Biotechnology Market Forecast Upto 2024 with Agilent Technologies, Amgen, BioGen Medical Instruments Corporation, Thermo Fisher Scientific, Bio-Rad Laboratories, Danaher Corporation, Illumina, Merck, PerkinElmer, Inc., QIAGEN

The Biotechnology Market set to exceed is expected to witness 9.9% CAGR from 2018 to 2024 new research report by Global Market Insights.

U.S. market was valued at USD 96.4 billion in 2017 and will grow considerably during the forecast timeline due to growing prevalence of chronic ailments. As per Center for Chronic Disease Prevention (CDC) updated October 2018 data, 6 in 10 adults in the U.S. have a chronic disease. Favorable government policies and ongoing technological advancements will accelerate biotechnology industry growth.

Surging incidence of chronic ailments such as diabetes and cancer worldwide will increase the demand for biotechnology products over the forecast timeframe. According to the International Diabetes Federation, in 2017, diabetes affected more than 425 million individuals worldwide and is estimated to rise up to 629 million by 2045. Additionally, the proportion of type 2 diabetes in people is rising in many countries thereby, such high proportions are expected to boost the market growth.

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Wide-ranging applications coupled with growing demand for effective drugs and vaccines should favor business growth. Improving healthcare access in areas of unmet medical needs and growing R&D expenses for biotechnology advances will spur revenue size. Moreover, rising demand for agriculture based products and growing demand for biotechnology practices in clinical research will endure to foster biotechnology industry growth. However, risks associated to genetic information can hinder the market growth in upcoming years.

Biopharmacy segment dominated the overall market and accounted for 61.7% revenue share in 2017. Biopharmacy segment is anticipated to grow in forthcoming years due to increasing usage of bio-recombinant proteins in several vaccines to treat numerous diseases. Biopharma companies focus on advancement of personalized medicines that should further boost segmental growth.

Bioindustrial segment is projected to show significant CAGR of 9.3% over the analysis timeline. High segmental growth is attributed to rising usage of bio enzymes and biochemical for various chemical procedures.

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Tissue engineering and regeneration segment was valued USD 123.4 billion in 2017 and is projected to show similar trend during the forecast period. Increasing demand for tissue engineering and regeneration coupled with advances in tissue engineering filed boosts segmental growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

 Agilent Technologies
 Amgen
 BioGen Medical Instruments Corporation
 Thermo Fisher Scientific
 Bio-Rad Laboratories
 Danaher Corporation
 Illumina
 Merck
 PerkinElmer, Inc.
 QIAGEN

PCR technology segment held substantial revenue share in 2017 and is projected to witness 9.3% CAGR over forthcoming years. Widespread applications of PCR technology in the field of life science, forensic science and clinical diagnostics that is expected to foster business growth.

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China market is projected to witness substantial CAGR of 10.6% during the forecast period. High growth is attributable to increasing incidence of chronic diseases as well as innovative technologies in biotechnology sector. Furthermore, growing demand for bioagriculture products and rising population base is anticipated to upsurge revenue size.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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