Biotechnology is an innovative science in which living systems and organisms are used to develop new and useful products, ranging from healthcare products to seeds. According to the United Nations’ Convention on Biological Diversity, biotechnology is defined as, ‘any technological application which uses biological systems, living organism or its derivatives, used to create or modify products and processes for specific purpose.’
The favorable regulatory scenario governing biotechnology R&D and applications will also boost the market. However, the report mentions that ethical issues associated with clinical trials, coupled with the long research and development lead time, might restrain the growth of the market during the forecast horizon. The global biotechnology market has a huge opportunity to grow with the emergence of biosimilars and increasing application of biotechnology in medical sciences. Cloning, stem cell technology, and nanotechnology are expected to define the future outlook of the market.
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Biotechnology finds application in segments such as pharmaceuticals, downstream chemical processing, agriculture and bioservices among others. The biopharmaceutical segment mainly comprises of vaccines, insulin, monoclonal antibodies, generic and branded drugs. Biopharmacy is the largest segment of the biotechnology market. The bioindustrial segment is rapidly gaining market share in the overall biotechnology space due to increasing demand of bioenzymes and biofuels in various applications. The bioagriculture domain primarily focuses on bioseeds, genetically modified (GM) crops and biopesticides. This market is booming as the demand for food production is rising due to increasing population. North America is the leading consumer of GM crops.
In terms of technology, the report segments the global biotechnology market into polymerase chain reaction technology, fermentation technology, tissue engineering and regeneration technology, nanobiotechnology, chromatography, cell-based assay, DNA sequencing technology, and others including fingerprinting and enzyme technology. The demand for nanobiotechnology is projected to rapidly increase in the near future.
On the basis of application, the global biotechnology market is broadly categorized into bioagriculture, biopharmacy, bioindustrial, and bioservices. In 2011, the biopharmaceuticals segment accounted for a 60% share in the market owing to an increase in government funding, widespread technological advancements, and availability of cheap labor in developing economies such as India, China, and Thailand. Increasing demand for food in developing countries is expected to boost the market. Bioseeds offer greater advantages compared to conventional seeds and hence will register exponential growth in demand during the forecast period. This will propel the growth of the bioagriculture segment. By 2018, the segment is projected to reach a valuation of US$27.46 bn.
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The report studies the global biotechnology market by segmenting it into four key regions: North America, Asia Pacific, Europe, and Rest of the World. North America leads the overall market thanks to the growing focus on renewable chemicals of countries in the region. In 2011, the region accounted for a 42% share in the market. The global biotechnology market is estimated to expand at a CAGR of 11.60% during the period between 2012 and 2017.
The report profiles some of the key players in the global biotechnology market such as Amgen Inc., Abbott Laboratories Inc., AstraZeneca plc, Celgene Corporation, Biogen Idec Inc., F. Hoffman La Roche Ltd, Genzyme Corporation, Genentech Inc., Gilead Sciences, Johnson & Johnson, GlaxoSmithKline plc, Pfizer Inc., Lonza Group Ltd., Novartis International AG, Merck & Co. Inc., Novo Nordisk A/S, and Sanofi. Insightful details about the key players, including their financial overview, business strategy, and recent developments, have been included in the report.