Biotechnology Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Biotechnology Market: Overview
The global biotechnology market is mainly driven by the surge in the demand for food, depleting natural resources, government regulatory support, and technological advancements of various solutions to counter fatal diseases. The advent of stem cell technology, nanotechnology, and cloning has also propelled this market substantially and is expected to continue aiding to this market in the years to come. However, the dearth of awareness among consumers regarding biotech products and the long duration between research and commercial production of these products may act as a restraint to this market over the next few years. Apart from this, the market will also face challenges from the ethical and social issues with clinical trials in the near future.
Biotechnology finds extensive application in several industries, such as agriculture, pharmaceuticals, downstream chemical processing, and bioservices. The pharmaceuticals industry has emerged as the main application area of biotechnology with biopharmacy surfacing as the leading segment of the global biotechnology market. The industrial application of biotechnology is also on the horizon with the rising demand for biofuels and bioenzymes in a number of applications. The agriculture sector is anticipated to primarily apply biotechnology for the genetic modification of crops and the production of bioseeds over the forthcoming years.
Biotechnology is the employment of organisms and living systems in order to develop products or a technological application that further uses derivatives, living organisms, and biological systems thereof, in order to create or modify processes or products for specific use. Relying on the applications and tools, it at times overlays with related fields such as molecular engineering, biomanufacturing, biomedical engineering, and bioengineering. Biotechnology draws from cellular and biomolecular processes in order to formulate several products ranging from industrial enzymes to drugs. The application of biotechnology is also rising in the agricultural sector in order to protect the crops against insects and pests.
The existence of government organizations such as the Department of Biotechnology (DBT) and many other government funded institutions such as National Biotechnology Board (NBTB) and several other independent institutions working in the field of biotechnology are boosting in funds in order to support initiatives related to product development and research and development regarding advanced in biotechnology. These factors are expected to bring in more funds for biotechnology research.
Global Biotechnology Market: Trends and Opportunities
Growing demand for new technologies such as tissue engineering, fermentation, recombinant technology, and DNA sequencing is expected to magnify the size of the biotechnology industry. Rising demand for food for meeting the unmet needs of the incessantly growing population across the globe and low availability of natural resources that are non-renewable is expected to fuel the growth of the global biotechnology market. Genetic modification and genetic engineering has applications in agricultural food items and is thus is likely to stimulate the adoption of biotechnology further. Moreover, declining prices of technologies related to DNA sequencing is anticipated to trigger the commencement of research and development activities in order to understand genetic variations better and developing therapeutic solutions.
However, the growth of the global biotechnology market is likely to be hampered by due to the high risks associated with genetically modified crops and organisms and also due to ethical issues regarding clinical trials. Lack of understanding of biosystems creates difficulties in predicting the nature of the artificial organisms made from biotechnology experiments. However, the sector can expect more funds owing to the growing need for understanding chronic diseases at a molecular level and conduct novel diagnostic and therapeutic procedures.
Global Biotechnology Market: Market Potential
In April 2016, BASF SE commenced a new research and development center at the Crop Protection division headquarter in Limburgerhof, Germany in order to achieve biological crop protection and seed solutions. In June 2016, BASF signed an agreement in order to acquire Chemetall, a developer and producer of treatment and system solutions for surface treatment. The acquisition is expected to advance the technologies of BASF SE. Another major merger occurred of DuPont with the Dow Chemical Company in order to diversify to diversify its seed and crop protection portfolio.
Global Biotechnology Market: Regional Outlook
North America and Europe are expected to emerge prominent in the global biotechnology market. This progress can be attributed to the rising initiatives in terms of research and development by prime industry players and growing awareness among private and public research institutions. Even the market in Asia Pacific is likely to exhibit lucrative growth opportunities in the coming years owing to favorable regulatory scenarios.
Global Biotechnology Market: Vendor Landscape
Leading players in the market are adopting strategies in terms of acquisitions and mergers and strategic collaborations in order to maintain a strong hold in the market. Some of the leading players in the market are Sanofi, Lonza, Novartis, F. Hoffman La Roche, Genentech, GlaxoSmithKline, Pfizer, Johnson & Johnson, Genzyme, Celgene, Biogen, AstaZeneca, Amgen, and Abbott.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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