the overall business growth.
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The biotechnology industry is bifurcated into various applications such as biopharmacy, bioservices, bioagriculture, bioindustries, bioinformatics. The bioagriculture segment was valued at around USD 35 billion in 2018 and is estimated to witness lucrative growth over the analysis period. Agricultural biotechnology is extensively used in genetic engineering, molecular markers, molecular diagnostics and vaccines that promote demand for advanced bioagriculture products. For instance, the molecular diagnostic method helps in detecting genes more precisely and specifically to diagnose crop or livestock diseases. Furthermore, rising usage of traditional techniques including crossbreeding, grafting and cross-pollination in plant reproduction further enhances the behavioral patterns of plants. Hence, the aforementioned aspects will prove beneficial for the segmental growth.
Some major findings of the biotechnology market report include:
- Biotechnology deploys cellular processes to develop products and technologies for improving and enhancing the quality of human life
- Increasing prevalence of chronic conditions such as cancer and diabetes globally will primarily surge the demand for biotechnology products over the forecast timeframe
- Rising demand of new technologies including DNA sequencing, recombinant technology, fermentation and tissue engineering are contributing to biotechnology industry growth
- Various government organizations such as the National Institute of Biomedical Imaging & Bioengineering and the National Center for Biotechnology Information in developed countries are working towards R&D activities in the field of biotechnology
- Several industry players operating in the biotechnology industry adopt different growth strategies to capitalize on market opportunities
Browse key industry insights spread across 160 pages with 138 market data tables & 8 figures & charts from the report, "Biotechnology Market Share By Application (Biopharmacy, Bioservices, Bioagriculture, Bioindustries, Bioinformatics), By Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology, Nanobiotechnology, Chromatography, DNA Sequencing, Cell Based Assay), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Technology segment covers tissue engineering and regeneration, DNA sequencing, fermentation, chromatography, PCR technology, nanobiotechnology, cell-based assay and others. The fermentation segment captured over 11% revenue share in 2018. It is a process that produces chemical changes in organic substrates through the action of enzymes and utilizes microorganisms as raw materials in bioreactors or fermenters. The fermented products assist in food preservation and prolonging the shelf life of products in the food & beverage industry. In addition, increasing focus of prominent business players on R&D activities for the production of fermented products will favor segmental progress.
Europe's biotechnology market accounted for more than USD 115 billion in 2018. European countries have higher adoption of advanced technologies utilized in altering the genome of animals and plants that will foster regional growth. Moreover, awareness regarding advanced applications of biotechnology coupled with favorable regulatory scenarios in Europe will surge the growth of the biotechnology industry.
Some of the notable business players functioning in the biotechnology market include Merck, Agilent Technologies, F. Hoffmann-La Roche, Abbott Laboratories, Amgen, PerkinElmer, Bio-Rad Laboratories, BioGen Medical Instruments, Danaher, Illumina, Thermo Fisher Scientific and Qiagen. These industry players are implementing different organic and inorganic growth strategies to stay ahead in the market competition. For instance, in October 2018, Bio-Rad received the FDA clearance for IH-Reader 24, a specific and semi-automated blood typing instrument. The addition of this new instrument to Bio-Rad's existing portfolio enhanced the product portfolio of the firm.
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Biotechnology Industry Forecasts 2025
Biotechnology Market revenue is projected to register over 8% CAGR up to 2025, propelled by innovations in biotechnology sector and growing demand for advanced bio-based solutions.
SOURCE Global Market Insights, Inc.