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 biotechnology market is expected to show substantial growth during the forecast period from 2012 to 2017, owing to regulatory support offered to various companies operating in the biotechnology field. In addition, increased demand for food in developing countries has spurred the growth of the bioagriculture market. Bioseeds are expected to show exponential growth compared to conventional seeds during the forecast period from 2012 to 2017.
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As per the research conducted by seasoned industry analysts, the global biotechnology market had been in a major slump due to the recession faced by economies in the previous decade. In the years immediately after the recession ended, consumers were still shying away from foods and nutrition products that were not a part of the essential diet. This low demand had created a much lower revenue stream for the global biotechnology market and consequently cut back the investment rates into the market.
In the recent few years, however, the demand for similar foods and beverages has gone up, thereby boosting the need for the global biotechnology market. Biotech is currently in high demand from the sectors of pharma and agriculture. Apart from this high demand, a large number of biotech-related industries have sped up their innovation processes in order to be on top of the new product lineups.
The major applications involved in the global biotechnology market are bio industrial, bio services, bio agriculture, and bio pharma. Nearly 60% of the global biotechnology market was occupied by biopharmaceuticals in 2011, owing to a substantially high amount of government funding and support.
Geographically speaking, the global biotechnology market was led by North America in 2011, when it held a share of 42%. Major trends leading to this top share were the high focus on renewable chemicals and an overall higher demand for biotech related products. At the same time, Asia Pacific is showing the fastest growth rate in the given forecast period, due to a significantly lower cost of conducting clinical trials in this region.
The Asia Pacific biotechnology market prospered especially from the booming growth of contract research organizations that are directly linked to clinical trials. This segment is showing a growth rate of more than 20% in the Asia Pacific biotech market.
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The global biotechnology market is expected to progress at an impressive CAGR of 11.6% within a forecast period from 2012 to 2017. The market was already recorded at a low US$216.6 bn in 2011 and through a set of major changes and innovative applications, might manage to nearly double its value to US$414.5 bn by 2017.This data is presented in a research report published by leading market intelligence provider, Transparency Market Research. The report, titled “Global Biotechnology Market – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2010 – 2017,” is a highly descriptive examination of what the market’s players and investors are currently doing, and will continue to do, in order to strengthen its growth rate.
A few of the key players in the report are Biogen Idec, Inc., Sanofi-Aventis, Pfizer, Roche, Novartis, Merck, GSK, Amgen, Inc., and Abbott Laboratories. Each key player is described on the basis of their business profile and strategies, along with the analysis of their financial structures, a SWOT analysis, and the most recent developments they have made.