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Biotechnology Market Set for Rapid Growth| Top Players: Amgen Inc, Amgen Inc, Celgene, Merck & Co, Johnson & Johnson, Novo Nordisk
Biotechnology Market
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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.
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.
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.
U.S. biotechnology market dominated North America region in 2017 and will continue to project similar trend with 11.1% CAGR during analysis timeframe. High growth is attributable to factors such as innovative technologies and presence of favorable government initiatives. Furthermore, advanced healthcare infrastructure and rising R&D spending should further spur revenue size.
India biotechnology market is projected to show lucrative and was valued at USD 15.9 billion in 2017 during forecast timeframe due to rising prevalence of chronic diseases in the country. According to the National Center for Biotechnology Information (NCBI) 2015 data, chronic conditions are on rise in India as well as on global level. Additionally, predominant intra-urban disproportions for access to healthcare services complexes the problems that are tackled by urban poor individuals. Moreover, high unmet needs and insufficient healthcare access are factors boosting demand for biotechnology thereby fostering business growth.
Key industry players are Abbott Laboratories, Amgen Inc, Amgen Inc, Celgene, Merck & Co, Johnson & Johnson, Novo Nordisk, Lonza Group, Novartis, Pfizer, Roche, Gilead Sciences, Sanofi Aventis, and Biogen Idec Inc. Industry participants are consolidating their market position by increasing their focus on research activities.
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Biotechnology Market, By Application (USD Billion)
Biopharmacy
Bioservices
Bioagriculture
Bioindustrial
Bioinformatics
Biotechnology Market, By Technology (USD Billion)
Fermentation
Tissue engineering and regeneration
PCR technology
Nanobiotechnology
Chromatography
DNA sequencing
Cell based assay
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