Press release
Biotechnology Market to hit $775 Bn by 2024| Key Players: Abbott Laboratories, Agilent Technologies, Amgen, Biogen Scientific
Biotechnology Market
Innovations in biotechnology sector is expected to upsurge revenue size during the forecast period. Innovations such as growing human organs, laboratory grown plants and meat coupled with rising demand for novel biotechnological products will favor business growth. Moreover, increasing demand for agriculture based products should enhance biotechnology industry growth over the coming years. However, there are some negative effects and risks such as risk related to genetic data that can hamper biotechnology market growth over the forthcoming years.
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Amgen introduces AMGEVITA in the European market
In October 2018, Amgen has reportedly publicized that AMGEVITA, an adalimumab biosimilar, will be launched in the European Biotechnology Market. Reportedly, AMGEVITA claims that it is the world’s first adalimumab biosimilar to attain approval by the European Commission. AMGEVITA has been authorized for treating inflammatory conditions in adults and pediatric inflammations. AMGEVITA’s launch would cover 28 member countries of the European Union along with Liechtenstein, Iceland, and Norway.
Bio-Rad Laboratories unveils NGC Fraction Collector
Bio-Rad Laboratories Incorporation has reportedly unveiled the NGC Fraction Collector to be used for NGC Chromatography Systems. The NGC platform augments purification efficacy and offers researchers consummate control over the processes. The NGC Fraction Collector enables researchers to elect how to gather and when to address the fractions. Reportedly, the system could be prompted to collect on the basis of pH, buffer percent from pump B, slope, and detector indications. Front-to-back dispensing offers ease of access to fractions before process completion for quicker downstream examination. It operates on ChromLab™ 5.0 Software and ensures no sample loss through auto sample tube calculation.
It is thus rather discernible that biotechnology market is on its way to crop up as one of the most prominently remunerative business spheres. The growth projection for the biotechnology industry appears to be rather pronounced in the coming times, given the intensifying commercial consumption of this technology across an array of industries. As per estimates, market size is poised to exceed a colossal USD 775 billion by 2024.
Key players operating in the global biotechnology market are F. Hoffmann-La Roche, Abbott Laboratories, Amgen, Agilent Technologies, BioGen Medical Instruments, PerkinElmer, Danaher, Illumina, Merck, Qiagen, Bio-Rad Laboratories, and Thermo Fisher Scientific. These key players implement strategic initiatives such as new product launch, geographical expansion, mergers and acquisitions to fortify their product suite and boost their standing in the market. A recent instance providing validation to the above claim is of Staten Biotechnology which has entered into a collaboration agreement with Novo Nordisk to jointly develop preclinical dyslipidemia candidate of Staten – STT-5058.
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Market, By Application (USD Billion)
Biopharmacy
Bioservices
Bioagriculture
Bioindustrial
Bioinformatics
Market, By Technology (USD Billion)
Fermentation
Tissue engineering and regeneration
PCR technology
Nanobiotechnology
Chromatography
DNA sequencing
Cell based assay
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