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Keyword Market Size to Grow Rapidly in Future | Global Key Players - Abbott Laboratories, Agilent Technologies, Amgen, BioGen Medical Instruments, Bio-Rad Laboratories, Danaher, F. Hoffmann-La Roche, Illumina, Merck, PerkinElmer, Qiagen and Thermo Fisher
Biotechnology Market will exceed USD 775 billion by 2024; as per a new research report.
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Rising prevalence of chronic diseases coupled with increasing fundings to support R&D and product development initiatives in biotechnology field will drive industry growth in upcoming years. In addition, escalating disease prevalence results in increasing demand for innovative technologies including DNA sequencing, recombinant technology, fermentation, tissue engineering for diagnosis and treatment of these disorders thereby, fostering business growth.
Rapid population growth has hampered various naturally available non-renewable resources. Scientists are therefore, focusing on development of products including bio enzymes and biofuel that will drive biotechnology market growth. Moreover, R&D expenditure by research institutes and biopharmaceutical industry players for drug and vaccine development is also a contributing factor for business growth. Furthermore, organizations including National Biotechnology Board (NTBT) and Department of Biotechnology (DBT) provide funding to promote biotechnology industry growth.
Bioservices segment was valued at USD 88.8 billion in 2017 and is projected to grow significantly over the forecast timeframe. Bioservices segment will show substantial growth during forecast timeframe due to increasing clinical research initiatives by various biotechnology and pharmaceutical industries. Moreover, growing prevalence of chronic diseases, rising demand for personalized medicines and increased government fundings are major impact rendering factors on segmental growth.
DNA sequencing segment will witness 13.7% CAGR by 2024. The segmental growth is attributed to increasing adoption of DNA sequencing techniques in medical research for detection of genes associated with some hereditary disorders. Furthermore, rising focus of researchers and manufacturers for increasing R&D initiatives targeted at understanding genetic variations and developing therapeutic solutions for chronic diseases will favor segmental growth during projected timeframe.
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U.S. biotechnology market in 2017 accounted for 72.0% revenue share of North America region owing to increasing adoption of innovative technologies and presence of favorable government initiatives. Furthermore, advanced healthcare infrastructure and rising R&D spending should further spur revenue size. As per World Bank Data 2015, the R&D expenditure of the country was 2.79% of GDP, that is comparatively higher than other countries that should drive biotechnology market.
China biotechnology market was valued at USD 29.7 billion in 2017 and is estimated to experience considerable growth due to rising incidence of chronic diseases in the country. As per Cancer Statistics in China, 2015 report estimation; there were 4,292,000 new cancer cases in China. Moreover, high unmet needs and insufficient healthcare access are factors boosting demand for biotechnology thereby, fostering business growth.
Some of the prominent business players operating in biotechnology market includes Abbott Laboratories, Agilent Technologies, Amgen, BioGen Medical Instruments, Bio-Rad Laboratories, Danaher, F. Hoffmann-La Roche, Illumina, Merck, PerkinElmer, Qiagen and Thermo Fisher Scientific. Industry competitors are mainly focusing on inorganic strategies such as partnership, merger and acquisitions to escalate their market position as well as strengthen product offerings.
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