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Biotech Ingredients Market Share Will Hit $75.3 billion By 2028 | Growth With Recent Trends & Demand
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In-addition, rise in use of generic medicines has also led to rise in demand for organic or herbal generics, i.e., generics made from biotech ingredients, which propels the market growth. Moreover, growth in use of biotech ingredients in the food and beverages industry also significantly acts as growth driver for the biotech ingredients market growth. However, limited availability of raw material acts as restraint for the biotech ingredients market growth.
The biotech ingredient market is segmented on the basis of type, product, application, and region. Depending on type, the market is bifurcated into active pharmaceutical ingredients (API) and Biosimilars.
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Covid-19 Scenario:
The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. It has led to either closure or suspension of their production activities in most industrial units across the globe. Furthermore, the global economy was deeply impacted by implementation of lockdown, as many activities came to halt. The biotech ingredients market saw a decline in its growth as the pandemic progressed. This can be attributed to the fact that research and development activities were halted as funds were being directed for sustaining economic unrest by many players. Moreover, supply demand chain for raw materials was disrupted that only added to already scarce availability pertaining in the market.
Key Benefits For Stakeholders:
➤ The report provides an in-depth analysis and biotech ingredients market forecast along with the current and future market trends.
➤ This report highlights the key drivers, opportunities, and restraints of the biotech ingredients market along with the impact analyses during the forecast period.
➤ Porter's five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the biotech ingredients industry for strategy building.
➤ A comprehensive analysis of the factors that drive and restrain the market growth is provided.
➤ The qualitative data in this report aims on biotech ingredients market trends, dynamics, and developments.
➤ The biotech ingredients market size is provided in terms of revenue.
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Key Market Players:
➤ Pfizer Inc.
➤ Novartis International AG
➤ Merck & Co.
➤ Teva Pharmaceutical Industries Ltd.
➤ Mylan, Inc.
➤ Boehringer Ingelheim
➤ Sanofi
➤ AbbVie
➤ Eli Lilly and Company
➤ AstraZeneca plc
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