Biotechnology or biotech is an area of study that encompasses several small areas as well under its purview. The study focuses on involving living systems and organisms to inspire the manufacturing process of various technologies or medicines. If considered on a broader scale, it would include any technological application with a focus on living organisms, biological systems, or derivatives thereof to ensure a specific use of these technologies for a certain purpose. A simpler definition would find biotechnology including various basic biological sciences that include fields like biochemistry, molecular biology, embryology, cell biology, microbiology, and genetics. The global biotechnology market is eyeing for substantial growth in the coming years.
Various factors like the hike in funding, better collaborative practices, technological upgradation, and others are expected to boost the biotechnology market further. Growing participation from both government and private investors is also expected to provide a boost to the market.
The global market for biotechnology is currently finding the scenario quite heated with intense competition from several market players. These players are receiving the substantial fund and are ready to take the leap with several tactical moves that would include refurbishing of the setup, branding, marketing strategy, collaboration, and others. These companies have been profiled in the report. They are Celgene Corporation, Gilead, Biogen, Novo Nordisk A/S, AstraZeneca, Abbott Laboratories, Amgen, Inc., Novartis AG, Roche, Lonza, Sanofi Aventis, Merck & Co, Pfizer, Inc., F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., and Genentech.
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Technology and application are two distinct parts in which the global biotechnology market has been segmented. The report brings out various details regarding factors that can impact the market in the coming years.
By technologies, the global biotechnology market comprises DNA Sequencing, Cell-Based Assay, Tissue engineering, Nanobiotechnology, Chromatography, Fermentation, PCR Technology, Regeneration, and other technologies. These technologies are providing crucial thrust to the market to ensure its growth in the coming years.
By Applications, the global market for biotechnology includes bioinformatics, natural resources & environment, industrial processing, health, food & agriculture, and other applications. These segments can be of great interest to the market as they are creating substantial traction for the market.
North America and Europe are expected to make significant progress in their respective biotechnology markets. These regions are benefiting from high expenditure possibility, better infrastructure for research & development and others. High intake of skilled workers in these sectors is also expected to take these regional markets ahead. A lot of companies are operating out of these regions, which can ensure better regional growth for the market.
Asia Pacific region is also expected to launch high growth in the coming years. The region is expected to benefit from the various companies showing a keen interest in expanding their facilities by setting up units in the region.
In September 2019, TU Graz launched a new simulation technology that aims at making biopharmaceutical processes simpler and more efficient. Its application would also make the process cost-effective. The simulator would also work better for personalized drug development cases.
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